Question

State the nature of account and show which account will be debited and which account will be credited?
1. Rent received 2. Building purchased 3. Machinery sold 4. Discount allowed
5. Discount received

answer please will mark brainlist ​

Answer 1

ANSWER :

$\: \: \: \: \: \: \: \: \:$ ✎ The nature of accounts affecting the following transactions as per Modern or American Approach of accounts classification and the accounts to be debited and credited are shown as under :-

[1]

• ✠ Transaction :-

★ Rent received.

• ✠ Affected Accounts :-

(i) Cash A/C

(ii) Rent Received A/C

• ✠ Kinds of Accounts :-

(i) Cash A/C ➺ Assets Account

(ii) Rent Received A/C ➺ Revenue Account

• ✠ Accounts Debited and Credited :-

(i) Cash A/C ➺ Debited

(ii) Rent Received A/C ➺ Credited

___________________________________________________________

[2]

• ✠ Transactions :-

★ Building purchased.

• ✠ Affected Accounts :-

(i) Building A/C

(ii) Cash A/C

• ✠ Kinds of Accounts :-

(i) Building A/C ➺ Assets Account

(ii) Cash A/C ➺ Assets Account

• ✠ Accounts Debited and Credited :-

(i) Building A/C ➺ Debited

(ii) Cash A/C ➺ Credited

___________________________________________________________

[3]

• ✠ Transaction :-

★ Machinery Sold.

• ✠ Affected Accounts :-

(i) Cash A/C

(ii) Machinery A/C

• ✠ Kinds of Accounts :-

(i) Cash A/C ➺ Assets Account

(ii) Machinery A/C ➺ Assets Account

• ✠ Accounts Debited and Credited :-

(i) Cash A/C ➺ Debited

(ii) Machinery A/C ➺ Credited

___________________________________________________________

[4]

• ✠ Transaction :-

★ Discount Allowed.

• ✠ Affected Accounts :-

(i) Discount Allowed A/C

(ii) Cash A/C

• ✠ Kinds of Accounts :-

(i) Discount Allowed A/C ➺ Expenses Account

(ii) Cash A/C ➺ Assets Account

• ✠ Accounts Debited and Credited :-

(i) Discount Allowed A/C ➺ Debited

(ii) Cash A/C ➺ Credited

___________________________________________________________

[5]

• ✠ Transaction :-

★ Discount Received.

• ✠ Affected Accounts :-

(i) Cash A/C

(ii) Discount Received A/C

• ✠ Kinds of Accounts :-

(i) Cash A/C ➺ Assets Account

(ii) Discount Received A/C ➺ Revenue Account

• ✠ Accounts Debited and Credited :-

(i) Cash A/C ➺ Debited

(ii) Discount Received A/C ➺ Credited

Answer 2

Answer:

ANSWER :

\begin{gathered} \\ \end{gathered}

\: \: \: \: \: \: \: \: \: ✎ The nature of accounts affecting the following transactions as per Modern or American Approach of accounts classification and the accounts to be debited and credited are shown as under :-

[1]

✠ Transaction :-

★ Rent received.

✠ Affected Accounts :-

(i) Cash A/C

(ii) Rent Received A/C

✠ Kinds of Accounts :-

(i) Cash A/C ➺ Assets Account

(ii) Rent Received A/C ➺ Revenue Account

✠ Accounts Debited and Credited :-

(i) Cash A/C ➺ Debited

(ii) Rent Received A/C ➺ Credited

___________________________________________________________

[2]

✠ Transactions :-

★ Building purchased.

✠ Affected Accounts :-

(i) Building A/C

(ii) Cash A/C

✠ Kinds of Accounts :-

(i) Building A/C ➺ Assets Account

(ii) Cash A/C ➺ Assets Account

✠ Accounts Debited and Credited :-

(i) Building A/C ➺ Debited

(ii) Cash A/C ➺ Credited

___________________________________________________________

[3]

✠ Transaction :-

★ Machinery Sold.

✠ Affected Accounts :-

(i) Cash A/C

(ii) Machinery A/C

✠ Kinds of Accounts :-

(i) Cash A/C ➺ Assets Account

(ii) Machinery A/C ➺ Assets Account

✠ Accounts Debited and Credited :-

(i) Cash A/C ➺ Debited

(ii) Machinery A/C ➺ Credited

___________________________________________________________

[4]

✠ Transaction :-

★ Discount Allowed.

✠ Affected Accounts :-

(i) Discount Allowed A/C

(ii) Cash A/C

✠ Kinds of Accounts :-

(i) Discount Allowed A/C ➺ Expenses Account

(ii) Cash A/C ➺ Assets Account

✠ Accounts Debited and Credited :-

(i) Discount Allowed A/C ➺ Debited

(ii) Cash A/C ➺ Credited

___________________________________________________________

[5]

✠ Transaction :-

★ Discount Received.

✠ Affected Accounts :-

(i) Cash A/C

(ii) Discount Received A/C

✠ Kinds of Accounts :-

(i) Cash A/C ➺ Assets Account

(ii) Discount Received A/C ➺ Revenue Account

✠ Accounts Debited and Credited :-

(i) Cash A/C ➺ Debited

(ii) Discount Received A/C ➺ Credited

Explanation:

Hope this helps