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Few questions on Double entry rules of accounting

Study Slideshow

What is the double entry rules for Asset?

Asset increase debit and Asset decrease credit

15

Find the two accounts involved in the given transaction. Paid cash $ 500 to a credit supplier Mr. Been

Mr. Been a/c Debit Cash a/c Credit

25

Ajay began business. He opened a business bank account and invested $ 80 000 as capital. Which account is debited and which is credited?

Bank a/c Debited Capital a/c Credited

25

Paid rent in cash $ 25 Which are the two accounts involved in it?

Rent debit and cash credit

25

Double entry for cash sales

Dr Cash, Cr sales

20

Long term loan is an example for non current liability. Is it correct?

Correct

5

purchase motor vehicle by cheque

Dr MV Cr Bank

20

Sales on credit

Dr Trade Receivable Cr Sales

20

Purchased goods on credit

Dr Purchases, Credit Trade Payables

20