Journal Test 8...

Goods worth $$Rs. 10,000$$ were purchased by $$B$$ on which the traders allowed $$Rs. 500$$ trade discount and offer to given $$5$$% cash discount if immediate payment is made. The Purchase A/c will be debited by ____________.

Discount is allowed by Arun to Varun. Which of the following should be the course of action in books of Arun?

_______is used to record the particulars of all the bills payable accepted by the business organization for the purpose of paying amounts due to its creditors.

Credit purchase of plant and machinery is recorded in_________________.

Purchase of Pen for office use will be debited to __________ .

X Ltd . purchased 100 units @ Rs.10 for cash, 200 units @ Rs.20 subject to 10% trade discount and  5% cash discount against current dated cheque. The total amount of purchases is _____________.

_______ is used to record the details of bills receivable by the business organization. 

The accounting entries for recording Rs.10,00,000 cash introduced by the owner of a business is ______________.

Payment of LIC premium of the proprietor is debited to _____________.

Which one of the following is called backbone of auditing?