journal entries

"The owner invested cash BD100 in the business" Cr. side for this transaction is

• Capital

• Revenue

• Drawings

• Non of the answers

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

• Yes

• No

Revenue is recorded at the time goods or services are sold is an example of what accounting concept?

• Realization of Revenue

• Going Concern

• Unit of Measurement

• Business Entity

Cr. side in journal entry is

• Liability, Revenues, and Capital

• Liability, Revenues, and Drawings

• Assets, Revenues, and Capital

• Liability, Expenses, and Capital

Normal Balance of Prepaid Insurance is

• Dr. & Cr.

• Cr. side

• Dr. side

• None of the answers

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

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