Question

Classify the following Accounts into Assets, liabilities, capital, Revenue &

expenses. (1) discount allowed a/c​

Answer 1

Explanation:

Assets are cash, properties, or things of values owned by the business. Liabilities are amounts the business owes to creditors. Owner's equity is the owner's investment or net worth.

Cash a/c – Asset – Real A/c  Purchase a/c – Asset – Real A/c  Computer a/c – liability – personal a/c  Building a/c – Asset – Real a/c Salary a/c – Expenses – Nominal A/c

Interestion investment a/c – Income – nominal a/c

Sales -a/c Assets