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On which side will the increase in following accounts be recorded ? Also , mention the nature of the account on the basis of Modern Classification of Accounts : (i) Buildings A/c (ii) Creditor's A/c (iii) Abhishek (Proprietor) (iv) Purchase A/c (v) Carriage Inwards A/c (vi) Cash A/c (vii) Rent Received A/c (viii) Interest Payable A/c (ix) Bills Payable A/c (x) Debtors A/c (xi) Accrued Commission A/c (xii) Bills Receivable A/c |
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Answer» Solution :(i) Debit - Asset (ii) Credit - Liability (iii) Credit - CAPITAL (iv) Debit - Expense (v) Debit - Expense (vi) Debit - Asset (vii) Credit - REVENUE (viii) Credit - Liability (IX) Credit - Liability (X) Debit - Asset (xi) Debit - Asset (xii) Debit - Asset |
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