On which side the decrease in the following accounts will be recorded? Also mention the nature of account
On which side the decrease in the following accounts will be recorded? Also mention the nature of account:-
1. Cash
2. Bank Overdraft
3. Rent paid
4. Outstanding Rent
5. Prepaid Insurance
6. Manoj, Proprietor of the business
Anurag Pathak Answered question June 5, 2024
Solution:-
Solution:-
| S.N | Account | Nature | Decrease |
| 1 | Cash | Asset | Credit |
| 2 | Bank Overdraft | Liability | Debit |
| 3 | Rent Paid | Expenses | Credit |
| 4 | Outstanding Rent | Liability | Debit |
| 5 | Prepaid Insurance | Asset | Credit |
| 6 | Manoj, Proprietor of the Business | Capital | Debit |
Anurag Pathak Changed status to publish June 5, 2024
