Assignment - Rules of Debit and Credit

Q-1 classifying the nature of Accounts:

                             I.  Prepaid Salary Account.

                           II.  Bills Payable Account.

                         III.  Rent Account.

                         IV.   Proprietors Account.

                         V.     Patents Account?

a) Real a/c                b) Nominal a/c            c) Personal a/c                d) None

Q-2 Interest Receivable From Karan,borrower a/c in :

a) Artificial Personal a/c

b) Natural Personal a/c

c) Representative Personal 

d) None

Q-3 Classify each of the following items under :

                          I.  Salaries

                        II.  Equipment

                       III.  Accounts payable

                       IV.   Membership Fees earned

                        V.    Inventory

a) Revenue                 b) Expense                c) Assets                    d) Liability

Q-4 Open a “T” shape Account for furniture and write the following transaction on the Proper Side :

1. Furniture Purchased for Rs 50,000.     

2. Furniture sold for Rs 10,000.

3. Furniture Purchased Rs 15,000.

4. Old Furniture Discarded Rs 5,000.         

5. Depreciation on furniture for Rs 3,000.

Q-5 Open a “T” shape account of a creditor, Mohan, and write the following transaction on the Proper Side:

1. Purchased goods from Mohan on credit Rs 50,000. 

2. Paid to Mohan Rs 30,000.

3. Goods returned to Mohan for Rs 3,000.                    

4. Repurchased goods from Mohan on credit Rs 10,000.

Q-6 Open a “T” shape Cash account. Put the following transactions on the Proper side: 

1. Mohan started business with cash Rs 40,000.

2. Purchased goods Rs 20,000. 

3. Sold goods Rs 24,000.