Question

Classify the following accounts into Assets, Liabilities, Income, Expenditure and Capital. ​

Answer 1

Answer:

1.CASH A/c- ASSETS

2.PURCHASE A/c- EXPENSES OR LOSSES

3.DRAWINGS A/c- CAPITAL

4.COMPUTER A/c- ASSETS

5.BUILDING A/c - ASSETS

6.SALARY A/c - EXPENSES 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. PURCHASE A/c- EXPENSES OR LOSSES

12. BILLS RECEIVABLE A/c- ASSETS

Answer 2

Explanation:

1. Land and building => Assets

2. Interest received => Income

3. Computer => Assets

4. Sundry Creditors => Liabilities

5. Bills receivable => Income

7. Sundry debtors => Assets

8. Goodwill => Assets

9. Freight => Expenditure

10. Discount received => Revenue

11. Bills payable => Expenditure

12. Amits capital => Capital

13. Interest on fixed deposits => Revenue

14. Bank overdraft => Liabilities

15.Live stock => Expenditure

16.Printing and Stationery => Expenditure

17. Cash at bank => Expenditure

18.Rent received => Revenue

19. Repairs and maintenance => Expenditure

20. Carriage => Expenditure

21. Outstanding rent => Revenue

22. Commission received => Revenue

23. Bank loan => Expenditure