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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
Accounting equation signifies ___________.
A firm has assets of ₹ 1,00,000 and the external liabilities of ₹ 60,000. Its capital would be ___________.
Real account deals with ____________.
Which one of the following is representative personal account?
What is the accounting equation?
Write any one transaction which decreases the assets and decreases the liabilities
Write any one transaction which increases one asset and decreases another asset
What is an Account?
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 1,00,000 = ₹ 80,000 + ?
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- Money withdrawn from bank for office use - ₹ 1,000
