Question

Sold house hold furniture for 20,000 and paid the money into business

Answer 1

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

Cash A/C      DR  ₹20,000

  To Furniture A/C           ₹ 20,000

(Being sold house hold furniture for 20,000 and paid the money into business )

Explanation

According to Real rule of journal Debit- what comes in.  Credit- what goes out

So here Cash comes into the business so it is debited.

And Cash comes into the business so it is debited.