Question No 03 Chapter No 2 – D.K Goal Class 11

Question No 03 Chapter No 2

Q.3. On which side the decrease in the following accounts will be recorded? Also mention the nature of account:−

1	Machinery	5	Proprietor’s Account
2	Wages Paid	6	Debtor
3	Rent Received	7	Prepaid Insurance
4	Cash	8	Outstanding Salary

The solution of Question No 01 Chapter No 2: –

Accounts	Increase Recorded at Side	Nature
1. Machinery	Debit	Asset
2. Wages Paid	Debit	Expense
3. Rent Received	Credit	Income
4. Cash	Debit	Asset
5. Proprietor’s Account	Credit	Capital
6. Debtor	Debit	Asset
7. Prepaid insurance	Debit	Asset
8. Outstanding Salary	Credit	Liability

Check out our article on the meaning of financial accounting: 

https://tutorstips.com/introduction-to-financial-accounting/

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Also, Check out the solved question of all Chapters from the following links: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

• Chapter 1 Evolution of Accounting & Basic Accounting Terms
• Chapter 2 Accounting Equations
• Chapter 3 Meaning and Objectives of Accounting
• Chapter 4 Double Entry System
• Chapter 5 Books of Original Entry – Journal 
• Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
• Chapter 7 Books of Original Entry – Cash Book (Coming soon)
• Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
• Chapter 9 Ledger (Coming soon)
• Chapter 10 Trial Balance and Errors (Coming soon)
• Chapter 11 Bank Reconciliation Statement (Coming soon)
• Chapter 12 Depreciation (Coming soon)
• Chapter 13 Bills of Exchange (Coming soon)
• Chapter 14 Generally Accepted Accounting Principles(GAAP) 
• Chapter 15 Bases of Accounting
• Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
• Chapter 17 Capital and Revenue 
• Chapter 18 Provisions and Reserves 
• Chapter 19 Final Accounts (Coming soon)
• Chapter 20 Final Accounts – With Adjustments (Coming soon)
• Chapter 21 Errors and their Rectification (Coming soon)
• Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
• Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
• Chapter 24 Computerised Accounting System (Coming soon)
• Chapter 25 Introduction to Accounting Information System (Coming soon)

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.