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Question
State whether the following statements are ‘True or False’ with reasons.
Balances of Nominal Accounts are carried forward to the next year.
Options
True
False
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Solution
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| 2016 Jan. | Particulars | ₹ |
| 1 | Started business with cash | 10,000 |
| 5 | Paid into bank | 5,000 |
| 7 | Purchased goods from Ram for cash | 1,000 |
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| 2017 Aug. | Particulars | ₹ |
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| 10 | Sold goods and cheque received but not deposited | 30,000 |
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| 1 | Credit balance of Anand’s A/c | 4,000 |
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| Discount allowed by him | 40 | |
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