WorksheetsJournal Entries
Total questions: 30
Worksheet time: 15mins
Main object of preparing a Journal is:
To ascertain the financial position of the business
To journalise the cash transactions
To make posting in the ledger
To record the business transactions
Loss of goods by fire should be credited to:
Sales A/c
Loss A/c
Profit and Loss A/c
Purchase A/c
Mr.X purchase goods worth Rs 40,000 at 10% Trade discount and 2% cash discount on value of Goods. GST will be levied on goods 6% each CGST and SGST. What will the Amount of cash discount?
720
763
803
750
A withdrawl of cash from business by the proprietor is credited to
Drawings A/c
Capital A/c
Cash A/c
None of these
Received Rs. 20,000 from Saurabh, which were written off as bad-debts in the previous year. The entry to be credited is
Cash A/c
Bad debts recovered A/c
Saurabh A/c
Bad debts A/c
Salaries due to the clerks i.e salaries outstanding Rs.50,000. The account to be credited is
Salaries A/c
Salaries outstanding A/c
Cash A/c
Clerks A/c
Provide 10% depreciation on furniture costing Rs.50,000. The debit account will be
Expenses A/c
Furniture A/c
Depreciation A/c
None of the above
Provide 12% interest on capital amounting to Rs.10,00,000. The journal entry is __________.
Interest on capital A/c Dr. 1,20,000 To Capital A/c 1,20,000
Expenses A/c Dr 12,000 To Capital A/c 12,000
Interest from bank A/c Dr.1,20,000 To Cash A/c 1,20,000
Expenses A/c Dr 1,20,000 To Capital A/c 1,20,000
Charge interest on Drawings Rs.8,000. The journal entry is _____________.
Cash A/c Dr. 8,000 To Drawings A/c 8,000
Drawings A/c Dr. 8,000 To Interest on Drawings A/c 8,000
Interest on drawings A/c Dr. 8,000 To Cash A/c 8,000
Cash A/c Dr 8,000 To Interest on Drawings A/c Dr 8,000
Bought goods from Dhoni for cash Rs.50,000. Also paid Rs.1,000 for their carriage. The journal entry is __________.
Purchases A/c Dr.50,000; Carriage inwards A/c Dr. 1,000 To Cash A/c 51,000
Purchases A/c Dr.50,000 To Cash A/c 50,000
Purchases A/c Dr.50,000 Expenses A/c Dr.1,000 To Cash A/c 51,000
Purchases A/c Dr 51,000 To Cash A/c 51,000
Paid to Sania Rs.9,650 in full payment of her dues of Rs.10,000. The journal entry is ____________.
Sania A/c Dr.10,000 To Cash A/c 9,650; To Discount Received A/c 350
Sania A/c Dr. 9,650 Discount allowed A/c Dr. 350 To Cash A/c 10,000
Sania A/c Dr.10,000 To Cash A/c 10,000
Cash A/c Dr 9,650 Discount Allowed A/c Dr 350 To Sania A/c 10,000
Purchased a machinery by giving a cheque of Rs.3,00,000 and paid Rs.25,000 in cash as wages on its installation. The journal entry is __________.
Machinery A/c Dr. 3,25,000 To Bank A/c 3,00,000; To Cash A/c 25,000
Machinery A/c Dr. 3,00,000; Wages A/c Dr.25,000 To Bank A/c 3,00,000 To Cash a/c 25,000
Machinery A/c Dr.3,00,000 Expenses A/c Dr.25,000 To Bank A/c 3,00,000 To cash A/c 25,000
Machinery A/c Dr 3,25,000 To Bank A/c 3,25,000
Paid Rs.2,500 for repairing the office furniture. The entry to be debited is
Repairs A/c
Furniture A/c
Wages A/c
Expenses A/c
Sold goods to Azhar for Rs.2,00,000. Azhar pays one-fourth amount in cash. The amount that I have received is
Cash A/c Dr. 50,000
Cash A/c Dr 14,000
Cash A/c Dr. 1,50,000
Azhar A/c Dr 50,000
Received a Cheque from Robin Rs.5,450. Allowed him discount Rs.150. Cheque is immediately deposited into bank. The journal entry is _________.
Bank A/c Dr. 5,600 To Robin A/c 5,600
Bank A/c Dr. 5,450; Discount allowed A/c Dr.150 To Robin A/c 5,600
Robin A/c Dr. 5,450 Discount allowed A/c 150 To Bank A/c 5,600
Robin A/c Dr 5,300 Discount Allowed A/c Dr 150 To Bank A/c 5,450
Hardik who owed us Rs.15,000 is declared insolvent and 65 paise in a rupee is received as final dividend from his estate. The journal entry will be____________.
Cash A/c Dr. 5,250; Bad Debts A/c Dr.9,750 To Hardik A/c 15,000
Cash A/c Dr. 65 paise; Bad Debts A/c Dr. 35 paise To Hardik A/c100
Cash A/c Dr. 9,750; bad-debts A/c Dr. 5,250 To Hardik A/c 15,000
Hardik A/c Dr 15,000 To Cash A/c 5,250 To Bad Debts A/c 9,750
