Question

S) Debit the receiver, Credit the
a) Goes out b) Giver
c) Income and gains d) Comes in
9) Debit what comes in, Credit what
a) Giver
b) Expenses and losses
c) Goes out
d) Income and gains
10) Debit all
and Credit all income and gains
a) Giver
b) Expenses and losses c) Goes out
d) None of the
State whether the following statements are True or False with reasons.
1) Outstanding expense is nominal account
2) Capital account is a real account
Every debit has equal and corresponding credit​

Answer 1

Debit the receiver, credit the Giver

Debit what comes in, credit what Goes out

Debit all expenses and losses, credit all incomes and gains.

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1). Outstanding expense is nominal account (F)

(Outstanding expenses A/c is a Representative Personal Account as it represents a group of people to whom some amount of salary is payable)

2). Capital account is a real account (F)

(Capital account is the account of a natural person, i.e. an account of person who is alive. Hence, it can be classified as a personal account)

3). Every debit has equal and corresponding credit. (T)

(According to Dual Aspect Concept, every transaction has two aspects, a debit and a credit of equal amount).