Question No 03 Chapter No 2

Question No 03 Chapter No 2

Q.3. On which side the decrease in the following accounts will be recorded? Also mention the nature of account:−

1Machinery5Proprietor’s Account
2Wages Paid 6Debtor
3Rent Received 7Prepaid Insurance
4Cash 8Outstanding Salary

The solution of Question No 01 Chapter No 2: –

AccountsIncrease Recorded at Side
Nature
1. MachineryDebitAsset
   
2. Wages PaidDebitExpense
   
3. Rent ReceivedCreditIncome
   
4. CashDebitAsset
   
5. Proprietor’s AccountCreditCapital
   
6. DebtorDebitAsset
   
7. Prepaid insuranceDebitAsset
   
8. Outstanding SalaryCreditLiability
   

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 03 Chapter No 2 - D.K Goal Class 11
D K Goel accountancy +1 – ISC_Accounts_11_20_Image

 

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