Question

Question 3.
Classify the following into assets, liabilities, capital, revenue, and expenses:
(i) Plant and Machinery
(ii) Bank Loan
(iii) Sales
(iv) Rent
(v) Discount Received
(vi) Carriage Inwards
(vii) Carriage outwards
(viii) Purchases
(ix) Bills Payable
(x) Wages
(xi) Advance Income
(xii) Accrued Income
(xiii) Goodwill
(xiv) Furniture and Fixtures
(xv) Outstanding Expenses
(xvi) Capital

Answer 1

The classification of the items below under the heads assets, liabilities, capital, revenue, and expenses is provided below.

Explanation:

The classification of the items below under the heads assets, liabilities, capital, revenue, and expenses is provided below:  

1. Assets-

i. Plant and machinery

ii. Furniture and fixtures

iii. Goodwill

iv. Accrued income

2. Liabilities-

i. Bank loan

ii. Bills payable

iii. Outstanding expenses

iv. Advanced income

3. Expenses-

i. Rent

ii. Wages

iii. Carriage inwards

iv. Carriage outwards

v. Purchases

4. Capital-

i. Capital

5. Revenue-

i. Sales

ii. Discount received

Answer 2

It's correct answer for question given on the top