Question

classify the following account under modern approach.

1.loan to ram

2.Carriage Outward account

3. Tata Iron & steel Co. Ltd, a supplier ​

Answer 1

Answer:

1. Loan given would reflect in asset side of balance sheet as loans and advances

2. Carriage outward will reflect in profit and loss account debit side. as it is an expense.

3. A supplier is shown as a creditor in liabilities side of balance sheet.

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