Question No 01 Chapter No 2

Question No 01 Chapter No 2

Q1. On which side the increase in the following accounts will be recorded? Also mention the nature of account:−

1Furniture 5Proprietor’s Account
2Rent Paid 6Debtor
3Commission Received7Creditor
4Salary Paid Solution  

The solution of Question No 01 Chapter No 2: –

AccountsIncrease Recorded at Side
Nature
1. FurnitureDebitAsset
   
2. Rent PaidDebitExpense
   
3. Commission ReceivedCreditIncome
   
4. Salary Paid SolutionDebitExpense
   
5. Proprietor’s AccountCreditCapital
   
6. DebtorDebitAsset
   
7. CreditorCreditLiability
   

Check out our article on the meaning of financial accounting: 

Financial Accounting – Introduction and its Functions

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Also, Check out the solved question of all Chapters from the following links: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 01 Chapter No 2 - D.K Goal Class 11
D K Goel accountancy +1 – ISC_Accounts_11_20_Image

 

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