Discount Sales Account Dec. Lara India , Dec. , Dec. Rupak Traders , Sales Return Account Dec.
Lara India , Trade Expenses Account Dec. Taranum Account Dec. Purchase , Dec. Purchase , Return Dec.
Bank Discount Paid Account Dec. Lara India Purchases Return Account Dec. Taranum , Stationery Account Dec. , Rent Account Dec.
Bank , Drawings Account Dec. Rupak Traders Account Dec. Sales , Test Your Understanding - V Select Right Answer: . Voucher is prepared for: Cash received and paid Cash/Credit sales (iii) Cash/Credit purchase (iv) All of the above .
Voucher is prepared from: Documentary evidence Journal entry (iii) Ledger account (iv) All of the above . How many sides does an account have? Two Three (iii) one (iv) None of These . A purchase of machine for cash should be debited to: Cash account Machine account (iii) Purchase account (iv) None of these .
Which of the following is correct? Liabilities + Liabilities – (iii) – Liabilities (iv) + Liabilities. . Cash withdrawn by the Proprietor should be credited to: Drawings account Capital account (iii) Profit and loss account (iv) Cash account .
Find the correct statement: Credit a decrease in assets Credit the increase in expenses (iii) Debit the increase in revenue (iv) Credit the increase in capital . The book in which all accounts are maintained is known as: Cash Book Journal (iii) Purchases Book (iv) Ledger . Recording of transaction in the Journal is called: Casting Posting (iii) Journalising (iv) Recording Key Terms Introduced in the Chapter Source Documents Credit Accounting Equation Debit Books of Original Entry Account Journalising and Posting Ledger Double Entry Book Keeping· Journal Summary with Reference to Learning Objectives . Meaning of source documents : Various business documents such as invoice, bills, cash memos, vouchers, which form the basis and evidence of a business transaction recorded in the books of account, are called source documents.
. Meaning of accounting equation : A statement of equality between debits and credits signifying that the assets of a business are always equal to