Question

On which side will the increase in the following accounts be recorded? Also mention
the nature of Accounts :
(a) Cash
(b) Machinery
(c) Debtors
Creditors
(e) Proprietor’s Account
(1) Rent Received
(g) Salary paid
(h) Interest Received​

Answer 1

Answer:

a. cash , asset, debit side

b. machinery, asset, debit side

c. debtors, asset, debit side

e. creditor's, liabilities, credit side

f. proprietor's account, capital , credit side

g. rent received, income , credit side

h. salary paid , expenses, debit side

I. interest received, income , credit side

Answer 2

The answer is shown below:

Explanation:

As we know that

The expenditures, losses, and assets, are shown on the debit side plus if there is an increase in these accounts will also shown debit balance

While on the other hand, the capital account, liabilities, gains, income are shown on the credit side plus if there is an  increase in these accounts will also shown credit balance

So based on this, the classification is as follows

Accounts Increase Recorded at Side            Nature  of Accounts

(a) Cash           Debit                                                  Asset

(b) Machinery   Debit                                                  Asset

(c) Debtors       Debit                                                  Asset

Creditors         Credit                                                 liability

(e) Proprietor’s Account    Credit                             liability

(1) Rent Received     Credit                                       Income

(g) Salary paid         Debit                                          Expense

(h) Interest Received​ Credit                                       Income

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