CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon


Question

From the following transactions, state the nature of accounts and state the accounts which will be debited and credited:
1. Ganesh started business with Cash ₹ 2,00,000.
2. Purchased goods for Cash ₹ 60,000.
3. Sold goods for cash ₹ 75,000.
4. Purchased goods from Nakul on Credit for ₹ 80,000.
5. Sold goods to Bhushan on Credit for ₹ 50,000.
6. Paid Cash to Nakul ₹ 20,000.
7. Received Cash from Bhushan ₹ 10,000.
8. Paid salary ₹ 20,000.


Solution

Transactions

Nature of Account

Ganesh started business with cash Cash A/c- Debit (Asset)
Capital A/c- Credit (Liability)
Purchased goods for cash
 
Purchases- Debit (Expense)
Cash A/c- Credit (Asset)
Sold goods for cash
 
Cash A/c- Debit (Asset)
Sales A/c- Credit (Revenue)
Purchased goods from Nakul on credit Purchases A/c- Debit (Expense)
Nakul A/c- Credit (Liability)
Sold goods to Bhushan on credit
 
Bhushan A/c- Debit (Asset)
Sales A/c- Credit (Revenue)
Paid cash to Nakul Nakul A/c- Debit (Liability)
Cash A/c- Credit (Asset)
Received Cash from Bhushan Cash A/c- Debit (Asset)
Bhushan A/c- Credit (Asset)
Paid salary Salary A/c- Debit (Expense)
Cash A/c- Credit (Asset)

Accountancy
DK Goel (2019)
All

Suggest Corrections
thumbs-up
 
0


similar_icon
Similar questions
View More


similar_icon
Same exercise questions
View More



footer-image