28/Classify the following Accounts-
(1) Rent Paid lability (3) Ramesh (Debtors)
(2) Building Asset
(4) Capital Cash ficou
(5) Suresh (Creditors) (6) Bank Loan
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(1) Rent Paid A/C
- According to Traditional Approach or English Approach, Rent Paid A/C is a Nominal Account.
- According to Modern Approach or American Approach, Rent Paid A/C is an Expense Account.
____________________________________________
(2) Building A/C
- According to Traditional Approach or English Approach, Building A/C is a Real Account.
- According to Modern Approach or American Approach, Building A/C is an Asset Account.
____________________________________________
(3) Ramesh (Debtors) A/C
- According to Traditional Approach or English Approach, Ramesh (Debtors) A/C is a Personal Account.
- According to Modern Approach or American Approach, Ramesh (Debtors) A/C is an Asset Account.
____________________________________________
(4) Capital (Cash) A/C
- According to Traditional Approach or English Approach, Capital (Cash) A/C is a Personal Account.
- According to Modern Approach or American Approach, Capital (Cash) A/C is Capital Account.
____________________________________________
(5) Suresh (Creditors) A/C
- According to Traditional Approach or English Approach, Suresh (Creditors) A/C is a Personal Account.
- According to Modern Approach or American Approach, Suresh (Creditors) A/C is a Liability Account.
____________________________________________
(6) Bank Loan A/C
- According to Traditional Approach or English Approach, Bank Loan A/C is a Personal Account.
- According to Modern Approach or American Approach, Bank Loan A/C is a Liability Account.
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