Question

Mr. S owes Mr. R Rs.1500 journalise​

Answer 1

Answer:

Mr.S A/c dr 1500

to Mr.R A/c 1500

Explanation:

Mr. s is debtor

Mr. r is creditor

Answer 2

Answer:

Mr. R A/c Dr.  1500

      Mr. S                 1500

(Being Mr. S owing Mr. R an amount of Rs.1500)

Explanation:

• The Golden Rules of Accounting-

Rule 1: For Real Accounts- Debit What Comes In, Credit What Goes Out.

Rule 2: For Personal Accounts- Debit the Receiver, Credit the Giver.

Rule 3: For Nominal Accounts- Debit All Expenses and Losses, Credit all       Incomes and Gains.

• Mr. R and Mr. S both are personal accounts, where Mr. S ower Mr. R an amount of Rs.1500

Then applying the Golden Rule 2 of accounting, we will debit Mr.R as he is the receiver while we will credit Mr. S as he is the giver.

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