On which side will the decrease in the following accounts be recorded? Also, mention the nature of the account:
On which side will the decrease in the following accounts be recorded? Also, mention the nature of the account:
(i) Cash
(ii) Bank Overdraft
(iii) Outstanding Salary Paid
(iv) Outstanding Rent
(iv) Outstanding Rent
(vi) Sunil, Proprietor of the Business
Anurag Pathak Changed status to publish September 18, 2023
Solution:-
| Account Name | Side (Decreases) |
| 1) Cash | Credit (Assets) |
| 2) Bank Overdraft | Debit (Liability) |
| 3) Outstanding Salary Paid | Debit (Liability) |
| 4) Outstanding Rent | Debit (Liability) |
| 5) Prepaid Insurance | Credit (Assets) |
| 6) Sunil, Proprietor of the Business | Debit (Liability) |
Anurag Pathak Changed status to publish September 18, 2023
