Q: Which of the following accounts increases the debit and decreases the credit? Give reasons with the examples. i. Liabilities, owner's equity and revenues ii. Revenues, liabilities, and assets iii. Expenses, liabilities, and owner's equity iv. Assets and expenses

Q: Which of the following accounts increases the debit and decreases the credit? Give reasons with the examples.

• i. Liabilities, owner's equity and revenues
  ii. Revenues, liabilities, and assets
  iii. Expenses, liabilities, and owner's equity
  iv. Assets and expenses

Give supposed examples for the transactions took place in a Zafar Textile Industry. Record the relevant transactions in a sales book and sales returns book.

• i. Goods purchased for cash (1 transaction)
  ii. Materials purchased on credit (1 transaction)
  iii. Material purchased with cash discount (1 transaction)
  iv. Goods sold for cash (1 transaction)
  v. Goods sold on credit with trade discount (1 transaction)
  vi. Goods sold on credit (3 transactions)
  vii. Sold goods returned (2 transactions)