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Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 13 Marks
Question
On which side the decrease in the following accounts will be recorded? Also mention the nature of account:
  1. Cash
  2. Bank Overdraft
  3. Rent Paid
  4. Salary Paid
  5. Outstanding Rent
  6. Prepaid Insurance
  7. Manoj, Proprietor of the business.
✓

Answer

 
Accounts
Decrease Recorded at Side
 Nature
i.
Cash
Credit
 Asset
ii.
Bank Overdraft
Debit
 Liability
iii.
Rent Paid
Credit
 Expense
iv.
Outstanding Rent
Debit
 Liability
v. Prepaid Insurance Credit Asset
vi. Manoj, Proprietor of the business Debit Capital

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