11thaccountsslution

(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.

Item

Nature of Account

Land & Building

Real A/c

Excise Duty

Nominal A/c

Creditors

Personal A/c

Capital

Personal A/c

Motor Vehicles

Real A/c

Goodwill

Real A/c

Investments

Real A/c

Salary

Nominal A/c

Debtors

Personal A/c

Bad Debts

Nominal A/c

Depreciation

Nominal A/c

Wages

Nominal A/c

Repair

Nominal A/c

Ramesh, a debtor

Personal A/c

Interest Received

Nominal A/c

Bank Overdraft

Personal A/c

Purchase Returns

Nominal A/c

Drawings

Personal A/c

Freight

Nominal A/c

Return Inwards

Nominal A/c

(i) Land;

(ii) Investments;

(iii) Building;

(iv) Interest Received;

(v) Salary;

(vi) Bank Overdraft;

(vii) Debtors;

(viii) Creditors;

(ix) Bad Debts;

(x) Capital;

(xi) Depreciation;

(xii) Motor Vehicles;

(xiii) Freight;

(xiv) Wages;

(xv) Goodwill;

(xvi) Repairs.

Assets

Liabilities

Capital

Expenses

Revenue

(i) Land

(vi) Bank Overdraft

(x) Capital

(v) Salary

(iv) Interest Received

(ii) Investments

(viii) Creditors

(ix) Bad Debts

(iii) Building

(xi) Depreciation

(vii) Debtors

(xiii) Freight

(xii) Motor Vehicles

(xiv) Wages

(xv) Goodwill

(xvi) Repairs

Assets

Liabilities

Capital

Revenue

Expenses

(i)

Plant and Machinery

(ii)

Bank Loan

(xv)

Capital

(iii)

Sales

(iv)

Rent

(xi)

Accrued Income

(ix)

Bills Payable

(v)

Discount Received

(vi)

Carriage Inwards

(xii)

Goodwill

(x)

Advance Income

(vii)

Carriage Outwards

(xiii)

Furniture and Fixtures

(xiv)

Outstanding Expenses

(viii)

Purchases

(ix)

Wages

(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) 

Name of Accounts

Consequence of increase   

Modern Approach

Traditional Approach

(i)

Furniture

Debit

Assets

Real Account

(ii)

Mohan (Proprietor)

Credit

Capital

Personal Account

(iii)

Salary

Debit

Expense

Nominal Account

(iv)

Purchases

Debit

Expense

Nominal Account

(v)

Sales

Credit

Revenue

Nominal Account

(vi)

Interest Paid

Debit

Expense

Nominal Account

(vii)

Sohan (Creditor)

Credit

Liabilities

Personal Account

(viii)

Ram (Debtor)

Debit

Assets

Personal Account

(i) Cash

(ii) Bank Overdraft

(iii) Outstanding Salary paid

(iv) Outstanding Rent

(v) Prepaid Insurance

(vi) Mohan, Proprietor of the business 

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