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Journal Test 1

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Journal Test 1
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A sale of goods of vidhya for cash should be debited to ______________.
    Solution
    Sales of goods on cash involves cash and goods account. Both cash and goods are real account. Rule for real account says" debit what comes in". Against sale of goods cash is coming in the system, hence cash account should be debited.
  • Question 2
    1 / -0
    Under purchase method of amalgamation, _______ of the transferor company continues to appear in the balance sheet of the transferee company. 
    Solution
    Ans:
    Amalgamation in the nature of Purchase -
    It is done as follows :- 
    Amalgamation Adjustment A/c Dr. 
    Statutory Reserve A/c Cr

  • Question 3
    1 / -0
    Interest on capital is credited to ___________ account.
    Solution
    Capital is a contribution done by the owner in business. If any interest is payable, this need to be debited to Interest expenses and credited to the capital account.
  • Question 4
    1 / -0
    The amount brought in by the proprietor in the business should be credited to ____________.
    Solution
    Business entity or separate entity concepts defines that the owner and the business are to be treated separately. 
    If any amount is contributed by the owner should be treated as liability and to be credited in capital account. 
    Journal Entry:-
    Cash A/c Dr.
    To Capital A/c.
  • Question 5
    1 / -0
    Return of goods by a customer should be debited to __________.
    Solution
    A transaction in which the goods is returned by the customer due to various reasons is called sales return. 
    Accounting entry need to be passed against the sales return is as follows:

    Sales return A/c        Dr.
       To Customer A/c
  • Question 6
    1 / -0
    A withdrawal of cash from business by the proprietor of the firm should be debited to ___________.
    Solution
    The transaction is based on the separate entity concept which signifies that business and its proprietor are treated two separate legal entity.
    Withdrawal of cash by proprietor should be debited to drawing account in the books of the business. Same amount should be credited by the proprietor in cash account. 
  • Question 7
    1 / -0
    A credit sale of goods to Shiva should be debited to ____________.
    Solution
    Shiva is the receiver of goods. Personal account rule says "debit the receiver". Hence Shiva's account will be debited.
    Entry for credit sale to Shiva will be:
    Shiva's Account        Dr (Debtor for goods sold on credit)
           To Sales Account    (Goods sold to customer).
  • Question 8
    1 / -0
    Account current is a journal.
    Solution
    Account current is a type of account that is ongoing between the two parties. Its a kind of summary report. Its not a journal.
  • Question 9
    1 / -0
    Goods of the value of Rs. 1500 taken by the proprietor for his personal use should be debited to _______________.
    Solution
    Withdrawal of money and/or goods by the owner from the business for personal use is known as Drawing. 

    Drawings reduces the investments of the owners. The journal entry for goods of the value Rs. 1,500 taken by the proprietor for his personal use is:
    Drawing A/c      Dr.
        To Purchases A/c.
  • Question 10
    1 / -0
    Sales made to Mahesh for cash should be debited to ________.
    Solution
    Every accounting transaction will have two affect. One for debit and one for credit as the accounting is based on double entry system of accounting.

    Sales made to Mahesh for cash affect two accounts i.e cash and goods. Both are real account. Rule of real account says "Debit whats comes in and credit what goes out"

    Accordingly the accounting entry will be:

    Cash A/c           Dr.
        To Goods A/c.
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