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Page No 6.16:
Q.1. Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts: (i) Land and Building (vii) Investments (xiv) Ramesh, a debtor (ii) Excise Duty (viii) Salary (xv) Interest Received (iii) Creditors (ix) Debtors (xvi) Bank Overdraft (iv) Capital (x) Bad Debts (xvii) Purchase Returns (v) Motor Vehicles (xi) Depreciation (xviii) Drawings (vi) Goodwill (xii) Wages (xix) Freight (xiii) Repairs (xx) Return Inwards.
Ans.
Page No 6.16:
Q.2. Classify the following into Assets, Liabilities, Capital, Expenses and Revenue:
Ans.
Page No 6.17:
Q.3. Classify the following into Assets, Liabilities, Capital, Revenue, and Expenses:
(i) Plant and Machinery
(ii) Bank Loan
(iii) Sales
(iv) Rent
(v) Discount Received
(vi) Carriage Inwards
(vii) Carriage outwards
(viii) Purchases
(ix) Bills Payable
(x) Wages
(xi) Advance Income
(xii) Accrued Income
(xiii) Goodwill
(xiv)Furniture and Fixtures
(xv) Outstanding Expenses
(xvi) Capital
Ans.
Q.4. On which side will the increase in the following accounts be recorded? Also, state the nature of the account:
(i) Furniture A/c
(ii) Mohan (proprietor)
(iii) Salary A/c
(iv) Purchases A/c
(v) Sales A/c
(vi) Interest Paid A/c
(vii) Sohan (Creditor)
(viii) Ram (Debtor)
Answer.
Q.5. On which side will the decrease in the following accounts be recorded? Also, state the nature of the account:
(i) Cash
(ii) Bank Overdraft
(iii) Outstanding salary paid
(iv) Outstanding Rent
(v) Prepaid Insurance
(vi) Mohan, Proprietor of the business
Ans.
Q.6. From the following transactions, state the nature of account and state which account will be debited and which account credited:
Ans.
Q.7. Analyse the following transactions, state the nature of accounts and state which account will be debited and which account credited:
Ans.
Q.8. Open a 'T' shape account for machinery and put the following transactions on the proper side:
Ans.
Note: - Machinery Discarded Means – It is sold for cash before it is fully depreciated.
Journal Entry for the Transaction.
Bank A/c Dr.14,000
To Machinery A/c14,000
Page No 6.18:
Q.9. Open a 'T' shape Cash Account with the following transactions:
Ans.
Q.10. Open a 'T' shape account of creditor, 'Rakesh', and write the following transactions on the proper side:
Ans.
Q.11. Open a 'T' shape account of debtor 'Brij' and write the following transactions on the proper side:
Ans.
Page No 6.18:
Q.12. Put the following on the proper side of a Cash Account, a Debtor's Account and a Creditor's Account:
Ans:
Q.13. From the following particulars, prepare the proprietor's Capital Account: 
Balance the same and explain what the closing balance indicates.
Ans.
Q.14. From the following particulars, prepare the proprietor's Capital Account:
Ans.
The document Accounting Procedures- Rules of Debit and Credit | Accountancy Class 11 - Commerce is a part of the Commerce Course Accountancy Class 11.
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FAQs on Accounting Procedures- Rules of Debit and Credit - Accountancy Class 11 - Commerce
| 1. What are the rules of debit and credit in accounting procedures? |  |
| 2. How do I know when to use debit or credit in accounting? | |
Ans. To determine whether to use debit or credit in accounting, you need to understand the nature of the transaction. Ask yourself whether the transaction is increasing or decreasing assets, liabilities, equity, expenses, or revenue. Based on the analysis, apply the appropriate rule of debit or credit.
| 3. Can you provide an example of a debit and credit transaction in accounting? | |
Ans. Sure! Let's say a business pays cash to purchase inventory. The inventory account would be debited because it represents an increase in assets. The cash account would be credited because it represents a decrease in assets.
| 4. What happens if I debit when I should have credited, or vice versa? | |
Ans. If you debit when you should have credited, or vice versa, it will result in an incorrect recording of the transaction. This can lead to errors in financial statements and inaccurate financial reporting. It is important to carefully follow the rules of debit and credit to ensure accurate accounting.
| 5. Are there any exceptions or special cases to the rules of debit and credit? | |
Ans. While the rules of debit and credit generally apply in most accounting transactions, there may be some exceptions or special cases. For example, contra accounts such as accumulated depreciation have opposite rules of debit and credit compared to regular accounts. It is important to consult accounting standards or seek professional advice for specific cases that may deviate from the general rules.
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