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Byju's Answer
Standard XI
Accountancy
Posting from Journal
State whether...
Question
State whether the following accounts will indicate a debit or credit balance.
(i) Outstanding Salary (ii) Commission received
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Solution
Dear Student, the solution of your query is as under;
Outstanding Salary - Debit Balance
Commission Received - Credit Balance
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Similar questions
Q.
Which of the following account may have a debit or credit balance?
Q.
Indicate against each amount whether it is a debit or a credit balance and prepare a trial balance as at March 31, 2009 based on the following balances :
Accounts Title
Amt. (Rs)
Capital
1,00,000
Drawings
16,000
Machinery
20,000
Sales
2,00,000
Purchase
2,10,000
Sales return
20,000
Purchase return
30,000
Wages
40,000
Goodwill
60,000
Interest received
15,000
Discount allowed
6,000
Bank overdraft
22,000
Bank loan
90,000
Debtors
Nathu
55,000
Roopa
20,000
Creditors
Reena
35,000
Ganesh
25,000
Cash
54,000
Stock on April 1, 2004
16,000
Q.
When an account that normally has debit balance shows a credit balance, or vice-versa, it indicates ______________.
Q.
On which side will the decrease in the following accounts be recorded? Also, state the nature of the account:
(i) Cash
(ii) Bank Overdraft
(iii) Outstanding Salary paid
(iv) Outstanding Rent
(v) Prepaid Insurance
(vi) Mohan, Proprietor of the business
Q.
State whether the following statement are True or False.
Purchase account always shows debit balance.
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