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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)

  1. 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

Accumulated depreciation

Patents

Dividend

  1. 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

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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