All Courses
Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity Get the App Login Join for Free
Sign in Open App
CA Foundation Exam  >  CA Foundation Questions  >  Journalise 1)proprietor withdre goods for per... Start Learning for Free
SaveJoin the Discussion on the App
Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k?
Clear all your CA Foundation doubts with EduRev
Most Upvoted Answer
Journalise 1)proprietor withdre goods for personal use cost price 6k a...



1. Proprietor withdrew goods for personal use:
The proprietor withdrew goods with a cost price of Rs 6,000 and a selling price of Rs 8,000 for personal use. This transaction should be recorded as a withdrawal of goods for personal use in the accounting records.

2. Cash embezzled by the cashier:
Cash embezzled by the cashier should be recorded as a loss in the accounts. The amount embezzled should be deducted from the cash balance in the books.

3. Till takings:
Till takings represent the total cash and sales made during a specific period. This amount should be accurately recorded in the books of accounts.

4. Life insurance premium paid for the proprietor:
The payment of life insurance premium for the proprietor should be treated as a business expense and recorded accordingly.

5. Personal income taxes paid:
Personal income taxes paid by the proprietor should not be recorded as a business expense. It is a personal expense and should be accounted for separately.

6. Trade discount allowed to customers:
Trade discounts offered to customers should be deducted from the sales revenue in the books of accounts.

7. Interest on overdraft:
Interest on overdraft should be recorded as a finance cost in the books of accounts.

8. Customer becomes insolvent:
When a customer becomes insolvent, and we can only recover a portion of the debt, the amount recoverable should be adjusted in the accounts as a bad debt expense.

9. Totalling error in passbook:
If there is a totaling error in the passbook by the banker, leading to a decrease in the passbook balance, it should be rectified by reconciling the bank statement with the passbook and identifying the discrepancy.
Explore Courses for CA Foundation exam

Similar CA Foundation Doubts

35. The Profit & Loss Account of M/s Pyare Lal Girdhari Lal disclosed a net profit of 36,000 for the year ended 31st March, 2019. After that the following errors were detected :- 1. 1,500 received from a customer in respect of a debt previously written off has been credited to his personal account. 2. Goods costing 5,000 were sent on Sales or return for 7,000. This was recorded as actual sales, though no information was received from the Customer. 3. 850 paid as rent of the office were debited to Landlord A/c and were included in the list of the Debtors. ​4. A cheque of ₹3600 received from a customer was deposited by the proprietor in his personal a/ c .5. Insurance of ₹1200 was paid for the year commencing 1 st October, 2018.6. A sale of ₹2200 has been posted through the purchase day book .7. A cheque of ₹6000 received from Vinod & Co. was dishonoured and was debited to Discount a/ c .Prepare necessary adjusting entries in journal, and prepare a profit and loss adjustment account?

1,000 toys consigned by Rajesh & Co. of Calcutta to Sagnik & Co. of Raipur at an invoice cost of Rs 150 each. Roy & Co. paid freight Rs 10,000 and insurance Rs 1,500. During the voyage 100 toys were totally damaged by fire and had to be thrown overboard. Sagnik & Co. took delivery of the remaining toys and paid Rs 14,400 as customs duty and sent a bank draft to Rajesh & Co for Rs.50,000 as advance payment. Later on he sent an account sales showing that 800 toys had been sold at Rs.220 each. Expenses incurred by Sagnik & Co. on godown rent Rs.2500 and advertisement Rs. 2000. He was entitled to commission of 10% on total sales. One of the credit customers could not pay for 3 toys. Prepare the Consignment Account & Sagnik & Co A/c & Profit & Loss account in the books of Rajesh & Co. assuming that nothing has been recovered from the insurance company due to a defect in the policy. Sagnik & Co. settled his account immediately. Related: ICAI Notes 7.2 - Consignment Accounting (Part - 1)?

Top Courses for CA FoundationView all

Top Courses for CA Foundation

Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k?
Question Description
Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k?.
Solutions for Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? defined & explained in the simplest way possible. Besides giving the explanation of Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k?, a detailed solution for Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? has been provided alongside types of Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? theory, EduRev gives you an ample number of questions to practice Journalise 1)proprietor withdre goods for personal use cost price 6k and sellibg price 8k 2)cash embezzled by the cashier 3)Till takings 4)life insurance premium paid for the proprietor 5)personal income taxes paid 6)Trade discount allowed to customers 7)interest on o/d 8)A customer who owes us rs 1lakh becomes insolvent .out of the private assets we could recover only 60paise in a rupee 8)Totalling error commited in passbook by our banker.Dur to which our passbook balance decreased by 3k? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses

Suggested Free Tests

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Get App
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup