Debit what comes in and credit what goes out indicates the rule of ________ account.
Personal
Nominal
Real
All of these
On what side the decrease in the Bank overdraft will be recorded?
Debit
Credit
Both a & b
None of these
Double entry system is based on the principle that every transaction has ___________ fold aspects.
One
Two
Three
Four
Find out the closing capital at the end of year 31-3-05 from the following information.
Capital on 1.4.2004 Rs 40,000
Profit or loss Rs 25,000
Additional capital introduced Rs 10,000
Drawings during the year Rs 8000
Rs67,000
Rs 13,000
Rs 25,000
Rs 50,000
Paid to creditors results in
Increase in fixed asset, increase in liability
Decrease in cash, decrease in creditor
Increase in cash, increase in capital
Increase in fixed assets, decrease in cash
The term __________ denotes the resources owned by a business.
Assets
Liabilities
Both 1 and 2
Equalities
Purchased goods for cash Rs 10,000 state the nature of accounts?
Real and Nominal
Regarding revenues as per American concept, debit indicates.
Any increase in profit
Any decrease in profit
Both of these
Find out which one of the following is Intangible real account.
Building
Goodwill
Furniture
Land
