Types of journal entries - class-XI
One debit account and more than one credit account in a entry is called compound entry.
The amount brought in by the proprietor in the business should be credited to ____________.
Interest on capital is credited to ___________ account.
A sale of goods of vidhya for cash should be debited to ______________.
The accounting entries which appear on both the sides of cash book are called journal entries.
Cash discount does not appear in the books of accounts.
A closing entry of sales account, which appears on the credit side of trial balance is as under _________________.
When the claim on account of loss of stock is partly accepted by the insurance company, the journal entry will be _________________________.
When the claim on account of loss of stock is fully recoverable from the insurance company, the journal entry will be ______________________.
What will be the necessary adjusting closing entry for the following adjustment as on $31^{st}$ March, $2005$. Insurance paid $Rs. 4,000$ (including premium of $Rs. 3,000$ per annum paid upto $30^{th}$ June, $2005$________________________.
In certain jobs, for example, hotels farms, hospitals, the employees are given the facility of residing in a house free of rent or they are given meals or clothes, water etc. A transfer of the proportionate amount is essential to salaries or wages account. Entry for this is ________________.
Goods worth Rs. $10,000$ were purchased by B on which the traders allowed Rs. $500$ trade discount and offer to give $5\%$ cash discount if immediate payment is made. The Purchase A/c will be debited by _________.
Which of the following specialized journals will record "goods returned by the business"?
The term 2/10-n/30 implies that discount will be given if the payment made within ______ day is receivable within 30 days.
A Company makes a purchase on $10^{th}$ may some office equipment . The correct journal entry will be
| Debit | Credit | |
|---|---|---|
| 1 | Office equipment | Supplies |
| 2 | Purchases | Office equipment |
| 3 | Accounts payable | Office equipments |
| 4 | Office equipment | Accounts payable |
If salary is given to proprietor ______________________.
Which of the following should be entered in the Journal?
(i) Payment for purchases
(ii) Fixtures bought on credit
(iii) Credit sale of goods
(iv) Sale of surplus machinery.
Which of the following are not errors of principle?
(i) Motor expenses entered in Motor Vehicles account.
(ii) Purchases of machinery entered in Purchases account.
(iii) Sales of Rs. 250 to Varun completely omitted from books.
(iv) Sales to a Varun entered in Amit's account.
Which of the following item is found in a Journal entry?
$1$. Date of each transaction
$2$. Rupee amount of each debit and credit
$3$. Explanation of each transaction.
When a new company is formed to take over the business of an existing company it is known as _____________ .
When one existing company takes over the business of another company or companies, it is _____________.
Wages paid to Mohan for erecting a machine should be debited to ___________.
The invoice relating to the acquisition on credit of an Office Equipment for Rs 24,500 from Globe Ltd was entered in the Purchases Journal. To correct this error which of the following needs to be done?
Amit commenced business introducing as his capital furniture worth Rs. 21,000, a car valued at Rs. 30,000 and Rs. 48,000 in cash. The journal entry for recording this would require ____________________.
Transactions which are inter-connected and have taken place simultaneously are recorded by means of a _____________.
Journal is the book of _______ in which every transaction is recorded before being posted into the ledger.
________are passed in the general journal for transferring an item entered in one account to another account.
Rs. 15,000 received from Karan has been credited to Ravan. Which of the following rectification entry is correct?
Which one of the following is called backbone of auditing?
ABC Ltd. issued 10,000 equity shares of Rs 10 each at a premium of 20% payable Rs 4 on application (including premium), Rs 5 on allotment and the balance on first and final call. The company received applications for 15,000 shares and allotment was made pro-rata. P, to whom 3,000 shares were allotted. failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Madan at par. Assuming that no other bank transactions took place, the bank balance of the company after effecting the above transactions?
Mohan purchased a machinery amounting Rs.10,000 on 1.4.2010.
On 31.3.2019, similar machinery could be purchased for Rs.20,000 but the realizable value of the machinery (purchased on 1.4.2010) was estimated at Rs.15,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs 12,000.
The current cost of the machinery is _____________.
Book-keeping is mainly concerned with _________.
Consider the following statements.
I. Workmen's compensation and third party insurance are examples of guarantee insurance.
II. Re-insurance is more common under fire and marine insurance.
Which of the statement given is/are correct?
In accounting, profit prior to incorporation is treated as _________.
The term 'Internal Reconstruction' includes _______________.
Accounting measures the business transactions in terms of ________units.
Deepti wants to buy a building for her business today.Which of the following is the relevant data for his decision ?
ABC starts a business by investing Rs. 5 lakh and purchases goods worth Rs. 2.5 lakh. This is a/an _____ .
During the life-time of an entity, accountants prepare financial statements at a point of time in accordance with which basic accounting principles?
Maintaining records of various properties helps _____________.