TS Grewal Solutions for Class 11 Accountancy Chapter 6 – Accounting Procedures – Rules of Debit and Credit
Question 1.
Following accounts are being maintained in the books of Shri Ashok. Classify them under Assets, Liabilities, Expenses and Revenue Accounts.
(i) Land; (ii) Investments; (iii) Building; (iv) Interest Received; (v) Salary;(vi) Bank Overdraft; (vii) Debtors; (viii) Creditors; (ix) Bad Debts; (x) Capital; (xi) Depreciation; (xii) Motor Vehicles; (xiii) Freight; (xiv) Wages; (xv) Goodwill; (xvi) Repairs.
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Question 2.
Classify the following into assets, liabilities, capital, revenue, and expenses:
(i) Plant and Machinery; (ii) Bank Loan; (iii) Sales; (iv) Rent; (v) Discount Received; (vi) Carriage Inwards; (vii) Carriage Outwards; (viii) Purchases;(ix) Bills Payable; (x) Wages; (xi) Advance Income; (xii) Accrued Income;(xiii) Goodwill; (xiv) Furniture and Fixtures; (xv) Outstanding Expenses;(xvi) Capital.
Solution:
Question 3.
On which side will be the increase in the following accounts recorded? Also, mention the nature of the account:
i. Furniture A/c
ii. Mohan (Proprietor)
iii. Salary A/c
iv. Purchases A/c
v. Sales A/c
vi. Interest Paid A/c
vii. Sohan (Creditor)
viii. Ram (Debtor)
Solution:
Question 4.
On which side will be the decrease in the following accounts recorded? Also, mention the nature of the account:
i. Cash
ii. Bank Overdraft
iii. Outstanding Salary paid
iv. Outstanding Rent
v. Prepaid Insurance
vi. Mohan, Proprietor of the business
Solution:
Question 5.
Following is the list of various accounts. Find out which are Assets, Liabilities, Capital, Revenue or Expense Accounts:
i. Machinery
ii. Bank
iii. Sales
iv. Purchases
v. Unsold Stock
vi. Bank Overdraft
vii. Ram (Customer)
viii. Cash
ix. Interest Received
x. Mohan (Proprietor)
Solution:
Question 6.
You are given a number of accounts below. State which of them will show a debit balance and which a credit balance:
i. Carriage
ii. Machinery
iii. Sales
iv. Cash
v. Ram (Customer)
vi. Sales Return
vii. Purchases
viii. Bad Debts
ix. Discount Allowed
x. Rent
xi. Commission Received
xii. Capital
xiii. Repairs
xiv. Purchases Return
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Question 7.
Put the following transactions on the proper side of an Interest Account:
i. Interest earned Rs.2,000
ii. Interest paid Rs.1,000
iii. Interest due Rs.500
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Question 8.
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Question 9.
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Question 10.
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Question 11.
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Question 12.
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Question 13.
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Question 14.
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Question 15.
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