Question

Q.50. Assets side of Balance Sheet represents

debit balance a. True

b. False c Cannot say d. None of these
Q.51- Suspense Account appearing in the Trial Balance is shown in the Balance Sheet. a. True b. False

Cannot say d None of these
Q.52. Accrued income appearing in the Trial Balance is shown in P & L A/c.

a True b. False C. Cannot say d. None of these
Q.53. Bank Overdraft is a contingent liability a. True b. False

c Cannot say d. None of these .54 Bills Receivable dishonoured given in adjustments are deducted from B/R and debited to P & L A/C.

a. True b. False c. Cannot say d. None of these

Q.55- Prepaid rent is personal account.

a. True C. b. False Cannot say d. None of these​

Answer 1

Answer:

50- b) false

51 - a) true

52 - a) true

53- b) false

55)- b) false

Answer 2

The answers are given as follows:

Q.50. Assets side of Balance Sheet represents debit balance - (a) True

The current account's debit balance indicates that the owner owes the company money. Therefore, since the owner's account is overdrawn, the company has the right to collect money from him. As a result, the current account with a debit balance ought to be displayed on the asset side of the balance sheet.

Q.51: Suspense Account appearing in the Trial Balance is shown in the Balance Sheet - (a) True

Explanation: The trial balance shows the suspense account under the Other Assets section

Q.52: Accrued income appearing in the Trial Balance is shown in P & L A/c. - (b) False

Explanation: Accrued income A/c appearing in the trial balance is shown on the asset side of the balance sheet

Q.53: Bank Overdraft is a contingent liability - (b) False

Explanation: A bank overdraft is a current liability that the bank has given the company for a short period of time.

Q.54: Bills Receivable dishonored given in adjustments are deducted from B/R and debited to P & L A/C - (a) True

Explanation: When a bill is not paid, the drawee is once more liable for the debt. So, another debit is made to his account.

Q.55: Prepaid rent is personal account - (b) False

Explanation: Prepaid Expenses is a real account, not a personal one.

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