Analyze thefollowing transactions and fill the boxes given below in front ofeach
ID: 2447587 • Letter: A
Question
Analyze thefollowing transactions and fill the boxes given below in front ofeach transaction with appropriate answers.
An example is alsogiven in Sr. No. 1 for reference and guidance.
Sr. No
Transactions
Account to be Debited
Account to be Credited
Increase or decrease (affect on accounts due totransactions)
1
Mr. A invested in businessRs.50,000
Cash
Mr. A’s Capital
Increase in asset
Increase in Owner’sEquity
2
Purchased furniture for cashRs.15,000 for office use
?
?
?
3
Paid salaries of Rs.4,000 tooffice staff
?
?
?
4
Received commission on sale ofgoods worth Rs.1,000
?
?
?
5
Received cash of Rs.1,000 fromMr.Bilal who owed him Rs. 2,000 for last 30 days on account ofgoods sold.
?
?
?
Sr. No
Transactions
Account to be Debited
Account to be Credited
Increase or decrease (affect on accounts due totransactions)
1
Mr. A invested in businessRs.50,000
Cash
Mr. A’s Capital
Increase in asset
Increase in Owner’sEquity
2
Purchased furniture for cashRs.15,000 for office use
?
?
?
3
Paid salaries of Rs.4,000 tooffice staff
?
?
?
4
Received commission on sale ofgoods worth Rs.1,000
?
?
?
5
Received cash of Rs.1,000 fromMr.Bilal who owed him Rs. 2,000 for last 30 days on account ofgoods sold.
?
?
?
Explanation / Answer
2
Purchased furniture for cash Rs.15,000 for office use
Furniture
cash(for purchasing furniture)
Increase in asset
Decrease in asset
2
Purchased furniture for cash Rs.15,000 for office use
Furniture
cash(for purchasing furniture)
Increase in asset
Decrease in asset