Question No 02 Chapter No 2

Question No 02 Chapter No 2

Q.2. On which side the decrease in the following accounts will be recorded? Also mention the nature of account:−

1Cash5Prepaid Insurance 
2Bank Overdraft6Manoj, Proprietor of the business
3Rent Paid  
4Outstanding Rent   

The solution of Question No 02 Chapter No 2: –

AccountsIncrease Recorded at Side
1. CashDebitAsset
2. Bank OverdraftCreditLiability
3. Rent PaidCreditExpense
4. Outstanding RentCreditLiability
5. Prepaid InsuranceDebitAsset
6. Manoj, Proprietor of the businessCreditCapital

Check out our article on the meaning of financial accounting: 

Financial Accounting – Introduction and its Functions

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

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

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 02 Chapter No 2 - D.K Goal Class 11
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