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Double entry book keeping

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  • Paid rent in cash $ 25 Which are the two accounts involved in it?
    Rent debit and cash credit
  • What is the double entry rules for Asset?
    Asset increase debit and Asset decrease credit
  • 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
  • Long term loan is an example for non current liability. Is it correct?
    Correct
  • 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
  • purchase motor vehicle by cheque
    Dr MV Cr Bank
  • Purchased goods on credit
    Dr Purchases, Credit Trade Payables
  • Sales on credit
    Dr Trade Receivable Cr Sales
  • Double entry for cash sales
    Dr Cash, Cr sales
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