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Purchase of second- hand computer on credit by a cloth merchant will be recorded in:
Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is
‘A’ owed Rs. 25,000 to ‘B’ ‘A’ becomes insolvent. ‘B’ got A’s computer valuing Rs. 11,500 in his full settlement. Journal Entry will be passed in the books of ‘B’.
Sunset Tours has a Rs. 3,500 account receivable from Mohan. On January 20, the Rotary makes a partial payment of Rs. 2100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:
Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be:
“Debit the receiver and credit the giver” is the golden rule for which type of account?
A diamond ring worth Rs. 1,00,000 was stolen from the shop of M/s Shine Jewellers during the accounting year 2011-12. Insurance claim of Rs. 60,000 was admitted by the insurance company but not disbursed up to the end of the accounting year. In this regard no entry was passed in the books of accounts. The correct journal entry for preparing the final accounts for the year ended 31st March 2012, would be:
Value of goods drawn by proprietor should be credited to:
If wages are paid for construction of business premises, ________ A/c is credited and ____ A/c is debited.
A withdrawal of cash from business by the proprietor of the firm should be debited to ___________.
In Double Entry System of Book-keeping every business transaction affects:
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82 videos|167 docs|42 tests
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