Question

. In the following transactions, mention the name of the account to be debited, the type of that account and the reason for debiting that account: (i) Started business with cash Rs. 20,000. (ii) Sold goods to Mohan for cash Rs. 1,000.​

Answer 1

Answer:

1. start business with cash Rs 20,000

cash account. Dr. 20,000

to Capital account. 20,000

(cash is a type of asset and when asset increase then always it's debited)

(and capital is a capital and when capital increase then it always credit)

2 sold goods to Mohan in cash 1,000

cash account. Dr. 1,000

to sales account. 1,000

(cash is a type of asset when it is increasing when it debited)

(sales is a type of revenue when it increases then always credit)

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