BASIC ACCOUNTING

Balance sheet is a -----summary of company's financial position at a ----- point in time.

Assets are -------owned by the individual or firm.

Liabilities represents a claim made by ------.

Purchase of laptop of rs. 60000 using a bank loan.

• Increase in asset & decrease in liabilities

• Increase in asset & increase in liabilities

• decrease in asset & decrease in liabilities

• decrease in asset & increase in liabilities

Using savings deposit in bank to return the loan of rs. 50000

• Increase in asset & decrease in liabilities

• Increase in asset & increase in liabilities

• decrease in asset & decrease in liabilities

• decrease in asset & increase in liabilities

Interest of rs. 5000 on savings deposit in bank.

• Increase in asset & decrease in liabilities

• Increase in asset & increase in equity

• decrease in asset & decrease in liabilities

• decrease in asset & increase in liabilities

Theft of a printer worth rs. 10000

• Increase in asset & decrease in liabilities

• Increase in asset & increase in equity

• decrease in asset & decrease in equity

• decrease in asset & increase in liabilities

Identify unpaid electricity bill as

• Fixed Asset

• Current Asset

• Current Liabilities

• Contingent Liabilities

Identify Pen manufactured and awaiting sale as

• Fixed Asset

• Current Asset

• Current Liabilities

• Contingent Liabilities

Identify Prepaid insurance as

• Fixed Asset

• Current Asset

• Current Liabilities

• Contingent Liabilities