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प्रश्न
Classify the accounts with suitable examples.
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उत्तर
Classification of Accounts:
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Asset account: Any physical thing or right owned that has a monetary value is called an asset. The assets are grouped and shown separately; for example, Land and Buildings account, Plant and Machinery account.
- Liability account: Financial obligations of the enterprise towards outsiders are shown under separate heads as liabilities; for example, creditors account, expenses outstanding account.
- Capital account: Financial obligations of a business enterprise towards its owners are grouped under this category; for example, capital contributed by the owner.
- Revenue account: Accounts relating to revenues of an enterprise are grouped under this category, for example; revenues from the sale of goods, rent received.
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Expense account: Expenses incurred and losses suffered for earning revenue are grouped under this category; for example, purchase of goods, salaries paid.
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संबंधित प्रश्न
The incorrect accounting equation is _____________.
Which one of the following is representative personal account?
Write any one transaction which increases one asset and decreases another asset
How are personal accounts classified?
Write a brief note on accounting equation approach of recording transactions.
What is an Account?
What are the three different types of personal accounts?
For the following transactions, show the effect on the accounting equation.
- Raj started business with cash - ₹ 40,000
- Opened bank account with a deposit of - ₹ 30,000
- Bought goods from Hari on credit for - ₹ 12,000
- Raj withdrew cash for personal use - ₹ 1,000
- Bought furniture by using debit card for - ₹ 10,000
- Sold goods to Murugan and cash received - ₹ 6,000
- Money withdrawn from bank for office use - ₹ 1,000
Create an accounting equation on the basis of the following transactions:
- Rakesh started business with a capital of ₹ 1,50,000
- Deposited money with the bank ₹ 80,000
- Purchased goods from Mahesh and paid through debit card ₹ 25,000
- Sold goods (costing ₹ 10,000) to Mohan for ₹ 14,000 who pays through debit card
- Commission received by cheque and deposited the same in the bank ₹ 2,000
- Paid office rent through ECS ₹ 6,000
- Sold goods to Raman for ₹ 15,000 of which ₹ 5,000 was received at once
Create an accounting equation on the basis of the following transactions:
- Started business with cash ₹ 80,000 and goods ₹ 75,000
- Sold goods to Shanmugam on credit for ₹ 50,000
- Received cash from Shanmugam in full settlement ₹ 49,000
- Salary outstanding ₹ 3,000
- Goods costing ₹ 1,000 given as charity
- Insurance premium paid ₹ 3000
- Out of insurance premium paid, prepaid is ₹ 500
