[ISC] Q 7 Journal Solutions TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 7 Journal TS Grewal class 11 ISC 2022-23?

From the following transactions, state the nature of account and state which account will be debited and which account will be credited:

S.NParticualrs
1Mohan started business with cash5,00,000
2He purchased furniture for business1,00,000
3Purchased goods from Anshul30,000
4Paid to his creditor, Anshul10,000
5Paid salary5,000
6Paid rent2,500
7Received interest500

Solution:-

i)Cash
Capital
Debit
Credit
5,00,000
5,00,000
(ii)Furniture
Cash
Debit
Credit
1,00,000
1,00,000
(iii)Purchase
Anshul
Debit
Credit
30,000
30,000
(iv)Anshul
Cash
Debit
Credit
10,000
10,000
(v)Salary
Cash
Debit
Credit
5000
5000
(vi)Rent
Cash
Debit
Credit
2500
2500
(vii)Cash
Interest
Debit
Credit
500
500

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