Question

Classify the following accounts into assets liabilities capital revenue or gains and expenses or losses
1 caah a/c
2 Purchases a/c
3 Drawings a/c
4 Computer a/c
5 Buildings a/c
6 Salary a/c
7 Intrest on investments a/c
8 Sales a/c
9 Outstanding salary a/c
10 Creditors a/c
11 Purchases a/c
12 Bills receivable a/c

Answer 1

Answer:

Right Answer.... copy It....

Explanation:

Above...

Answer 2

1. Cash A/c - Assets

2. Purchases A/c - Expenses or losses

3. Drawings A/c - Capital

4. Computer A/c - Assets

5. Buildings A/c- Assets

6. Salary A/c- Expense or losses

7. Interest on investment A/c- Capital gains or revenue

8. Sales A/c- Capital gains or revenue

9. Outstanding salary a/c- Liabilities

10. Creditors a/c - Liabilities

11. Purchases A/c - Expenses or losses

12. Bills receivable a/c - Assets

Some important points about assets, liabilities, capital revenue, and expenses.

• Assets - In accountancy, an asset is an economic entity that can easily be converted to cash and has economic value. It is owned by the enterprise. Example - Land and Building, Plant and Machinery.
• Liabilities - In accountancy, it is financial distress which the person or the enterprise has to pay at the end of the accounting year. Example -Outstanding salary
• Capital gains mean the gains which we get from the capital, for example -the interest on investment.
• Expenses are the cost incurred in something, for example- salary.