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Question
Real account deals with ____________.
Options
Individual persons
Expenses and losses
Assets
Incomes and gains
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Solution
Real account deals with Assets.
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RELATED QUESTIONS
Accounting equation signifies ___________.
‘Cash withdrawn by the proprietor from the business for his personal use’ causes ____________.
A firm has assets of ₹ 1,00,000 and the external liabilities of ₹ 60,000. Its capital would be ___________.
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
How are personal accounts classified?
Classify the accounts with suitable examples.
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- Money withdrawn from bank for office use - ₹ 1,000
What will be the effect of the following on the accounting equation?
- Sunil started business with ₹ 1,40,000 cash and goods worth ₹ 60,000
- Purchased furniture worth ₹ 20,000 by cash
- Depreciation on furniture ₹ 800
- Deposited into bank ₹ 40,000
- Paid electricity charges through net banking ₹ 500
- Sold goods to Ravi costing ₹ 10,000 for ₹ 15,000
- Goods returned by Ravi ₹ 7,500 (costing ₹ 5,000)
