From the following transactions, state which account will be debited and

which account will be credited by filling up the appropriate boxes.

S.No. Transactions Accounts
involved
Application Reason with respect to
Rules of Debit and
Credit
Sample
Example
Mr. X started business
with cash of Rs.100,000
Cash
Capital
Debit
Credit
Increased in asset
Increased in Owners Equity
1 Bought machinery for
cash Rs.50,000
?
?
?
?
?
?
2 Payment made to XYZ
Store Rs. 10,000 by
cheque.
?
?
?
?
?
?
3 Purchased office
furniture on credit for
Rs. 15,000
?
?
?
?
?
?
4 Rs. 1,000 received as a
rent for the portion of
office building rented
out.
?
?
?
?
?
?
5 Paid salaries of
Rs.40,000 by cheque
?
?
?
?
?
?

To determine which account will be debited and which account will be credited for each transaction, we need to apply the rules of debit and credit.

In accounting, the double-entry system is followed, which means that every transaction affects at least two accounts - one is debited, and the other is credited.

Here are the rules of debit and credit:

1. Debit:
- Increases in assets
- Decreases in liabilities
- Decreases in owner's equity (capital)
- Expenses

2. Credit:
- Decreases in assets
- Increases in liabilities
- Increases in owner's equity (capital)
- Revenues
- Gains

Now, let's analyze each transaction and determine the accounts to be debited and credited:

1. Mr. X started a business with cash of Rs. 100,000.
- Debit: Cash (Asset)
- Credit: Capital (Owner's Equity)

2. Bought machinery for cash Rs. 50,000.
- Debit: Machinery (Asset)
- Credit: Cash (Asset)

3. Payment made to XYZ Store Rs. 10,000 by cheque.
- Debit: XYZ Store (Expense or Asset, depending on the nature of the transaction)
- Credit: Cash (Asset)

4. Purchased office furniture on credit for Rs. 15,000.
- Debit: Office Furniture (Asset)
- Credit: Accounts Payable (Liability)

5. Rs. 1,000 received as rent for the portion of the office building rented out.
- Debit: Cash (Asset)
- Credit: Rent Revenue (Revenue)

6. Paid salaries of Rs. 40,000 by cheque.
- Debit: Salaries Expense (Expense)
- Credit: Cash (Asset)

Please note that without additional information about the types of accounts involved (such as whether XYZ Store is an Expense account or an Asset account), it is not possible to determine the specific accounts in some cases.