Question

6. Classify the following Accounts into Assets, Liabilities capital,
Expenses/Losses and revenue/gains
a.Cash Account
b. Purchases Account
c. Drawings Account
d. Computer Account
e Building Account
f. Salary Account
g.Interest on Investment A/S
h. Sales Account
i. O/S salary Account
j.Creditors Account
k. Purchases Returns A/S
l.Bills Receivable Account​

Answer 1

Answer:

a. cash. asset

b. purchase. Expense

c. drawing. capital

d. computer. asset

e. building. asset

f. salary. express

g. interest on investment. income

h. sales a/c. revenue

i. o/s salary. liability

j.creditor. liability

k.purchase returns. subtract from purchase

l. bills receive le. asset