What is an Account? Classify the accounts with suitable examples.

What is the accounting treatment for insurance premium paid on the life of the proprietor?

Briefly explain about steps in journalising.

Complete the accounting equation.

(a) Assets	=	Capital + Liabilities
Rs.1,00,000	=	Rs.80,000 + ?
(b) Assets	=	Capital + Liabilities
Rs.2,00,000	=	? + Rs.40,000
(c) Assets	=	Capital + Creditors
?	=	Rs.60,000 + Rs.80,000

Show the accounting equation on the basis of the following:
(a) Started business with cash Rs 60,000
(b) Goods bought on credit from Ramesh Rs 20,000
(c) Purchased furniture for cash Rs 15,000
(d) Paid creditors by cash Rs 500