Journal Test 9

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Journal Test 9

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Weekly Quiz Competition

Question 1
1 / -0

Supplier's account will be ________ when goods are received on credit.

A
Debited

B
Credited

C
Closed

D
None of these above

Solution

When goods are received on credit then goods will increase so, debit the asset and liability will be credited so, creditor will credited.
Question 2
1 / -0

The return of goods by the customer should be debited to _____________.

A
Customer A/c

B
Sales return A/c

C
Goods A/c

D
Purchase return A/c

Solution

Goods sold to the customer can be returned by the customer due to various reasons. This has to be recorded in books of account as sales return.

The accounting entry will be as under:

Sales return A/c Dr, (Real A/c- Debit what comes in)
To Customer A/c (Person a/c- Credit the giver)
Question 3
1 / -0

The amount of salary paid to Suresh should be debited to _____________.

A
The account of Suresh

B
Salaries a/c

C
Cash a/c

D
Bank a/c

Solution

All expense and income accounts are classified as nominal account. Rule for nominal account describe that all expense and losses should be debited and all incomes and gains should be credited.
payment of salary to Suresh is an expense which need to be debited to salary account.
Accounting entry will be as under:

Salary Expense A/c Dr.
To Cash A/c
Question 4
1 / -0

In case of a debt becoming bad, the amount should be credited to _______________.

A
Debtors Accounts

B
Bad debts A/c

C
Sales A/c

D
None of these

Solution

In the normal course of business, there are certain customer who does not pay the amount to the business despite regular follow ups. The unrecoverable amount is considered as bad debts. Bad debts is a loss to the organization and should be debited to profit & loss account by crediting the customer account.

Accounting entry will be as under:
Bad Debts A/c Dr.
To Customer (Debtor) A/c
Question 5
1 / -0

The rent paid to land lord is to be credited to ___________.

A
Land lord account

B
Rent account

C
Cash account

D
Tenant account

Solution

All expense and income accounts are classified as nominal account. Rule for nominal account describe that all expense and losses should be debited and all incomes and gains should be credited.

Payment of rent to landlord is an expense which need to be debited to rent account by crediting cash account.

Accounting entry will be as under:

Rent A/c Dr. (Nominal A/c- debit all the expense)
To Cash A/c (Real A/c- credit what goes out)
Question 6
1 / -0

Payment of salary is recorded by ____________.

A
Debiting salary a/c; crediting cash a/c

B
Debiting cash a/c; crediting salary a/c

C
Debiting employee a/c; crediting cash a/c

D
Debiting employee a/c; crediting salary a/c

Solution

Every business transaction affects two accounts as accounting is based on double entry system of accounting. For every debit there will be a credit and vice versa.

Accounting entry for payment of salary will be:

Salary A/c Dr. (debit all the expense)
To Cash A/c (credit what goes out)

Salary is an expense and will be charged to profit & loss account.

Question 7

1 / -0

Purchases of goods on credit from A is recorded as __________.

Debit purchases a/c; credit cash a/c

Debit A a/c; credit purchases a/c

Debit purchases a/c; credit A a/c

Debit A a/c; credit stock a/c

Solution

Accounting is based on double entry system of accounting. Every business transaction will affects two account i.e purchase account and Mr. A's a/c.

Accounting entry will be as under:

Particulars	Debit	Credit
Purchases A/c Dr	xxx
To Mr. A		xxx
(Being the credit purchases from A)

Question 8
1 / -0

The cash discount allowed to a debtor should be credited to __________.

A
Discount account

B
Customer account

C
Sales account

D
None of these

Solution

Cash discount is a discount which is allowed by the business to speed up the cash collection from customers. This is an expenses to the organization and to be recorded in profit & loss account.

Accounting entry will be as under:
Cash discount a/c Dr.
To Customer A/c
Question 9
1 / -0

Sales made by Mahesh for cash should be debited to _____________.

A
Cash A/c

B
Mahesh A/c

C
Sales A/c

D
Sales return A/c

Solution

Sales (Goods) and Cash both account are classifies as real account. The rule for real account is "debit what comes in and credit what goes out'

Accounting entry for cash sales will be as under:
Cash A/c Dr, (debit what comes in)
To Sales (Goods) A/c (credit what goes out)
Question 10
1 / -0

Rent paid to landlord should be credited to _________ account.

A
Landlords

B
Rent

C
Cash

D
Expense

Solution

Accounting is based on dual concept. Every transaction give two affects i.e. for every debit there will be a credit.
Rent paid to landlord, involves two account i,e. Rent and cash.
Rent is an expenses which is a nominal account
Cash is a real account.

Following the golden rules, accounting entry will be as under:

Rent A/c Dr. (Debit all expenses and losses)
To Cash A/c (Credit what goes out)

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Re-Attempt Weekly Quiz Competition

Journal Test 9

Result

Journal Test 9

Score

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Rank

-

SHARING IS CARING

Question 1

Debited

Credited

Closed

None of these above

Solution

Question 2

Customer A/c

Sales return A/c

Goods A/c

Purchase return A/c

Solution

Question 3

The account of Suresh

Salaries a/c

Cash a/c

Bank a/c

Solution

Question 4

Debtors Accounts

Bad debts A/c

Sales A/c

None of these

Solution

Question 5

Land lord account

Rent account

Cash account

Tenant account

Solution

Question 6

Debiting salary a/c; crediting cash a/c

Debiting cash a/c; crediting salary a/c

Debiting employee a/c; crediting cash a/c

Debiting employee a/c; crediting salary a/c

Solution

Question 7

Debit purchases a/c; credit cash a/c

Debit A a/c; credit purchases a/c

Debit purchases a/c; credit A a/c

Debit A a/c; credit stock a/c

Solution

Question 8

Discount account

Customer account

Sales account

None of these

Solution

Question 9

Cash A/c

Mahesh A/c

Sales A/c

Sales return A/c

Solution

Question 10

Landlords

Rent

Cash

Expense

Solution

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