Identify which account is an expense?

Amount paid for purchase of land

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Amount of money in bank account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Amount paid to lawyer of firm

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Amount of prepaid insurance

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C
Amount paid to lawyer of firm

Amount paid to lawyer of the firm is an expense. All the others are assets.

Suggest Corrections

Similar questions

Rectify the following entries :

(i) Purchase of building was passed through purchase book amounting to Rs 80,000.

(ii) Wages paid for construction of building was debited to wages account with Rs 20,000.

(iii) Expenses of erecting of a shed amounting to Rs 3,000 were debited to the expenses account.

(iv) Wages paid for extension of building was debited to wages account amounting to Rs 7,000.

(v) Repair to second hand car purchased was debited to repairs account with 18,000

(vi) Material purchased for construction of building was debited to purchase account amounting to Rs 28,000.

2, 400

Rectify the following entries :

(i) Purchase of building was passed through purchase book amounting to Rs 80,000.

(ii) Wages paid for construction of building was debited to wages account with Rs 20,000.

(iii) Expenses of erecting of a shed amounting to Rs 3,000 were debited to trade expenses account.

(iv) Wages paid for extension of building was debited to wages

Join BYJU'S Learning Program