Question

Question 4.
On which side will the increase in the following accounts be recorded ? Also, state the nature of the account:
(i) Furniture A/c
(ii) Mohan (proprietor)
(iii) Salary A/c
(iv) Purchases A/c
(v) Sales A/c
(vi) Interest Paid A/c
(vii) Sohan (Creditor)
(viii) Ram (Debtor)

Answer 1

Answer:

(i) Furniture A/c

(ii) Mohan (proprietor)

(iii) Salary A/c

(iv) Purchases A/c

(v) Sales A/c

(vi) Interest Paid A/c

(vii) Sohan (Creditor)

(viii) Ram (Debtor)

Answer 2

The answer is stated below:

Explanation:

1. Increase in the account of Furniture will be recorded on the Debit side as increase or rise in asset of the company will be recorded or reported on debit side. And the nature of the  account is Real account.

2. Increase in the Mohan account, will be recorded on Credit side and the nature of the account is Personal account.

3. Increase in the salary account of the person, it will be recorded on the Debit side as any increase in the asset, will be reported or recorded on debit side. And the nature of account is Nominal account.

4. Increase in purchases, will be recorded on Debit side and the nature of account is Nominal account.

5. Increase in Sales account will be recorded on the Credit side and the nature of account is Nominal account.

6. Increase in interest paid account, will be recorded on Debit side and the nature of account is Nominal account.

7. Increase in the Sohan account, will be recorded on the Credit side and the nature of account is Personal account.

8. Increase in the Ram account, will be recorded on Debit side and the nature of account is Personal account.