Accounting - Study Mode
[#71] Consider the following statements: A credit purchase during the accounting year which was not recorded in the books of account but included in the closing stock is to be: I. added to the credit purchases account II. added to the creditors account III. subtracted from the closing stock IV. added to the opening stock Which of the statements given above is/are correct?
Correct Answer
(B) I and II
[#72] Bills are drawn by . . . . . . . .
Correct Answer
(A) Creditors
[#73] When goods are purchased for the joint venture out of joint bank A/C the amount is debited to:
Correct Answer
(B) Joint venture A/C
[#74] When furniture is sold for cash, the entry should be made in . . . . . . . .
Correct Answer
(B) cash book
[#75] While preparing the annual financial statements, the balance of rent account should be treated as the balance of a:
Correct Answer
(A) Personal Account