journal entries

A withdrawal of cash from business by the proprietor is credited to __________

• Cash

• Drawing

• Capital

• Business

Samir who trades in electronic goods,gifted a television to his daughter.Will it be recorded in the books of accounts.

• Yes

• No

Bad Debts earlier written off and now received are credited to :

• Bad Debts a/c

• Bad Debts Recovered a/c

• Miscellaneous Income a/c

• Debtor a/c

Lalit, who owed Rs. 20,000 became insolvent. 70 paisa in a rupee was received from his estate. Bad Debts will be debited by:

• Rs. 20,000

• Rs. 10,000

• Rs. 6,000

• Rs. 14,000

Purchase of Machinery for Cash will be debited to :

• Cash a/c

• Machinery a/c

• Purchases a/c

• None of these

No entry is made in the books of account of:

• Cash Discount

• Discount Allowed

• Trade Discount

• Discount Received

Which account will be credited when goods are given away as Charity?

• Purchases a/c

• Drawings a/c

• Sales a/c

• Charity a/c

Rent paid to Landlord should be debited to:

• Drawings a/c

• Rent a/c

• Landlord's a/c

• Personal a/c

Purchased goods from Rahul of the list price of Rs. 50,000 for cash at 20% trade discount and received 3% cash discount. Amount credited to Discount Account will be:

• Rs. 10,000

• Rs. 1500

• Rs. 1200

• Rs. 11,500

Debit means:

• an decrease in asset

• an increase in a liability

• an increase in proprietor's equity

• a increase in asset