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 |
Check out T.S. Grewal +1 Book 2019 
