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Transactions

1

Mr. A invested in business Rs.50,000

2

Purchased furniture for cash Rs.15,000 for office use

3

4

5

Paid salaries of Rs.4,000 to office staff Received commission on sale of goods worth Rs.1,000 Received cash of Rs.1,000 from Mr.Bilal who owed him Rs. 2,000 for last 30 days on account of goods sold.

Account to be Account to be Increase or decrease Debited Credited (affect on accounts due to transactions) Cash Mr. A’s Capital Increase in asset Increase in Owner’s Equity Furniture

Cash

Increase in Asset Decrease in Asset

Salaries

Cash

Increase in expense Decrease in Asset

Cash

Commission on sale

Cash

Mr. Bilal

Increase in Asset Increase in Income Increase in Asset Decrease in Asset