Question

Ascertain the Class of Account of the following items :

(i) Returns outward
(ii) Carriage inward
(iv) Debtors
(v) Creditors
(iii) Outstanding salary
(vi) Outstanding wages​

Answer 1

Answer:

I. return outward means purchase return - nominal ac

ii. nominal ac (expense)

iii. personal ac

iv. personal ac

v. personal ac

vi . personal ac

Answer 2

Answer:

Classify the following items into Assets and Liabilities :

(i) Machinery

(ii) Debtors

(iii) Building

(iv) Bank overdraft

(v) Loan from A. Bhattacherjee

(vi) Salary owing to staff

(vii) stock of goodsClassify the following items into Income and Expenditure :

(i) Staff salary

(ii) Workers' wages

(iii) Interest on investment

(iv) Dividend on shares

(v) Interest on bank deposits

(vi) Discount allowed

(vii) Rent of office