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.

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Solution

Assets

Liabilities

Capital

Revenue

Expenses

(i)

Plant and Machinery

(ii)

Bank Loan

(xvi)

Capital

(iii)

Sales

(iv)

Rent

(xii)

Accrued Income

(ix)

Bills Payable

(v)

Discount Received

(vi)

Carriage Inwards

(xiii)

Goodwill

(xi)

Advance Income

(vii)

Carriage Outwards

(xiv)

Furniture and Fixtures

(xv)

Outstanding Expenses

(viii)

Purchases

(x)

Wages

Suggest Corrections

173

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Q. Classify the following into Assets, Liabilities, Capital, Expenses and Revenue:

(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.

Q. Classify the following accounts under personal, real or nominal accounts:

(i) Commission Paid	(ii) Commission Received
(iii) Commission Accrued	(iv) Prepaid Salaries
(v) Leasehold Property A/c	(vi) Discount Allowed
(vii) Carriage Inwards A/c	(viii) Life Insurance Corporation of India
(ix) Drawings A/c	(x) Rent Received in Advance
(xi) Debtors	(xii) Sales A/c
(xii) Rent Paid in Advance	(xiv) Bank Overdraft

Q. Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts:

(i) Land and Building	(vii) Investments	(xiv) Ramesh, a debtor
(ii) Excise Duty	(viii) Salary	(xv) Interest Received
(iii) Creditors	(ix) Debtors	(xvi) Bank Overdraft
(iv) Capital	(x) Bad Debts	(xvii) Purchase Returns
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Q. From the following Trial Balance of Shubho, prepare final accounts for the year ended 31st March, 2019 and Balance Sheet as at that date:


Particulars	Dr. Balances (₹)	Cr. Balances (₹)
Land and Building	50,000
Purchases (Adjusted)	2,10,000
Stock (31st March, 2019)	45,000
Returns Inward	1,500
Returns Outward		2,500
Wages	45,300
Salaries	39,000
Office Expenses	15,400
Carriage Inwards	1,200
Carriage Outwards	2,000
Discount allowed	750
Discount received		1,200
Bad Debts	1,200
Sales		3,85,000
Capital Account		1,15,000
Chatterji's Loan A/c (taken on 1st Oct., 2018 @ 18% p.a.		25,000
Insurance	1,500
Commission		1,500
Plant and Machinery	50,000
Furniture and Fixtures	20,000
Bills Receivable	20,000
Sundry Debtors	40,000
Sundry Creditors		25,000
Cash at Bank	16,000
Office Equipments	12,000
Bills Payable		12,350
Expenses Payable		3,300
Total	5,70,850	5,70,850

The following adjustments be taken care of:
(i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%.
(ii) Calculate Provision for Doubtful Debts at 2% on Sundry Debtors.
(iii) Insurance premium includes ₹ 250 Insurance Premium paid in advance.
(iv) Provide salary to Shubho ₹ 15,000 p.a.
(v) Outstanding Salaries ₹ 11,500.
(vi) 10% of the final profit is to be transferred to General Reserve.

Objective type Questions
Classify the following accounts under the types of personal, Real and Nominal account.

1) Life insurance premium A/c
2) Mr. Kulkarnis’s Capital A/c
3) Goods A/c
4) Freight A/c
5) Wages A/c
6) Goodwill A/c
7) Copyright A/c
8) Outstanding income A/c
9) Bank charges A/c
10) Outstanding expenses A/c
11) Sundry income A/c
12) Income receivable A/c
13) Export duty A/c
14) Furniture A/c
15) Import duty A/c
16) Free sample distribution A/c
17) Sundry expenses A/c
18) Discount A/c
19) Drawings A/c
20) Fixed deposit A/c
21) Profit on sale of furniture A/c
22) Office equipment A/c
23) Bank of India A/c
24) Machinery A/c
25) Carriage Outward A/c
26) Loss on sale of machinery A/c
27) Loan A/c
28) Deposits with MSEB
29) Loss by fine A/c
30) Legal expenses A/c

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(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.

Assets		Liabilities		Capital		Revenue		Expenses
(i)	Plant and Machinery	(ii)	Bank Loan	(xvi)	Capital	(iii)	Sales	(iv)	Rent
(xii)	Accrued Income	(ix)	Bills Payable			(v)	Discount Received	(vi)	Carriage Inwards
(xiii)	Goodwill	(xi)	Advance Income					(vii)	Carriage Outwards
(xiv)	Furniture and Fixtures	(xv)	Outstanding Expenses					(viii)	Purchases
								(x)	Wages