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Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above?
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Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a ...
**Journal Entry for Deducting Stock from Salary**
To record the deduction of stock worth Rs.20,000 (cost price Rs.15,000) from Naresh's salary, we need to consider the appropriate accounts involved and their respective debit and credit amounts. The correct journal entry for this transaction is as follows:
**Dr. Salary A/c Rs.15,000**
**Cr. Purchases A/c Rs. 15,000**
Let's understand why this entry is correct and why the other options are not.
**Explanation:**
1. **Dr. Salary A/c Rs.15,000:** This account is debited to reduce Naresh's salary by the value of the stock. Naresh's salary is reduced by Rs.15,000, which is the cost price of the stock.
2. **Cr. Purchases A/c Rs. 15,000:** This account is credited to reduce the value of purchases by the amount of stock taken by Naresh. The stock worth Rs.15,000 is deducted from the purchases account.
**Incorrect Options:**
(a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000:
This option is incorrect because it suggests that only the cost price of the stock is deducted from Naresh's salary, whereas the actual value of the stock is Rs.20,000.
(b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000:
This option is incorrect because it suggests that Naresh is debited directly for the value of the stock, which is not the correct accounting treatment. Naresh's salary is reduced, not his personal account.
(c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000:
This option is incorrect because it suggests that the full value of the stock (Rs.20,000) is deducted from Naresh's salary, which is not the case. The stock is worth Rs.20,000, but Naresh's salary is reduced by the cost price of the stock (Rs.15,000).
**Conclusion:**
The correct journal entry for deducting stock worth Rs.20,000 (cost price Rs.15,000) from Naresh's salary is Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000. This entry accurately reflects the reduction in Naresh's salary and the corresponding deduction from the purchases account.
To record the deduction of stock worth Rs.20,000 (cost price Rs.15,000) from Naresh's salary, we need to consider the appropriate accounts involved and their respective debit and credit amounts. The correct journal entry for this transaction is as follows:
**Dr. Salary A/c Rs.15,000**
**Cr. Purchases A/c Rs. 15,000**
Let's understand why this entry is correct and why the other options are not.
**Explanation:**
1. **Dr. Salary A/c Rs.15,000:** This account is debited to reduce Naresh's salary by the value of the stock. Naresh's salary is reduced by Rs.15,000, which is the cost price of the stock.
2. **Cr. Purchases A/c Rs. 15,000:** This account is credited to reduce the value of purchases by the amount of stock taken by Naresh. The stock worth Rs.15,000 is deducted from the purchases account.
**Incorrect Options:**
(a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000:
This option is incorrect because it suggests that only the cost price of the stock is deducted from Naresh's salary, whereas the actual value of the stock is Rs.20,000.
(b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000:
This option is incorrect because it suggests that Naresh is debited directly for the value of the stock, which is not the correct accounting treatment. Naresh's salary is reduced, not his personal account.
(c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000:
This option is incorrect because it suggests that the full value of the stock (Rs.20,000) is deducted from Naresh's salary, which is not the case. The stock is worth Rs.20,000, but Naresh's salary is reduced by the cost price of the stock (Rs.15,000).
**Conclusion:**
The correct journal entry for deducting stock worth Rs.20,000 (cost price Rs.15,000) from Naresh's salary is Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000. This entry accurately reflects the reduction in Naresh's salary and the corresponding deduction from the purchases account.
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Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above?
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Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? for JEE 2024 is part of JEE preparation. The Question and answers have been prepared according to the JEE exam syllabus. Information about Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? covers all topics & solutions for JEE 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above?.
Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? for JEE 2024 is part of JEE preparation. The Question and answers have been prepared according to the JEE exam syllabus. Information about Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? covers all topics & solutions for JEE 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above?.
Solutions for Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? in English & in Hindi are available as part of our courses for JEE.
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Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above?, a detailed solution for Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? has been provided alongside types of Stock worth Rs.20,000 (cost price Rs.15,000) taken by Naresh who is a clerk in the office. The same is to be deducted from his salary in the subsequent month. Journal entry will be (a) Dr. Salary A/c Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (b) Dr. Naresh Rs.15,000 and Cr. Purchases A/c Rs. 15,000 (c) Dr. Salary A/c Rs.20,000 and Cr. Purchases A/c Rs. 20,000 (d) None of the above? theory, EduRev gives you an
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