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CBSE Class 11-commerce Answered

What do you understand by personal account? Give examples.
Asked by Topperlearning User | 14 Jun, 2016, 11:36: AM
answered-by-expert Expert Answer

Accounting transactions relating individuals, firms, bank and companies are known as personal accounts. A separate account is opened to record particulars of all the transactions in cash and goods. For example, Ram’s A/c, Sultan Chand and Company A/c and XYZ Bank A/c.

Answered by | 14 Jun, 2016, 01:36: PM
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CBSE 11-commerce - Accountancy Part I
What is the main objective in preparing an account?
Asked by Topperlearning User | 14 Jun, 2016, 11:36: AM
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CBSE 11-commerce - Accountancy Part I
What do you understand by personal account? Give examples.
Asked by Topperlearning User | 14 Jun, 2016, 11:36: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
On which side, will a decrease in the following account recorded. Also, identify the nature of accounts.  i. Cash  ii. Rent paid  iii. Ashok­­­- Proprietor of business  iv. Bank overdraft  v. Wages paid  vi. Outstanding rent  vii.  Prepaid insurance
Asked by Topperlearning User | 14 Jun, 2016, 11:36: AM
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CBSE 11-commerce - Accountancy Part I
Following accounts are being maintained in the books of Mr.Vipul. Classify them under personal, real, and nominal accounts. Land Goodwill Bad debts recovered Depreciation Freight Interest received Bank overdraft Investments Drawings Repairs incurred Purchase returns Discount allowed  
Asked by Topperlearning User | 14 Jun, 2016, 11:36: AM
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CBSE 11-commerce - Accountancy Part I
State the rules of debit and credit under the traditional approach.
Asked by Topperlearning User | 14 Jun, 2016, 11:36: AM
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CBSE 11-commerce - Accountancy Part I
Open a ‘T’ format cash account. Enter the following transactions on the proper side and balance the account. Goods purchased for cash Rs.40,000 Purchased furniture for cash Rs.3,000 Withdrew cash for personal use Rs.5,000 Sold goods for cash at Rs.60,000
Asked by Topperlearning User | 14 Jun, 2016, 11:44: AM
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CBSE 11-commerce - Accountancy Part I
Why are rules of debit and credit same for liability and capital?
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