Sriram purchased a furniture for Rs. 6,000, the accounts affected from this transaction will be _________________.

Capital account and cash account

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Furniture account and cash account

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Furniture account and capital account

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Capital account and bank account.

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Solution

The correct option is B Furniture account and cash account
Furniture will increase and cash will decrease

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Similar questions

Q. Suppose P start a business with

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cash and then buys furniture from F.F. Co. on credit for

R s . 2, 000

. Now, the accounting equation

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will be __________________.

Q. A firm Maintains a Capital Account and a Current Account for each partner. What is the term used when this method of maintaining Capital Accounts is followed?

Ananya withdrew Rs. 2,000 per month for personal use, recording each transaction as a debit to her drawing account and a credit to her cash account. The journal entry closing the drawing account requires a credit to _______ account & debit to _______ account.

The trial balance of Raju showed an excess debit of Rs. 10000. He put the difference to the suspense account and discovered the following errors.

(a) Depreciation written off the furniture Rs. 6,000 was not posted to furniture account.

(b) Credit sales to Rupam Rs. 10,000 were recorded as Rs. 7,000.

(d) Cash sales to Rana Rs. 5,000 were not posted.

(e) Old machinery sold for Rs. 7,000 was credited to sales account.

(f) Discount received Rs. 800 from Kanan on playing cash to him was not posted.

Rectify the errors and prepare a suspense account.

Q. Capital account is a personal account.

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Sriram purchased a furniture for Rs. 6,000, the accounts affected from this transaction will be _________________.

The correct option is B Furniture account and cash accountFurniture will increase and cash will decrease

The correct option is B Furniture account and cash account
Furniture will increase and cash will decrease