journal entries

Purchase of goods from X for cash should be credited to______.

• Purchase
• Cash
• X
• Goods

Main object of preparing a Journal is:

• To ascertain the financial position of the business
• To journalise the cash transactions
• To make posting in the ledger
• To record the business transactions first of all

Personal accounts are related to ______.

• Assets and Liabilities
• Expenses, losses and incomes
• Debtors, Creditors etc
• Liabilities, Capital

Real accounts are related to _______.

• Assets
• Expenses, Losses and Incomes
• Debtors, Creditors etc
• Liabilities, Capital

Nominal accounts are related to..

• Assets and Liabilities
• Expenses, Losses and Incomes
• Debtors, Creditors etc
• Liabilities, Capital

Goods worth Rs. 7,000 given away as charity would be credited to :

• Sales A/c
• Purchases A/c
• Charity A/c
• Trustee A/c

Payment of Rs. 6,000 as wages to workmen for installation of a machine should be debited to:

• Wages A/c
• Repairs A/c
• Machinery A/c
• Installation A/c

What shall be the amount of Capital if cash is Rs. 5,000; Furniture Rs. 12,000; Stock Rs. 30,000 and Creditors Rs. 6,000.

• Rs. 53,000
• Rs. 47,000
• Rs. 41,000
• Rs. 40,000

Gopal is our debtor for Rs. 10,000. He became insolvent and only 60 paise in a Rupee is received from him. The balance of Rs. 4,000 would be entered to the:

• Debit of discount A/c
• Credit of discount A/c
• Debit of bad debts A/c
• Credit of bad debts A/c

Rs. 5,000 received from Mohan whose account was written off as bad in the previous year should be credited to:

• Mohan's A/c
• Bad debts A/c
• Bad debts recovered A/c
• None