Question No 01 Chapter No 4

Question No 01 Chapter No 4

Q.1. Classify the following accounts under personal, real, or nominal accounts:

(i)Commission Paid(ii)Commission Received 
(iii)Commission Accrued(iv)Prepaid Salaries 
(v)Leasehold Property A/c(vi)Discount Allowed
(vii)Carriage Inwards A/c(viii)Life Insurance Corporation of India
(ix)Drawings A/c(x)Rent Received in Advance
(xi)Debtors(xii)Sales A/c
(xiii)Rent Paid in Advance(xiv)Bank Overdraft

 

The solution of Question No 01 Chapter No 4: –

 

Personal Accounts Real Accounts
Nominal Accounts
(iii) Commission Accrued(v) Leasehold Property(i) Commission Paid
   
(iv) Prepaid Salaries (ii) Commission Received
   
(viii) Life Insurance Corporation of India (vi) Discount Allowed
   
(ix) Drawings Account (vii) Carriage Inwards Account
   
(x) Rent Received in Advance  (xii) Sales Account
   
(xi) Debtors  
   
(xiii) Rent Paid in Advance  
   
(xiv) Bank Overdraft  
   

 

Financial Accounting – Introduction and its Functions

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

 

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