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Comparative Statement of Profit and Loss

Interest rece...

Question

Interest receivable from Mohan ( a Borrower) Account is -

A

An Asset Account

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B

A Liability Account

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C

A Revenue Account

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D

An Expense Account

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Solution

The correct option is A An Asset Account
Interest receivable from Mohan is an accrued income for the business, it is treated as an Asset.

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