Find out the assets at the end of the year from the following information.
Capital at commencement of business Rs 1,00,000
Liabilities at the end Rs 70,000
Sales during the years Rs 3,50,000
Cost of sales during the year 3,00,000
1,50,000
2,20,000
1,60,000
1,25,000
Lohia machine limited account is classified under ______________ Account.
Personal Account
Real Account
Nominal account
None of these
Traditional method is based on ____________
Double entry system
Accounting Equation
American system
Of the following account types, which would be increased by a debit?
Liabilities and expenses
Assets and equity
Assets and expenses
Equity and revenues
Which method is based on accounting equation?
Traditional
Modern
English system
____________ accounts are those which relate to expenses and losses
Personal
Real
Nominal
None of the above
Furniture Account is classified under ___________
Nominal Account
On what side the increase in wages paid will be recorded according to the Rules of debit and credit?
Debit
Credit
Both a and b
___________ is the claim of third parties such as creditors.
Owner's capital
Outsider's equity
Both a & b
