Rent paid 1000. What type of transaction is it?
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Answer:
It is a financial transaction.
Explanation:
As cash in involved for paying the rent .
The cash is a real account while as rent paid is nominal account.
The golden rules for real account is debit: what comes in and credit: what goes out
while as golden rule for Nomi account is
debit: all expenses and losses and credit: all incomes and gains.
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