Question

From the following transactions find out
1) Two Aspects 2) Two Accounts
3) Classify the Accounts and Fill the following Tables
1) Started business with Cash 50,000.
2) Purchased Machinery on credit from Avinash 20,000.
3) Purchased goods * 5,000 from Rahul on cash.
4) Sold goods to Aniket 6,000 on credit.
5) Paid Salary * 1,000.
6) Sold old Tables for 3,000.​

Answer 1

Answer:

serial Two Two

no Aspect Accounts

1 Cash comes in Cash ac

proprietor is the Capital ac

giver

2 Machinery comes in Machinery ac

Avinash is the Giver Avinash's ac

3 Purchases is an Purchase ac expense

Cash goes out Cash ac

4 Aniket is the receiver Aniket's ac

Sales is an income Sales ac

5 salary is an expense salary ac

cash goes out cash ac

6 Furniture goes out furniture ac

Cash comes in cash ac

According to the golden rules

Personal account

debit the receiver

credit the giver

real account

debit what goes out

credit what comes in

nominal account

debit all expenses and losses

credit all incomes and gains