Which of the following is not an Asset of an enterprise?

Debtors

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Buildings

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Loan from Mr. Ram

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Cash balance

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Solution

The correct option is C
Loan from Mr. Ram

Resources owned by a company (such as cash, accounts receivable, vehicles) are referred to as the Assets of a company but the loan which is taken is not an asset.

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Similar questions

Mr Ram purchased an asset for his business in cash. He is of the view that cash account shall be recorded on the left side, as cash is an asset while asset account should be recorded on the right side as there is an increase in the asset. Which of the following is incorrect in this transaction?

Q. Opening balance of debtors is Rs.

35, 000

cash received from Debtors is Rs.

30, 000

cash sales Rs.

20, 000

which is

20 %

of total sales. B/R Received for Rs.

40, 000

and discount allowed is

1 %

of cash collection. Find the net debtor balance.

Ram, Kishan and Gopal were partners sharing profits in the ratio of 4 : 2 : 1 respectively.

Following was their Balance Sheet as on 31st March 2013.

BALANCE SHEET
as on 31st March 2013
$\begin{matrix} Liabilities & Amount & Assets & Amount (Rs) & (Rs) Capitals : & Cash & 14, 000 Ram & 60, 000 & Stock & 30, 000 Kishan & 40, 000 & Debtors & 22, 000 Gopal & 30, 000 & Building & 40, 000 Creditors & 30, 000 & Plant & 53, 000 Bills Payable & 4, 000 & Motor Van & 26, 000 General Reserve & 21, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 85, 000 & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 85, 000 \end{matrix}$

On the above date, Ram retired and following adjustments were agreed:

(i) The assets and liabilities were valued as : Stock Rs 24,000, Debtors Rs 21,000, Building Rs 45,200, Plant Rs 50,000 and Creditors Rs 28,000.

(ii) Amount due to Ram will be transferred to Ram's loan account.

Prepare Revaluation Account and Ram's Capital Account.

Is the balance of petty cash book an asset or income?

Q. Under which heads the following items are classified or shown on the Assets part of the Balance Sheet of a copany: (i) Loose Tools; (ii) Bills Receivable; (iii) Sundry Debtors: and (iv) Advances Recoverable in Cash?

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Which of the following is not an Asset of an enterprise?

The correct option is C Loan from Mr. Ram Resources owned by a company (such as cash, accounts receivable, vehicles) are referred to as the Assets of a company but the loan which is taken is not an asset.

The correct option is C
Loan from Mr. Ram

Resources owned by a company (such as cash, accounts receivable, vehicles) are referred to as the Assets of a company but the loan which is taken is not an asset.