Journal Basics

........ is the book in which transaction are first recorded in chronological order

• Ledger

• Journal

• Profit and Loss A/c

• Cash Book

.......... means explanation of the transactions recorded in the Journal.

• Narration

• Journalising

• Posting

• Casting

The .......... Column of the Journal is not recorded at the time of Journalising.

• Date

• Particulars

• Ledger Folio

• Amount

........... Discount is not recorded in the books of accounts.

• Trade Discount

• Cash Discount

• GST

• VAT

Goods sold on credit should be debited to..........

• Purchase A/c

• Customer A/c

• Sales A/c

• CAsh A/c

The commission paid to the agent should be debited to.....................

• Drawing A/c

• Cash A/c

• Commission A/c

• Gent A/c

Loan Taken from Dena Bank should be credited to.......

• CApital A/c

• Dena BAnk A/c

• Cash A/c

• Dena Bank Loan A/c

Cash purchase of goods from Gopal should be debited to:

• Gopal A/c

• Cash A/c

• Purchases A/c

• Sales A/c

The basic rule of book-keeping, "Debit the Receiver and Credit The Giver"is applicable to:

• Personal A/c

• Real A/c

• Nominal A/c

• Valuation A/c

Real Account are related to:

• Assets

• Customer

• Expenses

• None