Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Our platform provides a seamless experience for finding precise answers from a network of experienced professionals. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Activity: 03: Fill the following table.

Analysis of transaction by applying rules of Debit and Credit (Modern Approach)

\begin{tabular}{|l|l|l|l|l|l|l|l|}
\hline
\begin{tabular}{l}
Sr. \\
No.
\end{tabular} & \multicolumn{1}{|c|}{Transaction} & \begin{tabular}{c}
Two \\
Aspects/ \\
Effects
\end{tabular} & \begin{tabular}{l}
Accounts \\
Involved
\end{tabular} & \begin{tabular}{c}
Categories
\end{tabular} & \begin{tabular}{c}
Rules \\
Applied
\end{tabular} & \begin{tabular}{c}
Account \\
to be \\
Debited
\end{tabular} & \begin{tabular}{c}
Account \\
to be \\
Credited
\end{tabular} \\
\hline
1. & \begin{tabular}{l}
Rajesh commenced \\
business with cash \\
₹ 80,000
\end{tabular} & & & & & & \\
\hline
2. & \begin{tabular}{l}
Paid telephone bill \\
(office) ₹ 5,000
\end{tabular} & & & & & & \\
\hline
3. & \begin{tabular}{l}
Goods purchased for \\
cash ₹ 8,000
\end{tabular} & & & & & & \\
\hline
4. & \begin{tabular}{l}
Sold goods to Manoj \\
worth ₹ 6,000
\end{tabular} & & & & & & \\
\hline
5. & \begin{tabular}{l}
Purchased machinery \\
from Suresh on credit \\
₹ 15,000
\end{tabular} & & & & & & \\
\hline
6. & \begin{tabular}{l}
Received rent \\
₹ 2,500
\end{tabular} & & & & & \\
\hline
\end{tabular}


Sagot :

Let's analyze each of the transactions and fill in the table step-by-step based on the provided results.

\begin{tabular}{|l|l|l|l|l|l|l|l|}
\hline
\begin{tabular}{l}
Sr. \\
No.
\end{tabular} & \multicolumn{1}{|c|}{ Transaction } & \begin{tabular}{c}
Two \\
Aspects/ \\
Effects
\end{tabular} & \begin{tabular}{l}
Accounts \\
Involved
\end{tabular} & \begin{tabular}{c}
Catego- \\
ries
\end{tabular} & \begin{tabular}{c}
Rules \\
Applied
\end{tabular} & \begin{tabular}{c}
Account \\
to be Deb- \\
ited
\end{tabular} & \begin{tabular}{c}
Account \\
to be \\
Credited
\end{tabular} \\
\hline
1. & \begin{tabular}{l}
Rajesh Commenced \\
business with Cash \\
₹ 80,000
\end{tabular} & \begin{tabular}{c} Cash, \\ Capital \end{tabular} & \begin{tabular}{c} Cash \\ Account, \\ Capital \\ Account \end{tabular} & \begin{tabular}{c} Asset, \\ Equity \end{tabular} & \begin{tabular}{c} \begin{tabular}{l} Debit \\ the \\ increase \\ in asset \end{tabular}, \\ \begin{tabular}{l} Credit \\ the \\ increase \\ in equity \end{tabular} \end{tabular} & Cash Account & Capital Account \\
\hline
2. & \begin{tabular}{l}
Paid Telephone bill \\
(Office) ₹ 5,000
\end{tabular} & \begin{tabular}{c} Telephone \\ Expense, \\ Cash \end{tabular} & \begin{tabular}{c} Telephone \\ Expense \\ Account, \\ Cash \\ Account \end{tabular} & \begin{tabular}{c} Expense, \\ Asset \end{tabular} & \begin{tabular}{c} \begin{tabular}{l} Debit \\ the \\ increase \\ in \\ expense \end{tabular}, \\ \begin{tabular}{l} Credit \\ the \\ decrease \\ in \\ asset \end{tabular} \end{tabular} & Telephone Expense Account & Cash Account \\
\hline
3. & \begin{tabular}{l}
Goods purchased for \\
cash ₹ 8,000.
\end{tabular} & \begin{tabular}{c} Goods, \\ Cash \end{tabular} & \begin{tabular}{c} Inventory \\ Account, \\ Cash \\ Account \end{tabular} & \begin{tabular}{c} Asset, \\ Asset \end{tabular} & \begin{tabular}{c} \begin{tabular}{l} Debit \\ the \\ increase \\ in \\ asset \end{tabular}, \\ \begin{tabular}{l} Credit \\ the \\ decrease \\ in \\ asset \end{tabular} \end{tabular} & Inventory Account & Cash Account \\
\hline
4. & \begin{tabular}{l}
Sold goods to Manoj \\
worth 6,000
\end{tabular} & \begin{tabular}{c} Accounts \\ Receivable, \\ Sales \end{tabular} & \begin{tabular}{c} Accounts \\ Receivable \\ Account, \\ Sales \\ Account \end{tabular} & \begin{tabular}{c} Asset, \\ Revenue \end{tabular} & \begin{tabular}{c} \begin{tabular}{l} Debit \\ the \\ increase \\ in \\ asset \end{tabular}, \\ \begin{tabular}{l} Credit \\ the \\ increase \\ in \\ revenue \end{tabular} \end{tabular} & Accounts Receivable Account & Sales Account \\
\hline
5. & \begin{tabular}{l}
Purchased Machinery \\
from Suresh on credit \\
₹ 15,000
\end{tabular} & \begin{tabular}{c} Machinery, \\ Accounts \\ Payable \end{tabular} & \begin{tabular}{c} Machinery \\ Account, \\ Accounts \\ Payable \\ Account \end{tabular} & \begin{tabular}{c} Asset, \\ Liability \end{tabular} & \begin{tabular}{c} \begin{tabular}{l} Debit \\ the \\ increase \\ in \\ asset \end{tabular}, \\ \begin{tabular}{l} Credit \\ the \\ increase \\ in \\ liability \end{tabular} \end{tabular} & Machinery Account & Accounts Payable Account \\
\hline
6. & \begin{tabular}{l}
Received Rent \\
₹2,500
\end{tabular} & \begin{tabular}{c} Cash, \\ Rent \\ Revenue \end{tabular} & \begin{tabular}{c} Cash \\ Account, \\ Rent \\ Revenue \\ Account \end{tabular} & \begin{tabular}{c} Asset, \\ Revenue \end{tabular} & \begin{tabular}{c} \begin{tabular}{l} Debit \\ the \\ increase \\ in \\ asset \end{tabular}, \\ \begin{tabular}{l} Credit \\ the \\ increase \\ in \\ revenue \end{tabular} \end{tabular} & Cash Account & Rent Revenue Account \\

\hline
\end{tabular}
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.