Goods-return credit means ………………..(a) Sales(b) Sales return of goods(c) Purchase(d) Purchase return of goods

Goods-return credit means ………………..(a) Sales(b) Sales retur

1.	Goods-return credit means ………………..(a) Sales(b) Sales return of goods(c) Purchase(d) Purchase return of goods
Answer» Correct option is (b) Sales return of goods

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Subsidiary books are also known as ……………(a) Rough books(b) Separate books(c) Day books(d) Ledger books
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Mr. Joseph started a trading business of selling readymade clothes. In the earlier period, he dealt only with cash, because he felt that would be riskfree. But, later on, he had to give credit period for his regular customers in order to retain them. For some customers, when they made bulk purchase, he offered them some discount. That brought him even more customers. But, some of his customers are not prompt in making the payment.He expanded his business and employed few staff. As the credit transactions were numerous, he found it difficult to maintain properly. One of his friends, who is a Chartered Accountant advised him to maintain subsidiary books.Discuss on the following points.(i) What could be the reason for Joseph’s feeling that dealing in cash is risk free?(ii) What type of discount is offered by Joseph?(iii) Suggest some ways to Joseph for making his customers to pay on time.
Select the most appropriate answers from the alternatives given below and rewrite the sentence:i. Additional cash introduced in business is recorded in _______ (a) Purchase Book (b) Cash Book (c) Journal Proper (d) Returns Inwards Bookii. Entry for bad debts is recorded in the ________ (a) Sales Book (b) Purchase Book (c) Cash Book (d) Journal Properiii. Direct deposit made by the customer into our bank is recorded in the _______side of the Cash Book. (a) payments (b) credit (c) receipts (d) bothiv. The person who draws the cheque and signs on it is the _______ (a) drawer (b) drawee (c) payee (d) all of the abovev. A fixed amount is deposited for a fixed period in ________ deposit account. (a) Current (b) Savings (c) Fixed (d) Recurring
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Goods-return credit means ………………..(a) Sales(b) Sales return of goods(c) Purchase(d) Purchase return of goods

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