Question

Salary paid by cheque Rs 5000. Describe the following in credit and debit transaction with reason ​

Answer 1

Answer:

A credit increases the balance of a liabilities account, and a debit decreases it. In this way, the loan transaction would credit the long-term debt account, increasing it by the exact same amount as the debit increased the cash on hand account.

Answer 2

Answer:

salary received in account is credited

salary paid is debited in account