11th Cbse accountancy 3rd sep

Insurance premium paid for insuring the goods is debited to

• Drawings A/c

• Insurance expenses A/c

• Cash A/c

• Capital A/c

Goods costing ₹ 500 given as charity (Sales Price ₹ 600) is credited to

• Donation / Charity A/c by ₹ 500

• Purchases A/c by ₹ 500

• Purchases A/c by ₹ 600

• Donation / Charity by ₹ 600

Prakash, who owed ₹ 20,000 became insolvent. 70 paise in a rupee was received from his estate. Bad Debts Account will be debited by

• ₹ 20,000

• ₹ 10,000

• ₹ 6,000

• ₹ 14,000

A sole trader took goods costing ₹ 1,000 from stock from his own use. The normal selling price of the goods is 1,500.

Which of the following Journal entries would correctly record this?

• Dr. Drawings A/c and Cr. Purchases A/c by ₹ 1,000

• Dr. Drawings A/c and Cr Sales A/c by ₹ 15,00

• Dr. Drawings A/c and act Purchases A/c by ₹ 1,500

• Dr. sales A/c and Cr . Drawings A/c by ₹ 1,000

A compound/combined entry is a Journal entry derived by combining more than two accounts in one entry.

• True

• False