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. 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)