Question

In the following transactions, find out which account will be debited and which
account will be credited, and give a brief explanation:
(1) Naresh started a trade with a capital of 25,000.
(2) Purchased goods of 6,000 from Jayshree.
(3) Sold goods to Nitisha for 8,000.
(4) Purchased goods of 5,000 for cash.
(5) Sold goods of 4,000 for cash.
(6) Deposited 2,000 in Bank of India.
(7) Nitisha returned goods of 500.
(8) Returned goods of 400 to Jayshree.
(9) Nitisha gave a cheque to settle the account.
(10) Settled the account of Jayshree by paying cash.

Answer 1

Answer:

1)Debited

2)credited

3)debited

4)credited

5)debited

6)credited

7)credited

8)debited

9)debited

10)debited

Explanation:

debit is what you give and credit is what you take

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