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Out of the following statements, Identity the wrong statement.
  • a)
    Real & Personal A/c’s are transferred to Balance Sheet
  • b)
    Nominal A/e’s are transfer to Profit and Loss A/c
  • c)
    Cash A/c is not opened seperately in the ledger
  • d)
    Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/c
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Out of the following statements, Identity the wrong statement.a)Real &...
Explanation:

Real Personal A/cs are transferred to Balance Sheet:
Real Personal Accounts represent tangible assets like machinery, buildings, etc., and personal accounts represent individuals or organizations. These accounts are transferred to the balance sheet as they show the financial position of the business at a specific point in time.

Nominal A/cs are transferred to Profit and Loss A/c:
Nominal accounts represent expenses, losses, incomes, and gains. These accounts are transferred to the Profit and Loss account to determine the net profit or loss incurred during a specific period.

Cash A/c is not opened separately in the ledger:
Cash account is a real account representing cash in hand or at bank. It is usually opened separately in the ledger to record all cash transactions.

Rent A/c is a Personal A/c and Outstanding Rent A/c is a Nominal A/c:
Rent account is a nominal account as it represents an expense incurred by the business. Outstanding Rent account is also a nominal account used to record the rent due but not yet paid. Rent account is not a personal account.
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Out of the following statements, Identity the wrong statement.a)Real &...
Rent a/c is nominal & outstanding is representative personal
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Out of the following statements, Identity the wrong statement.a)Real & Personal A/c’s are transferred to Balance Sheetb)Nominal A/e’s are transfer to Profit and Loss A/cc)Cash A/c is not opened seperately in the ledgerd)Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/cCorrect answer is option 'D'. Can you explain this answer?
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Out of the following statements, Identity the wrong statement.a)Real & Personal A/c’s are transferred to Balance Sheetb)Nominal A/e’s are transfer to Profit and Loss A/cc)Cash A/c is not opened seperately in the ledgerd)Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/cCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Out of the following statements, Identity the wrong statement.a)Real & Personal A/c’s are transferred to Balance Sheetb)Nominal A/e’s are transfer to Profit and Loss A/cc)Cash A/c is not opened seperately in the ledgerd)Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/cCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Out of the following statements, Identity the wrong statement.a)Real & Personal A/c’s are transferred to Balance Sheetb)Nominal A/e’s are transfer to Profit and Loss A/cc)Cash A/c is not opened seperately in the ledgerd)Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/cCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Out of the following statements, Identity the wrong statement.a)Real & Personal A/c’s are transferred to Balance Sheetb)Nominal A/e’s are transfer to Profit and Loss A/cc)Cash A/c is not opened seperately in the ledgerd)Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/cCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
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