Question 6.
From the following Transactions, state the nature of account and state which account will be debited and which account credited:
(i) Manu started business with cash – ₹ 1,00,000
(ii) He purchased furniture for business – ₹ 20,000
(iii) Purchase goods on credit from Anshul – ₹ 6,000
(iv) Paid to his creditor, Anshul – ₹ 2,000
(v) Paid salary to his clerk – ₹ 1,000
(vi) Paid Rent – ₹ 500
(vii) Received Interest – ₹ 200
Answers
The answer is stated below:
Explanation:
1. Cash A/c...............Dr Rs100,000
Capital A/c.............Cr Rs100,000
Nature of account - Cash account is Real and Capital account is Personal
2. Furniture A/c.......................Dr Rs20,000
Cash A/c...............................Cr Rs20,000
Nature of account - Cash account is Real and Furniture account is Real
3. Purchases A/c.....................Dr Rs 6,000
Anshul A/c.............................Cr Rs6,000
Nature of account - Purchases account is Nominal and Anshul account is Personal.
4. Anshul A/c.......................Dr Rs 2,000
Cash A/c..............................Cr Rs 2,000
Nature of account - Anshul account is Personal and Cash account is Real
5. Salary A/c......................Dr Rs 1,000
Cash A/c.....................Cr Rs1,000
Nature of account - Salary account is Nominal and Cash account is Real.
6. Rent A/c...................Dr Rs 500
Cash A.c.................Cr Rs 500
Nature of account - Cash account is Real and Rent account is Nominal
7. Cash A/c......................Dr Rs 200
Interest A/c...................Cr Rs 200
Nature of account - Cash account is Real and Interest account is Nominal.
Explanation:
The answer is stated below:
Explanation:
1. Cash A/c...............Dr Rs100,000
Capital A/c.............Cr Rs100,000
Nature of account - Cash account is Real and Capital account is Personal
2. Furniture A/c.......................Dr Rs20,000
Cash A/c...............................Cr Rs20,000
Nature of account - Cash account is Real and Furniture account is Real
3. Purchases A/c.....................Dr Rs 6,000
Anshul A/c.............................Cr Rs6,000
Nature of account - Purchases account is Nominal and Anshul account is Personal.
4. Anshul A/c.......................Dr Rs 2,000
Cash A/c..............................Cr Rs 2,000
Nature of account - Anshul account is Personal and Cash account is Real
5. Salary A/c......................Dr Rs 1,000
Cash A/c.....................Cr Rs1,000
Nature of account - Salary account is Nominal and Cash account is Real.
6. Rent A/c...................Dr Rs 500
Cash A.c.................Cr Rs 500
Nature of account - Cash account is Real and Rent account is Nominal
7. Cash A/c......................Dr Rs 200
Interest A/c...................Cr Rs 200
Nature of account - Cash account is Real and Interest account is Nominal.
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