Which of the following is not an asset?

Building for factory

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Car for personal use

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Car for office use

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Furniture for office use

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Solution

The correct option is B
Car for personal use

An asset possess future economic benefits for the business & hence car for personal use is not an asset for business.

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Similar questions

Furniture bought for office use belongs to which class of account?

Mr. Ajay has a business of selling furniture. He has purchased a table for use in his office. Which of the following accounts should be debited?

Mohit has the following transactions, prepare accounting equation:

		Rs
(a)	Business started with cash	1,75,000
(b)	Purchased goods from Rohit	50,000
(c)	Sales goods on credit to Manish (Costing Rs 17,500)	20,000
(d)	Purchased furniture for office use	10,000
(e)	Cash paid to Rohit in full settlement	48,500
(f)	Cash received from Manish	20,000
(g)	Rent paid	1,000
(h)	Cash withdrew for personal use	3,000

		(₹)
(a)	Business started with cash	1,75,000
(b)	Purchased goods from Rohit	50,000
(c)	Sold goods on credit to Manish (costing ₹ 17,500)	20,000
(d)	Purchased furniture for office use	10,000
(e)	Cash paid to Rohit in full settlement	48,500
(f)	Cash received from Manish	20,000
(g)	Rent paid	1,000
(h)	Cash withdrew for personal use	3,000

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