Question

Identify the debit and credit aspects of the following transactions.
1.Paid cash into bank account
2.Withdraw cash for personal use
3.Paid electricity charges
4.Bought goods from ambily traders
5.Sold goods to Manohar
6.Paid rent by cheque
7.Received cash from Balaji
8.Paid Rajendran by cheque

Answer 1

Answer:

1) Debit

2) Credit

3) Debit

4)Debit

5)Credit

6) Debit

7) Credit

8) Debit