Fill in the blanks.
1) Increase in asset is debited and decrease in asset is Credited.
2) Assets = Liabilities + Capital.
3) Increase in capital is credited and decrease in capital is Debited.
4) Scientific and complete system of recording is known as Double Entry System.
5) Debit all expenses and losses, Credit all Income and Gain.
6) Land and Building account is Real account.
7) 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 Real account.
9) Travelling expenses account is Nominal type of Account.
10) Every transaction has two fold effect.
11) Real accounts are accounts of properties and assets.
12) Laptop account is a Real account.