Question

What are the two aspects of furniture purchased for cash

Answer 1

Answer:

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Explanation:

Assuming that furniture is bought for cash, from the point of view of business, the two accounts affected are-

Furniture a/c

and

Cash a/c.

Both the above accounts are Real Accounts.

Furniture a/c is a real account and will be debited in this transaction as the furniture is coming into the business under this transaction. The Golden rule of real accounts states 'Debit what comes in, Credit what goes out’.