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Accounting Procedures Rules of Debit and Credit — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounting Procedures Rules of Debit and Credit6 Marks
Question
On which side will the decrease in the following accounts be recorded? Also, state the nature of the account:
  1. Cash.
  2. Bank Overdraft.
  3. Outstanding Salary paid.
  4. Outstanding Rent.
  5. Prepaid Insurance.
  6. Mohan, Proprietor of the business
✓

Answer

S.No
Name of Accounts
Consequence of decrease
Modern Approach
Traditional Approach
i
Cash
Credit
Assets
Real Account
ii
Bank Overdraft
Debit
Liability
Personal Account
iii
Outstanding Salary Paid
Debit
Liability
Personal Account
iv
Outstanding Rent
Debit
Liability
Personal Account
v
Prepaid Insurance
Credit
Asset
Personal Account
vi
Mohan, proprietor of the business
Debit
Capital
Real Account

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