pass entries (journal):
Jan18 Paid general expenses RS 11,000
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pass entries (journal):
Jan18 Paid general expenses RS 11,000
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Answer:
Jan, 18. Expenses a/c (Dr) Rs. 11,000
To Cash a/c Rs. 11,000
(Being paid general expenses)
Explanation:
Increase in expenses wil be debited
Decrease in Asset(Cash) will be credited
According to Modern Approach of Accounting, there are five classes of accounts
(1) Assets
(2) Expenses
(3) Liability
(4) Owner Equity(capital)
(5) Revenue(income)
Rules for Debit and Credit (According to Modern Approach)
Assets & Expenses -----> + Debited
Assets & Expenses -----> - Credited
Liability, Owner Equity & Revenue -----> + Credited
Liability, Owner Equity & Revenue -----> - Debited