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| 1. |
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 |
| Answer» <html><body><p></p>Solution :(i) Debit - Asset <br/> (ii) Credit - Liability <br/> (iii) Credit - <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <br/> (iv) Debit - Expense <br/> (v) Debit - Expense <br/> (vi) Debit - Asset <br/> (vii) Credit - <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <br/> (viii) Credit - Liability <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ix-520761" style="font-weight:bold;" target="_blank" title="Click to know more about IX">IX</a>) Credit - Liability <br/> (<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>) Debit - Asset <br/> (xi) Debit - Asset <br/> (xii) Debit - Asset</body></html> | |