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 consider the rules of debit and credit.

1. Bought machinery for cash Rs.50,000:
Debit: Machinery
Credit: Cash
Reason: The machinery is an asset and when it is purchased, the asset account should be debited. Cash is being used to make the purchase, so the cash account should be credited.

2. Payment made to XYZ Store Rs. 10,000 by cheque:
Debit: XYZ Store
Credit: Cash
Reason: XYZ Store is being paid for goods or services, so the XYZ Store account should be debited. Cash is being used for payment, so the cash account should be credited.

3. Purchased office furniture on credit for Rs. 15,000:
Debit: Office furniture
Credit: Accounts payable
Reason: Office furniture is an asset and is being purchased, so the office furniture account should be debited. The purchase is on credit, so the accounts payable (liability) account should be credited.

4. Rs. 1,000 received as rent for the portion of office building rented out:
Debit: Cash
Credit: Rent income
Reason: Rent is being received, so the cash account should be debited. Rent income is a revenue account and when revenue is earned, the rent income account should be credited.

5. Paid salaries of Rs. 40,000 by cheque:
Debit: Salaries expense
Credit: Cash
Reason: Salaries are being paid, so the salaries expense account should be debited. Cash is being used for payment, so the cash account should be credited.

Please note that the specific account names may vary based on the accounting system being used.