[Solved] MGT101 GDB 1 Fall 2020  

Transaction

Particular Account

Nature Debit or Credit

Applied rule of Debit and Credit

Invest of cash for Rs. 30,000 is made in business by the owner.

Capital A/C

Credit

Increase Equity

Invest of cash for

Rs. 300,000 on credit basis.

Land A/C

Debit

Increase Assets

Paid services of Rs. 25,000 by cheque.

Salaries A/C

Debit

Increase

Expenses.

Goods returned to

suppliers for Rs. 10,000

Purchase

Return A/C

Credit

Decrease

Expenses.

Sold goods of RS, 40,000 XYZ brothers on cash basis.

Sales A/C

Credit

Increase

Income.