Question

Classify the following accounts in to Assets, liabilities, capital, expenses/losses and gains.

a) Plant

b) Drawings

c) Sales

d) Debtors

e) Outstanding wages.

f) Rent received

g) Looses tools

h) Goodwill

i) Capital

j) Bank overdraft

k) Advertisement

1) Insurance​

Answer 1

Answer:

D Closing net assets + drawings + capital introduced – opening net assets. 2 ... (1) The company's exposure to debts and liability is limited ... (4) Rent received was included in the trial balance as a debit balance. A.

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