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In which book of original entry, will you record the following transactions?
Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.
- a)Purchases Return Book
- b)Bills Receivable Book
- c)Purchases Book
- d)Journal Proper (General Journal)
Correct answer is option 'D'. Can you explain this answer?
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In which book of original entry, will you record the following transac...
Answer:
Transaction: A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.
Book of Original Entry: Journal Proper (General Journal)
Explanation:
Journal Proper (General Journal) is a book of original entry where all transactions that cannot be recorded in any other books of original entry are recorded. The transaction given in the question is related to a dishonoured bill receivable, which cannot be recorded in any other books of original entry. Hence, the transaction will be recorded in the Journal Proper (General Journal).
The entry for the given transaction will be as follows:
Date | Particulars | L.F. | Debit | Credit
Dishonoured Bills Receivable A/c | Dr. | 1,000
To Debtor's A/c | | | 1,000
(Being a bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured)
In the above entry, "Dishonoured Bills Receivable A/c" is debited with Rs. 1,000, which represents the amount of the dishonoured bill receivable. The "Debtor's A/c" is credited with Rs. 1,000, which represents the amount payable by the debtor.
Thus, the above entry will be recorded in the Journal Proper (General Journal) as it cannot be recorded in any other books of original entry.
Transaction: A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.
Book of Original Entry: Journal Proper (General Journal)
Explanation:
Journal Proper (General Journal) is a book of original entry where all transactions that cannot be recorded in any other books of original entry are recorded. The transaction given in the question is related to a dishonoured bill receivable, which cannot be recorded in any other books of original entry. Hence, the transaction will be recorded in the Journal Proper (General Journal).
The entry for the given transaction will be as follows:
Date | Particulars | L.F. | Debit | Credit
Dishonoured Bills Receivable A/c | Dr. | 1,000
To Debtor's A/c | | | 1,000
(Being a bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured)
In the above entry, "Dishonoured Bills Receivable A/c" is debited with Rs. 1,000, which represents the amount of the dishonoured bill receivable. The "Debtor's A/c" is credited with Rs. 1,000, which represents the amount payable by the debtor.
Thus, the above entry will be recorded in the Journal Proper (General Journal) as it cannot be recorded in any other books of original entry.
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Community Answer
In which book of original entry, will you record the following transac...
Journal proper recorded all other transaction which cannot be recorded in any books like purchase book ;sales book ; purchase return; sales return;
here they asked about dishonoured bill which can't be recorded in any of above book so it is recorded in journal proper
here they asked about dishonoured bill which can't be recorded in any of above book so it is recorded in journal proper
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In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer?
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In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer? 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 In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer?.
In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer? 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 In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In which book of original entry, will you record the following transactions?Q.A bills receivable of Rs. 1,000, which was received from a debtor in full settlement for a claim of Rs. 1,100, is dishonoured.a)Purchases Return Bookb)Bills Receivable Bookc)Purchases Bookd)Journal Proper (General Journal)Correct answer is option 'D'. Can you explain this answer?.
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