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Question
Prepaid rent is a ____________.
Options
Nominal A/c
Personal A/c
Real A/c
Representative personal A/c
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Solution
Prepaid rent is a Representative personal A/c.
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RELATED QUESTIONS
A firm has assets of ₹ 1,00,000 and the external liabilities of ₹ 60,000. Its capital would be ___________.
The incorrect accounting equation is _____________.
Which one of the following is representative personal account?
What is the accounting equation?
How are personal accounts classified?
Write a brief note on accounting equation approach of recording transactions.
What are the three different types of personal accounts?
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 2,00,000 = ? + ₹ 40,000
Complete the accounting equation.
Assets = Capital + Creditors
? = ₹ 1, 60,000 + ₹ 80,000
Prepare accounting equation for the following transactions.
- Murugan commenced business with cash ₹ 80,000
- Purchased goods for cash ₹ 30,000
- Paid salaries by cash ₹ 5,000
- Bought goods from Kumar for ₹ 5,000 and deposited the money in CDM.
- Introduced additional capital of ₹ 10,000
