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State whether the following statement is True or False with reasons: Loan account is personal account. - Book Keeping and Accountancy

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प्रश्न

State whether the following statement is True or False with reasons:

Loan account is personal account.

विकल्प

  • True

  • False

MCQ
सत्य या असत्य
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उत्तर

This statement is True.
Amount received or paid for a temporary period from or to a person is known as loan account. Here, the person is involved, therefore loan account is a personal account.
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  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 2: Meaning and Fundamentals of Double Entry Book-Keeping - EXERCISE [पृष्ठ ४०]

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बालभारती Book Keeping and Accountancy [English] Standard 11 Maharashtra State Board
अध्याय 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 4. 7) | पृष्ठ ४०

संबंधित प्रश्न

Answer in one sentence only.

What is an Account?


Write one word/term or phrase which can substitute the following statement.

Name of the account which is debited when proprietor uses business money for personal use.


Write one word/term or phrase which can substitute the following statement.

The Assets which cannot be seen, touched or felt.


Select the most appropriate alternatives from the given below and rewrite the statement:

Every debit has corresponding ____________


Select the most appropriate alternatives from the given below and rewrite the statement:

Radha's Account is a type of ______ account.


State whether the following statement is True or False with reasons:

Discount received is a nominal account.


State whether the following statement is True or False with reasons:

Drawings account is a nominal account.


State whether the following statement is True or False with reasons:

Goodwill account is a real account.


State whether the following statement is True or False with reasons:

Motor car account is a Real Account.


Fill in the blank:

Increase in capital is credited and decrease in capital is ______


Fill in the blank:

Land and Building account is ______ account.


Fill in the blank:

Debit what comes in and credit what goes out is the rule of ______ account.


Fill in the blank:

______ accounts are accounts of properties and assets.


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Classify the following accounts under the types of Personal, Real, and Nominal accounts:

Drawing A/c


Classify the following accounts under the types of Personal, Real and Nominal account:

Outstanding Income A/c


Classify the following account under the types of Personal, Real and Nominal account:

Plant and Machinery A/c


Classify the following account under the types of Personal, Real, and Nominal account:

Sundry Income A/c


Classify the following account under the types of Personal, Real and Nominal account:

Live Stock A/c


Classify the following account under the types of Personal, Real and Nominal account:

Goods distributed as free sample A/c


Classify the following account under the types of Personal, Real and Nominal account:

Radhika’s A/c


Classify the following account under the types of Personal, Real and Nominal account:

Computer A/c


Classify the following account under the types of Personal, Real and Nominal account:

Income Receivable A/c


Classify the following account under the types of Personal, Real and Nominal account:

Income tax A/c


Classify the following account under the types of Personal, Real and Nominal account:

Office Equipment A/c


Classify the following account under the types of Personal, Real and Nominal account:

The stock of Stationery A/c


Classify the following account under the types of Personal, Real and Nominal account:

Income Received in Advance A/c


Classify the following account under the types of Personal, Real and Nominal account:

Discount A/c


Classify the following account under the types of Personal, Real and Nominal account:

Royalty A/c


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