Question

journalise the transaction 1)paid Mr Manoj Kumar rupees 2000 as salary

Answer 1

Salary Ac dr To cash ac

Answer 2

3 golden rules

• debit the receiver , credit the giver

•       debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

salary A/c- nominal A/c, its the expenses to the company therefore its debited

Cash A/c- Real A/c , money goes out of the company therefore its credited

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Journal entry

Salary A/c  Dr    2000

             To cash A/c           2000

(being salary paid to manoj kumar )