XI Accounting Class Complete List of Heads Of Accounts & Normal Balance

XI Accounting Class Complete List of Heads Of Accounts & Normal Balance

ASSETS	LIABILITIES	EXPENSES
Current Assets:	Current Liabilities:	Purchases
Cash on hand	Accounts payable	Salaries expenses
Cash at bank	Notes/bills payable	Rent expenses
Accounts receivable	Accrued expenses	Commission expenses
Notes/bills receivable	Unearned	Interest expenses
Merchandise inventory	Bank overdraft	Repairs expenses
Accrued income	Long Term Liabilities:	Advertising expenses
Prepaid	Bank loan payable	Utilities expenses
Supplies	Mortgage payable	Transportation
Marketable securities	Debentures payable	Depreciation expenses
Contra Current Asset:		Bad debts expenses
Allowance for bad debts	Contingent Liabilities:	General expenses
Fixed Assets:		Miscellaneous expense
Tangible Fixed Assets:	OWNER’S EQUITY	Selling expenses
Land	Capital	Administrative expenses
Building	Drawings	Amortization
Equipment	Profit and loss	Other expenses
Furniture		Wages expenses
Machinery	REVENUE & INCOME	Carriage inward
Vehicles	Sales	Carriage outward
Contra Fixed Assets:	Commission income	Printing and stationary
Allowance for depreciation	Rent income	Postage and telegram
Intangible Fixed Assets:	Interest income	Supplies expenses
Goodwill	Fees income	Depletion
Patents	Repairs income	Cost of goods sold
Copyright	Other Income
Trademark	Contra Income:	Contra Expenses:
Fictitious Assets:	Sales returns and allowance	Purchase returns & allowance
Preliminary expenses	Sales discount	Purchase discount
Ordinary shares discount
Retained earnings deficit
Contingent Assets:

Check Trading Topics

Owner's Equity And Income or Revenue

List Of Expenses

Complete List of Heads Of Accounts & Normal Balance

(1). Asset accounts:

Normal balance: Debit

(2). Expense accounts:

Normal balance: Debit

(3). Liability accounts:

Normal balance: Credit

(4). Revenue/Income accounts:

Normal balance: Credit

(5). Capital/Equity accounts:

Normal balance: Credit