MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Classification of Assets and Liabilities

State whether...

Question

State whether the following statements are True or False
Personal account showing debit balance is called creditor.

A

True

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

B

False

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

Open in App

Solution

The correct option is B False
It is a false statement because, normally liabilities account shows the debit balance is called creditors.

Suggest Corrections

thumbs-up

0

Similar questions

Q. State whether the following statements are True or False
Personal A/c showing credit balance is called creditor.

Q. State whether the following statements are True or False.
Capital Account rarely shows debit balance.

Q. State whether the following statement are True or False.
Purchase account always shows debit balance.

Q. State whether the following statements are true or false :

The capital account of a retiring partner always shows a debit balance.

Q. State whether the following statements are True or False.

Capital account always shows credit balance.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Financial Statements of Company

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Classification of Assets and Liabilities

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon