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Standard XII
Principles and Practice of Accounting
Question

Only personal and Real accounts are shown in _______.
  1. Balance Sheet
  2. Trial balance
  3. Trading A/c
  4. Profit & Loss A/c

A
Trial balance
B
Balance Sheet
C
Trading A/c
D
Profit & Loss A/c
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Solution
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The Balance sheet is the statement which shows the assets, equity and liabilities of the company. It is divided under Assets and equity & liabilities heads. It shows balances of Personal and real account.

Whereas Trial Balance is the list of all balances of General Ledger Account. It is divided under Debit and Credit columns and It shows balances of Personal, real and nominal account.

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Similar Questions
Q1

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

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Q2

Debit balance in the profit and loss account is a profit. Comment.

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Q3
Only personal and Real accounts are shown in _______.
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Q4
Which are the accounts which are not balanced but transferred to Trading A/c or Profit &loss A/c?
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Q5
Steps of preparing Final Accounts is -
(a) Trading Account
(b) Profit and Loss Account
(c) Balance Sheet
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