Question
Q-1 ( MARKS: 5) Identify the Nature , Normal balance, Nominal or Real, closed or open of the Accounts given below ACCOUNT NAME NATURE NORMAL
Q-1 (MARKS: 5)
- Identify the Nature , Normal balance, Nominal or Real, closed or open of the Accounts given below
ACCOUNT NAME | NATURE | NORMAL BALANCE | NOMINAL/REAL | CLOSED/OPEN |
Unearned revenue |
|
|
|
|
Salary expense |
|
|
|
|
Capital |
|
|
|
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Accumulated depreciation |
|
|
|
|
Patents |
|
|
|
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Dividend |
|
|
|
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- From the statements given below, Identify the Accounting principle or Assumption which is Violated
Statements | Principle /Assumption |
Salary expense Pertaining to January is recorded in February when it is actually paid. |
|
Advance from customers is recorded as revenue by the company. |
|
The purchase of Equipment is recorded in the absence of invoice supporting purchases. |
|
Business is not reporting its position and performance this year though required by law |
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d . Balance the following Account of Cash in T. Account form
Date | Explanation | Post ref | Debit | Credit |
Jan-01 |
|
| 10,000 |
|
Jan-14 |
|
|
| 7,000 |
Jan-18 |
|
| 5,000 |
|
Jan -20 |
|
|
| 12,000 |
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