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



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T.S. Grewals Double Entry Book Keeping - Question No 02 Chapter No 1 - USHA Publication  11 Class
T.S. Grewal’s Double Entry Book Keeping

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