) Intereat on capital and salary to proprietor are incomes and hen
and loss account
the correct answers:
What type of account is goodwill?
What type of account is furniture?
On which aide of balance sheet is unexpired insurance shown
Which type of items appear in profit and loss account?
Is balance sheet an account or a statement?
Where will amount spent on stationery appear?
ICE SHEET
CALAon which side of the balance sheet is unexpired insurance shown
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) Intereat on capital and salary to proprietor are incomes and hen
and loss account _expencess
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Answer:
Interest on capital and salary is Income of Partners. so, it will credited to partners a/c.
Goodwill is an intangible assets!! it appears in asset side of balance sheet.
Furniture is an real a.c, it will appears on asset's side of balance sheet!!
unexpired insurance is an prepaid insurance it is an deferred expense!
it will appers on balance sheet!!
Amount of stationary in capital expenditure it will appear on assets side of balance sheet !!
Balance sheet is an statement of financial position of business!!
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