Question

Q1. From the following transactions, find out the nature of the account and also state which ccount should be debited and which account should be credited.

a) Rent paid

b) Salaries paid

c) Interest received

d) Dividends received

e) Furniture purchased for cash

f) Machinery Sold

g) Outstanding for salaries

h) Telephone charges paid

i) Paid to Suresh

j) Received from Mohan(the proprietor)

k) Paid for Lighting



Sample answer:

Sl no. Transaction Accounts involved Nature of Accounts Debit/Credit



(a)

Rent Paid

Rent A/c

Cash A/c

Nominal A/c

Real A/c

Debit

Credit





​

Answer 1

Answer:

a) credit

b) credit

c)debit

d)debit

e) credit

f) credit

g)

h) credit

I) credit

j) debit

k) credit

rent a\c

debit a\c

Answer 2

Answer:

Received from Mohan(the proprietor)