Fill in the blanks.
1) ………….. Balance on Nominal Account shows expenses or loss.
Ans: Debit
2) Cash account always shows………..balance.
Ans: Debit
3) The right hand side of an account is called………..side.
Ans: Credit
4) Creditors shows………balance.
Ans: Credit
5) ………..accounts are closed by transferring its balances to Profit and Loss Account.
Ans: Nominal
6) ‘b/d’ means………….
Ans: Brought down.
7) Rent paid for the residential quarter will be debited to…….account.
Ans: Drawings
8) Sold goods of Rs 24,000 at 20% Profit on cost, the purchase price of the goods is……….
Ans: Rs 20,000.