Related InterviewSolutions

• Recording of transaction in the Journal is called:A. CastingB. PostingC. JournalisingD. Recording
• If a transaction is properly analysed and recorded:A. Only two accounts will be used to record the transaction.B. One account will be used to record transaction.C. One account balance will increase and another will decrease.D. Total amount debited will equals total amount credited.
• Total of the debit side of cash book is ………..than the credit side.
• Credit balance shown by a bank column in cash book is …………
• Cash book is a ………… journal.
• In Journal proper, only…………discount is recorded.
• Prepare accounting equation from the following: (a) Kunal started business with cash 2,50000 (b) He purchased furniture for cash 35,000 (c) He paid c (d) He purchases goods on credit 40,000 (e) He sold goods (Costing 20,000) for cash 26,000
• Rohit has the following transactions : (a) Commenced business with cash 1,50,000 (b) Purchased machinery on credit 40,000 (c) Purchased goods for cash 20,000 (d) Purchased car for personal use 80,000 (e) Paid to creditors in full settlement 38,000 (f) Sold goods for cash costing 5,000 4,500 (g) Paid rent 1,000 (h) Commission received in advance 2,000 Prepare the Accounting Equation to show the effect of the above transactions on the assets, liabilities and capital.
• Prepare accounting equation on the basis of the following : (a) Harsha started business with cash 2,00,000m (b) Purchased goods from Naman for cash 40,000 (c) Sold goods to Bhanu costing 10,000/- 12,000 (d) Bought furniture on credit 7,000A. Harsha started business with cash 2,00,000B. Purchased goods from Naman for cash 40000C. Sold goods to Bhanu costing 10,000/-12000D. Bought furniture on credit 7000
• Mohit has the following transactions, prepare accounting equation: (a) Business started with cash 1,75,000 (b) Purchased goods from Rohit 50,000 (c) Sales goods on credit to Manish (Costing 17,500 20,000) (d) Purchased furniture for office use 10,000 (e) Cash paid to Rohit in full settlement 48,500 (f) Cash received from Manish 20,000 (g) Rent paid 1,000 (h) Cash withdrew for personal use 3,000