Question

Record the following transaction in Journal.

Please do it quickly. it's an emergency.​

Answer 1

Answer:

the journal entry will be

mahaveer a/c dr 10000

to sales a/c 10000

( being sold goods on credit to mahaveer)

golden principles of a

Explanation:

golden principles of accounting .

personal account rule

dr- the receiver.

cr- the giver.

real account rule

dr- what comes in.

cr- what goes out.

nominal account rule.

dr- all expenses and losses.

cr- all incomes and gains.

the two accounts involved here are mahaveer a/c and good/sales a/c.

here mahaveer a/c is debited because he is the receiver of goods. refer personal account rule.

here sales a/c is credited because it is going out of the business. refer real a/c rule

Answer 2

Answer

Golden Rules of Journal

Personal account rule

Debit- The receiver.  

Credit- The giver.  

Real account rule

Debit- What comes in.  

Credit- What goes out.  

Nominal account rule

Debit- All expenses and losses.  

Credit- All incomes and gains.  

Now

The journal entry will be

Mahaveer's A/c     Dr      ₹ 10,000

            To Sales A/c                    ₹ 10,000

(Being Goods sold to Mahaveer)

Short Explanation

Here Two accounts are involved Mahaveer and sales

As per Personal Rule of journal

(Debit- The receiver , Credit- The giver )

Here Mahaveer is receiving the money so his account must be debited

And here Cash is going from business so the sales account will be credited.