Rules for recording in journal - class-XI
Description: rules for recording in journal | |
Number of Questions: 78 | |
Created by: Prabha Kade | |
Tags: accounting records journal journal and ledger books of prime entry elements of accounts commercial applications book keeping and accountancy accountancy original entry: journal and subsidiary books subsidiary books book of original record - journal accounting and its terminology elements of book keeping and accountancy |
Assets sold on credit are entered in sales journal.
The periodic total of purchase return journal is posted to ______________.
The periodic total of sales return journal is posted to_________.
Credit purchase of machine is entered in purchase journal.
Assets sold on credit are entered in __________.
Return of goods purchased on credit to the suppliers will be entered in _________ journal.
A purchased goods costing Rs. 1,00,000. B sold the. goods for Rs. 1,60,000. Profit sharing ratio between A and B being equal, what will be the final remittance ?
If Y takes away goods in personal business under memorandum joint venture method, then he will debit these goods in his books to ________________.
When a large number of articles are sent on a sale or return basis, it is necessary to maintain __________________.
P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 20,000. Q, sold the goods for Rs. 2,00,000. Remaining goods were taken over by Q at Rs. 10,000. The amount of final remittance to be paid by Q to P will be ______________.
Goods returned by X is entered as __________________.
The following comments below relate to the recording of journal entries. Which statement is true?
For every entry in journal the transaction can be ___________.
The following comments ail relate to the recording process. Which of these statements is correct?
Journal and ledger records transactions in _________________.
The process of recording transaction in journal is termed as ___________.
X Ltd., purchased goods for Rs.5,00,000 and sold 9/$10^{th}$ of the value of goods for Rs. 6,00,000. Net expenses during the year were Rs. 25,000. The company reported its net profit as Rs. 75,000. Which of the following concept is violated by the company?
A businessman purchased goods for Rs.25,00,000 and sold 80% of such goods during the accounting year ended $31^{st}$ March, 2019. the market value of the remaining goods was Rs.4,00,000. He valued the closing stock at cost. He violated the concept of _________________.
A debit note for Rs $20,000$ issued to Mr. Z for goods returned by us is to be accounted for in _______________.
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 present value of machinery is ______________.
_______ is used to record the details of bills receivable by the business organization.
A purchase of goods from Nathan amounting to Rs. 3,000 has been wrongly entered in the Sales Book. However Nathan Account has been correctly credited. Which of the following rectification entry is correct?
_______is used to record the particulars of all the bills payable accepted by the business organization for the purpose of paying amounts due to its creditors.
A contractor's bill for extension of premises amounting to Rs. 27,500 has been debited to Building Repairs Account. Which of the following rectification entry is correct?
A cheque for Rs. 7,330 was received from Rao after allowing him a discount of Rs. 70. It was endorsed in favour of Sen in full settlement of Rs. 7,500. The cheque was dishonoured, but no entry for dishonour was passed in the books. If this error located after preparation of final account then which of the following rectification entry is correct?
If conversion cost is 25000 and direct manufacturing labour cost is 25000 and direct manufacturing labour cost is 17000, then manufacturing overhead cost would be _________.
Reorder point is divided by number of sold units for per unit of time to calculate ________________.
Second ranked product in incremental revenue allocation method is termed as __________.
Account current is a journal.
Subsidiary book in which return of goods purchased on credit is recorded ____________.
Cash discount is ___________.
Received Rs 1100 from M/s M in settlement of Rs 1250 due from him. The nature of the journal entry to be passed for this transaction is ______.
Purchase Returns Account shows ______________.
When a entry involves only two accounts it is called _______.
Narration is not necessary for each and every journal entry.
Source document on the basis of which Purchase Book is prepared ____________.
Total of purchase returns book is posted to the ___________.
Purchases returns book is used to record ___________.
The credit notes issued are used to prepare sales return book.
A debit note issued to a creditor for goods returned by us is to be recorded in the __________.
A purchased a machinery amounting to Rs.15,00,000 on 1st April, 2000. On 31st March, 2006, the similar machinery could be purchased for Rs. 25,00,000. The present discounted value of the future net cash inflows of that machinery was calculated as Rs. 13,00,000.
On the basis of above the current cost of the machinery is ____________.
Sales returns book is used to record __________.
Credit note is the basis for recording purchase return in the purchase return book.
When is it necessary to analyse a transaction in terms of debit and credit?
Received a first and final dividend of $60$ paise in the rupee from the Official Receiver of Mr. Ram who owed $Rs. 2,000$.
When goods are purchased for the joint venture, the account to be debited is __________________.
If the goods purchases are in transit, then the journal entry to record will be _______________.
Bills Receivable Book is a part of the ___________.
According to the Money Measurement concept, the following will be recorded in the books of Accounts __________________.
The process of recording a transaction in the journal is called __________.
Journal and ledger records transactions in ___________________.
The details of goods returned by the customers to the business organization are recorded in _______ book.
_______ records the details of goods returned by the business organization to the supplier(s).
Sale of office furniture should be debited to __________.
The total amount column of the purchases return book is _______________.
Sales for the year ended $31$st March, $2015$ amounted to Rs. $10,00,000$. Sales included goods sold to Mr.A for Rs. $50,000$ at a profit of $20\%$ on cost. Such goods are still lying in the godown at the buyer's risk. Therefore, such goods should be treated as part of.
Journalizing is ___________.
A debit note for 20,000 issued to Mr. Z for goods returned by us is to be accounted for in ______________.
_______ is used to record the details of bills receivable by the business organization.
A Customer returning the goods purchased on credit, may inform the seller by sending _______________.
The process of recording transaction in different journals is called _______.
Which of the following specialized journals records "good returned by customers"?
Goods returned by Mr Y for Rs 10000 passed through the Purchased Return Book. This error will result in _________________.
Goods returned to X for Rs.10,000 passed through the Sales Return Book. The error will result in ________________.
Credit purchase of plant and machinery is recorded in_________________.
Which of the following actions reflects 'parent ego' as per the concept of Transactional Analysis?
The author or the book Suma de Arithmetica is _______________.
Purchase of second-hand computer on credit by a cloth merchant will be recorded in ___________.
When a large number of articles are sent on a sale or return basis, it is necessary to maintain ________________.
Accounting entries for the repayment of a loan received from Richard, the owner's friend is _____________________.
When Sale or Return Day Book and Sale or Return Ledger are maintained and the goods are approved by the customers, these are recorded _______________________.
Total of sales returns book is posted to the ___________.
When it is necessary to analyse transactions in terms of debit and credit ?
The periodic total of purchase return day book is posted to ______.
A return inwards book is kept to record ______________.
Goods Outward Book is meant for recording all returns of goods which were __________.
Which of the following statement(s) is / are true regarding Net Benefit Cost Ratio (NBCR)?
Returns outward book makes a record of__________.