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Mention the t...

Question

Mention the two accounts of the following transactions and give the rule for debiting and crediting of them.
a) Shivaraj started business
b) Bought goods from Mohan
c) Goods returned to Rajesh
d) Paid rent for premises.

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Solution

a) Cash A/c Dr. (Dr. The Receiver )
To Capital ( Cr. The Giver)

b) Purchase A/c Dr. (Dr. What comes In)
To Mohan (Cr. What goes out)

c) Rajesh A/c Dr. (Dr. The Receiver)
To Purchase Return (Cr. The Giver)

d) Rent A/c Dr.(Expenses & losses Dr.)
To Cash (Income & Gains Cr. )

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