Problem - Which account should be debited and which account should be credited ?

State with reason which account should be debited and which account should be credited in each of the following transactions.

1. Raj commenced business with Rs. 5,000.
2. Bought goods from Keshav for cash Rs. 1,000.
3. Sold furniture to Raghav on credit Rs. 500.
4. Sold goods for cash Rs. 800.
5. Cash purchases Rs. 600.
6. Bought stamps Rs. 50.
7. Withdrew cash from business for personal use Rs. 100.
8. Paid salary to manager Rs. 300.
9. Paid rent to landlord Rs. 200.
10. Received commission from George Rs. 500.
11. Paid for repairing machinery Rs. 300.
12. Received cash from Raghav on account Rs. 400. 
13. Gave loan to Bhasker Rs. 500. 
14. Purchased goods from Raghu Rs. 300. 
15. Returned goods to Raghu Rs. 100.
16. Opened a bank account with Rs. 600.
17. Charged Manohar Rs. 150 commission for service rendered to him. 
18. Charlie agreed to pay interest of Rs. 100 on the amount advanced to him. 
19. Received loan from Shankar Rs. 1,000.
20. Office furniture stolen Rs. 500.
21. Paid income-tax Rs. 5,000.
22. Paid life insurance premium Rs. 300. 
23. Allowed discount to Karunakar Rs. 200.
24. Discount received from Gangadhar Rs. 100.
25. Amount charged by bank as bank charges Rs. 30. 
26. Railway freight paid on machinery purchased Rs. 1,000.
27. Till takings for the month Rs. 1,000.
28. Sold goods to Bose Rs. 2,000.
29. Bose returned goods Rs. 100.

Solution: