Balbharati solutions, for, Book-keeping, and, Accountancy, 11th Standard, fyjc, Maharashtra State Board, Chapter 2, Meaning and Fundamentals of Double Entry Book-Keeping,

Fill in the blank:

1.Increase in asset is debited and decrease in asset is ______

SOLUTION

Increase in asset is debited and decrease asset is credited.

2.Assets = Liabilities +______

SOLUTION

Assets = Liabilities + Capital.

3.Increase in capital is credited and decrease in capital is ______

SOLUTION

Increase in capital is credited and decrease in capital is debited.

4.Scientific and complete system of recording is known as ______

SOLUTION

Scientific and complete system of recording business transactions is known as double entry system.

5.Debit all expenses and losses, Credit all ______

SOLUTION

Debit all expenses and losses, Credit all incomes and gains.

6.Land and Building account is ______ account.

SOLUTION

Land and Building account is a real account.

7.Cash Book and Personal Accounts are only maintained under ______ system.

SOLUTION

Cash book and Personal accounts are only maintained under Single entry system.

8.Debit what comes in and credit what goes out is the rule of ______ account.

SOLUTION

Debit what comes in and credit what goes out is the rule of real account.

9.Travelling expenses account is ______ type of Account

SOLUTION

Travelling expense account is Nominal type of account.

10.Every transaction has ______ effect.

SOLUTION

Every transaction has two fold effects.

11.______ accounts are accounts of properties and assets.

SOLUTION

Real accounts are accounts of properties and assets.

12.Laptop account is a ______ account.

SOLUTION

Laptop account is a real account.