CBSE Class 11-commerce Answered
Give an example of each of the
following :
Increase
in asset and decrease in another asset
Decrease
in liability and increase in another liability
Decrease
in asset and decrease in owner’s equity
Increase
in asset and increase in owner’s equity
Asked by Topperlearning User | 13 Jun, 2016, 04:55: PM
Expert Answer
Effect |
Example |
i. Increase in asset and decrease in another asset |
i. Sale of goods for cash. Increase in cash and decrease in goods. |
ii. Decrease in liability and increase in another liability |
ii. Bills payable issued to creditors. Increase in bill payable and decrease in liability |
iii. Decrease in asset and decrease in owner’s equity |
iii. Drawings by the proprietor Decrease in liability (capital) and decrease in asset (cash or bank) |
iv. Increase in asset and increase in owner’s equity |
iv. Introduction of capital by the proprietor increases asset (cash or bank) and also liability (capital) |
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