Question

paid rent of Hari Shankar residence 500 make journal entries

Answer 1

Rent ac dr
To cash ac

Answer 2

Journal Entry :

Drawings A/C      Dr    Rs.500

       To  Cash A/C       Rs.500

(Being Rent  paid of Hari Shankar residence)

Explanation:

According to the business entity concept, personal transactions should not be clubbed with business transactions. Therefore , rent paid for the propreitor is a personal expense . It is drawings and hence debited.

Accoording to the Real Account Principle,

Debit what comes into the business

Credit what goes out of the business

So, here cash Account is a real account, and cash balance is decreaing. Hence, credited.