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) trading account( return outward is also called purchase return)

2) trading account

4)balance sheet ( assert side)

5) balance sheet ( liability side)

3)profit and loss account ( add Outstanding + salary)

6) trading account ( add outstanding + wages,)

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