Journal & Ledger Revision

As per modern classification, if an account is credited to show increase, the account can be

• asset

• liabilities

• expenses

• revenue

Being goods purchased from Ali worth Rs. 5000 @ 10% Trade discount and 2% cash discount. The amount due to Ali is Rs. __________________

Goods costing Rs. 25000 sold to Raj Enterprises for Rs. 35000. The journal entry will be

• Debit sales Rs. 25000 and Credit Raj Enterprises Rs. 25000

• Debit sales Rs. 35000 and Credit Raj Enterprises Rs. 35000

• Credit sales Rs. 35000 and Debit Raj Enterprises Rs. 35000

• Credit sales Rs. 25000 and Debit Raj Enterprises Rs. 25000

Withdrawn by proprietor for house rent

• Debit Drawings Credit Cash

• Debit Cash Credit Drawings

• Debit House Rent Expenses Credit Cash

• Debit cash Credit House rent Expenses

Being goods sold on credit Rs. 135000. CGST & SGST @ 5% each. The amount to be debited is Rs. _________________.

Suman of Bihar sold goods to Mohan of Maharashtra. What type of GST will be applied?

The manager of a company wants to know how much Tina Ltd. owes them. He can know this by looking at the _____________.

Collected Rs. 35,000 from debtors. The account to be credited is ____________________ A/c.

Provided services for Rs. 65,000 on credit. The account to be debited is _________________________.

Returned damaged office stationary and received Rs. 50,000. The account to be credited is ___________________