Accounting - Study Mode
[#2151] Purchases for office furniture on account is recorded in . . . . . . . .
Correct Answer
(A) general journal
[#2152] The term loan of Rs. 5,00,000 was received from IFCI. It was used as under: I. Rs. 2,00,000 was advanced to suppliers for capital work-in-progress II. Rs. 3,00,000 was used for financing the working capital The interest payable would be treated:
Correct Answer
(B) on I as capital expenditure and on II as revenue expenditure
[#2153] Goods worth Rs. 24,000 were returned by X. The accountant, however, credited the sales returns account by Rs. 42,000. In order to rectify this error, what should be done?
Correct Answer
(C) Debit the sales return account by Rs. 66,000
[#2154] Accounting records transactions in terms of:
Correct Answer
(B) Monetary units
[#2155] While assertaining profit in single entry system the amount of additional capital introduced is:
Correct Answer
(D) deducted from the capital at the end