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Journal Test 2

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Journal Test 2
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Amount brought in by proprietor should be credited to ______ account.
    Solution
    Business Entity concept defines that the business and its owner are two separate legal entity. Owner is considered as a creditor like other creditor. Amount contributed by the owner as capital is treated as liability. Accounting entry will be as under:

    Cash A/c                 Dr.
         To Capital A/c
  • Question 2
    1 / -0
     Cash discount is ___________.
    Solution
    Amount which is deducted by the seller from the amount due at the time of the receipt is called cash discount. it is given to encourage prompt payment.
  • Question 3
    1 / -0
    Salaries paid to Ramesh will be debited to ________________.
    Solution
    The Journal Entry for Salaries paid to Ramesh will be
    Salaries a/c       Dr.
        To Cash a/c
    (Being Salaries paid to Ramesh)
    Whenever expenses are paid then the name of a person is not mentioned.
    Salaries are debited as per Nominal Rule - Debit all expenses and Losses
    Cash is credited as per Real Rule - Credit what goes out.
  • Question 4
    1 / -0
    When a entry involves only two accounts it is called _______.
    Solution
    Accounting is based on double entry system. that means every transaction will have two impact. When only two accounts are involved, its called simple entry.
    Goods worth Rs.500 purchased on cash.
    Goods account and Cash account will be impacted.
  • Question 5
    1 / -0
    Accounting entries passed in journal proper at the end of the year are called
    Solution
    At the end of the financial year, all nominal accounts are closed by passing the closing entries. Expense accounts are closed by debiting to the trading and profit & loss account and income accounts are closed by crediting to it. 
    Example: 
    Salary Account Balance Rs.5000
    Profit & Loss A/c                          Dr. 5000
            To Salary A/c                                           5000
  • Question 6
    1 / -0
    Received Rs 1100 from M/s M in settlement of Rs 1250 due from him. The nature of the journal entry to be passed for this transaction is ______.
    Solution
    A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits.
    Hence, it is a compound entry, as cash account and discount allowed A/c is to be debited.
  • Question 7
    1 / -0
    Name the account which is debited for payment of import duty.
    Solution
    Expenses account are nominal account. The rule for the nominal account is "debit all the expenses and credit all the incomes. Hence, all the expense accounts are debited. 
    Import duty payment on purchases is a part of direct expenses. Therefore, on payment of import duty, Import duty Account is debited. 
  • Question 8
    1 / -0
    When an amount or balance of one amount is to be taken to some other account, it is done by means of a/an_________.
    Solution
    Transfer journal entry is used to allocate an expense or revenue from one account or sponsored project to another, or to transfer funds between object codes within an account or sponsored project. 

    Hence, it is correctly mentioned that the transfer of any amount from one account to another is done by way of transfer entry.
  • Question 9
    1 / -0
    This type of account with a normal credit balance invariably is a........a/c
  • Question 10
    1 / -0
    Assets purchased on hire purchase systems are recorded at...
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