On which side will the increase in the following accounts be recorded? Also mention the nature of account:

1. Furniture 5. Proprietor's Account

2. Wages paid 6. Debtor

3. Rent Received 7. Prepaid Insurance

4. Cash 8. Outstanding Salary

Open in App

Solution

Accounts Increase Recorded at Side Nature

1. Furniture Debit Asset

2. Wages Paid Debit Expense

3. Rent Received Credit Income

4. Cash Debit Asset

5. Proprietor’s Account Credit Capital

6. Debtor Debit Asset

7. Prepaid Insurance Debit Asset

8. Outstanding Salary Credit Liability

Suggest Corrections

Similar questions

(i) Cash	(ii) Bank Overdraft
(iii) Outstanding Salary paid	(iv) Outstanding Rent
(v) Prepaid Insurance	(vi) Mohan, Proprietor of the business

1.	Cash	4.	Outstanding Rent
2.	Bank Overdraft	5.	Prepaid Insurance
3.	Rent Paid	6.	Manoj, Proprietor of the business

1. Artificial persons accounts	a) Firms account, educational institution's accounts, bank account etc.
2. Representative personal accounts	b) Prepaid insurance, outstanding wages etc.,
3. Tangible real accounts	c) Building, furniture, cash and machinery etc.
4. Intangible real accounts	d) trademark, goodwill, patents, etc.

Join BYJU'S Learning Program