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प्रश्न
Classify the accounts with suitable examples.
उत्तर
Classification of Accounts:
-
Asset account: Any physical thing or right owned that has a monetary value is called an asset. The assets are grouped and shown separately; for example, Land and Buildings account, Plant and Machinery account.
- Liability account: Financial obligations of the enterprise towards outsiders are shown under separate heads as liabilities; for example, creditors account, expenses outstanding account.
- Capital account: Financial obligations of a business enterprise towards its owners are grouped under this category; for example, capital contributed by the owner.
- Revenue account: Accounts relating to revenues of an enterprise are grouped under this category, for example; revenues from the sale of goods, rent received.
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Expense account: Expenses incurred and losses suffered for earning revenue are grouped under this category; for example, purchase of goods, salaries paid.
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संबंधित प्रश्न
Accounting equation signifies ___________.
‘Cash withdrawn by the proprietor from the business for his personal use’ causes ____________.
Real account deals with ____________.
Which one of the following is representative personal account?
Write any one transaction which decreases the assets and decreases the liabilities
Write a brief note on accounting equation approach of recording transactions.
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 2,00,000 = ? + ₹ 40,000
Prepare accounting equation for the following transactions.
- Murugan commenced business with cash ₹ 80,000
- Purchased goods for cash ₹ 30,000
- Paid salaries by cash ₹ 5,000
- Bought goods from Kumar for ₹ 5,000 and deposited the money in CDM.
- Introduced additional capital of ₹ 10,000
Create an accounting equation on the basis of the following transactions:
- Rakesh started business with a capital of ₹ 1,50,000
- Deposited money with the bank ₹ 80,000
- Purchased goods from Mahesh and paid through debit card ₹ 25,000
- Sold goods (costing ₹ 10,000) to Mohan for ₹ 14,000 who pays through debit card
- Commission received by cheque and deposited the same in the bank ₹ 2,000
- Paid office rent through ECS ₹ 6,000
- Sold goods to Raman for ₹ 15,000 of which ₹ 5,000 was received at once
Create an accounting equation on the basis of the following transactions:
- Started business with cash ₹ 80,000 and goods ₹ 75,000
- Sold goods to Shanmugam on credit for ₹ 50,000
- Received cash from Shanmugam in full settlement ₹ 49,000
- Salary outstanding ₹ 3,000
- Goods costing ₹ 1,000 given as charity
- Insurance premium paid ₹ 3000
- Out of insurance premium paid, prepaid is ₹ 500
