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

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




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:



(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

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