96 2. Bank Overdraft 3. Rent Paid 4. Outstanding Rent 5. Prepaid Insurance 6. Manoj, Proprietor of the business The account details are mentioned below. Account 1. Cash Bank Decrease Side Credit Nature Asset 2. Bank Overdraft Debit Liability 3. Rent Paid Credit Expense Liability Debit 4. Outstanding Rent 5. Prepaid Insurance 6. Manoj, Proprietor of the business Asset Credit Debit Capital Question 16 From the following transactions, state the nature of accounts and state the accounts which will be debited and credited: 1. Ganesh started business with Cash + 2,00,000 2. Purchased goods for Cash 60,000 3. Sold goods for cash 75,000 4. Purchased goods from Nakul on Credit for 780,000 5. Sold goods to Bhushan on Credit for 350,000 6. Paid Cash to Nakul 20,000 7. Received Cash from Bhushan + 10,000 8. Pald salary +20,000