Podcast
Questions and Answers
If a company's goods of Rs. 5000 were stolen by a thief, how would the journal entry be made?
If a company's goods of Rs. 5000 were stolen by a thief, how would the journal entry be made?
- Dr→Theft Loss (Indirect Expenses) 5000 Cr→Goods Sold (Revenue Account) 5000
- Dr→Loss By Theft (Indirect Expenses) 5000 Cr→Goods Stolen By Theft (Purchase Account) 5000 (correct)
- Dr→Goods Sold By Theft (Purchase Account) 5000 Cr→Loss By Theft (Indirect Expenses) 5000
- Dr→Goods Stolen By Theft (Purchase Account) 5000 Cr→Loss By Theft (Indirect Expenses) 5000
What would be the correct journal entry if a company's advertising expenses of Rs. 2000 were actually the distribution of goods as a sample?
What would be the correct journal entry if a company's advertising expenses of Rs. 2000 were actually the distribution of goods as a sample?
- Dr→Goods Distributed As Sample (Purchase Account) 2000 Cr→Sales Revenue 2000
- Dr→Goods Distributed As Sample (Purchase Account) 2000 Cr→Advertisement (Indirect Expenses) 2000
- Dr→Advertisement (Indirect Expenses) 2000 Cr→Goods Distributed As Sample (Purchase Account) 2000 (correct)
- Dr→Sales Revenue 2000 Cr→Goods Distributed As Sample (Purchase Account) 2000
If goods worth Rs. 3000 were donated as charity, how would this transaction be recorded?
If goods worth Rs. 3000 were donated as charity, how would this transaction be recorded?
- Dr→Donation Expense (Indirect Expenses) 3000 Cr→Assets Sold (Revenue Account) 3000
- Dr→Assets Sold (Revenue Account) 3000 Cr→Loss By Charity (Indirect Expenses) 3000
- Dr→Loss By Charity (Indirect Expenses) 3000 Cr→Goods Donated As Charity (Purchase Account) 3000 (correct)
- Dr→Goods Donated As Charity (Purchase Account) 3000 Cr→Loss By Charity (Indirect Expenses) 3000
If goods worth Rs. 8000 were damaged by flood and rain, with an insurance claim accepted for Rs. 6000, how would this transaction be accounted for?
If goods worth Rs. 8000 were damaged by flood and rain, with an insurance claim accepted for Rs. 6000, how would this transaction be accounted for?
What would be the journal entry if wages of Rs.1200 were left unpaid?
What would be the journal entry if wages of Rs.1200 were left unpaid?
If sundry expenses of Rs.2000 were unpaid, how would this transaction be entered in the journal?
If sundry expenses of Rs.2000 were unpaid, how would this transaction be entered in the journal?
If commission worth Rs.500 was unreceived, how would this situation be reflected in the company's journal?
If commission worth Rs.500 was unreceived, how would this situation be reflected in the company's journal?
What would be the correct journal entry if a company paid a brokerage of Rs.5000 in advance?
What would be the correct journal entry if a company paid a brokerage of Rs.5000 in advance?
Goods of Rs. 4000 were sold to Gopal Traders by cash.
Goods of Rs. 4000 were sold to Gopal Traders by cash.
Interest of Rs. 5000 was received by cash from Dhiraj Corporation.
Interest of Rs. 5000 was received by cash from Dhiraj Corporation.
Machinery worth Rs. 8000 was sold to Krish Elevators by cash.
Machinery worth Rs. 8000 was sold to Krish Elevators by cash.
Goods worth Rs. 18000 were purchased from Shania Mirja.
Goods worth Rs. 18000 were purchased from Shania Mirja.
Damaged goods worth Rs. 1500 were returned by Shania Mirja and an amount of Rs. 16500 was received by SBI cheque from Shania Mirja.
Damaged goods worth Rs. 1500 were returned by Shania Mirja and an amount of Rs. 16500 was received by SBI cheque from Shania Mirja.
A Physical Stock Voucher is used to hide any differences between the stock entered in the software and the physical stock in the godown.
A Physical Stock Voucher is used to hide any differences between the stock entered in the software and the physical stock in the godown.
In the given example, M/S National Traders purchased a Xiaomi Mi CC9 Pro Mobile on November 1st.
In the given example, M/S National Traders purchased a Xiaomi Mi CC9 Pro Mobile on November 1st.
The GST rate for the Nikon D5600 Camera purchased by M/S National Traders is 18%.
The GST rate for the Nikon D5600 Camera purchased by M/S National Traders is 18%.
In the transaction with Efftronics Systems Pvt Ltd, M/S National Traders issued a Delivery Note Voucher on November 1st.
In the transaction with Efftronics Systems Pvt Ltd, M/S National Traders issued a Delivery Note Voucher on November 1st.
If a company returns goods to a supplier due to defects, this transaction would be recorded as a Purchase Return Voucher.
If a company returns goods to a supplier due to defects, this transaction would be recorded as a Purchase Return Voucher.
When calculating capital, purchases are subtracted from sales to determine the net capital.
When calculating capital, purchases are subtracted from sales to determine the net capital.
In a receipt voucher, the name of the recipient is always mentioned in the debit side.
In a receipt voucher, the name of the recipient is always mentioned in the debit side.
If goods worth Rs. 2000 were returned by Mohini Creation, the entry would be: Dr-> Sale Return Goods, Cr-> Prajakta Fashion.
If goods worth Rs. 2000 were returned by Mohini Creation, the entry would be: Dr-> Sale Return Goods, Cr-> Prajakta Fashion.
Receiving dividends of Rs. 7000 by cash would result in the entry: Dr-> Cash, Cr-> Dividend Income.
Receiving dividends of Rs. 7000 by cash would result in the entry: Dr-> Cash, Cr-> Dividend Income.
If goods worth Rs. 10000 were sold to Roobina Creation for cash, the entry would be: Dr-> Cash, Cr-> Sold Goods.
If goods worth Rs. 10000 were sold to Roobina Creation for cash, the entry would be: Dr-> Cash, Cr-> Sold Goods.
When receiving commission of Rs. 3000 in cash from Harsh, the entry would be: Dr-> Commission Income, Cr-> Cash.
When receiving commission of Rs. 3000 in cash from Harsh, the entry would be: Dr-> Commission Income, Cr-> Cash.
A receipt voucher always mentions the reason or account from which money is received on the credit side.
A receipt voucher always mentions the reason or account from which money is received on the credit side.
