Question No 02 Chapter No 1 – USHA Publication 11 Class

Question No 02 Chapter No 1

Question No 02 Chapter No 1

02. Identify the assets, liabilities, expenses and income from the following:

Rent paid; Land and building; cash in hand; Creditors; Salary outstanding; Commission received; Furniture; Bank loan; Fright on purchase of goods; Debtors; Motor vehicles; Interest received; Bank balance

 

The solution of Question No 02 Chapter No 1: –

 

Rent Paid = Expense
Land & building = Asset
Cash in hand = Asset
Creditors = Liability
Salary outstanding = Liability
Commission received = Income
Furniture = Asset
Bank Loan = Liability
Freight on purchased of goods = Expense
Debtors = Asset
Motor vehicles = Asset
Interest received =Income
Bank balance = Asset



Financial Accounting – Introduction and its Functions

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

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