The process of recording the transactions in journal is called – – – –

The process of transferring the entries from the books of original entry to ledger is called – – – –.

Salaries paid to Gopal will be debited to – – – – – A/c.

If the proprietor withdraws goods for personal use the account to be credited is – – – –.

The discount which is allowed by the seller of the goods to the customer for making prompt payment is called – – – discount.

An account is opened in the name of the proprietor, he is represented by – – – – A/c.

. An entry in which more than one account is debited or credited is called – – – – entry.

4. Outstanding expenses is a – – – – for the firm.

. Accrued income is an – – – – for the firm

Paid income tax amounting to Rs.20,000 through cheque. – – – – A/c will be debited.

Wages paid for the erection of machinery will be debited to – – – –A/c.

Sometimes we receive an income but a portion of this income relates to the next accounting period. Such portion of the income is called – – – – Income.

Bought goods from Sonam for Rs.60,000 for cash and paid carriage charges Rs.1000. Purchases account will be debited with Rs.– – – –.

Received a cheque for Rs.98,000 from Gopal in full settlement of his account of Rs.1,00,000. Gopal’s A/c will be credited with Rs. – – – –.

An entry passed in journal to record the closing balances of the previous year to the current year is called – – – – entry.

Vipro Ltd. Purchased 50 computers from HCL and is allowed a discount of Rs.10,000 for purchase thereof. Discount allowed by HCL is – – – – discount.

Bricks , cement etc. for Rs.1,50,000 and timber for Rs.2,00,000 were purchased for the construction of building. Payment was made by cheque. – – – – A/c will be debited with Rs. – – – –.

Sold goods to Kamal costing Rs.10,000 at 30% above cost less trade discount 10%.Sales account will be credited with Rs. – – – –.

. Goods withdrawn by the proprietor for personal use Rs.5000. The goods were purchased paying IGST @ 18%. In the journal entry IGST A/c will be – – – – with Rs. 900.

Raghav, a customer, to whom goods were sold, was allowed rebate of Rs.2000 because they were of poor quality. These goods were sold charging CGST and SGST @ 9% each. Raghav A/c will be credited with Rs. – – – –.

Following balances appeared in the books of Rishabh on 1 January 2019: Furniture Rs. 40,000; Creditors Rs. 30,000. Cash Rs.6,000; Bank Rs. 10,000; Debtors Rs.45,000; Bills Payable Rs. 5,000; Stock Rs. 44,000; Capital account will be credited with Rs. – – – –.

Purchased goods from Vijay of Rs. 40,000 plus IGST @ 18% at 10% trade discount and 3% cash discount. Half the amount paid at the time of purchase. Purchases A/c will be debited with Rs. – – – –.

Ashutosh purchased a machine for Rs.2,40,000 for business. He gave a cheque of Rs. 2,40,000 from his savings account. – – – – A/c will be credited in the journal entry.

. Mukesh sold 100 tables to Suresh at the rate of Rs.5000 each less 25% trade discount plus IGST at the rate of 12% and 2% cash discount if Suresh paid the amount in 14 days of sale. Suresh paid the amount within 14 days. Sales A/c will be credited with Rs. – – – –.

Bought computer for Rs.10,000 plus CGST and SGST @ 6% each against cheque. – – – – A/c will be credited with Rs. – – – –.

Bought machinery for Rs. 28,000 and paid freight Rs. 1,000, carriage Rs. 200 and installation charges Rs. 800. In journal entry Machinery A/ will be debited with Rs. – – – –.

Opening cash balance Rs.60,000. Cash paid to creditors Rs.15,000. Wages paid Rs.3000. Cash account has a – – – – balance of Rs. – – – –.

Ledger is the book of original entry.

The process of recording transactions in journal is known as Journalising.

Brief description of a transaction in a journal entry is known as narration.

Both cash discount & trade discount are shown in the journal entry.

Ledger is a permanent record of all transactions.

The process of transferring transactions from journal to ledger is known as posting.

If wages are paid for installation of Machinery, then wages A/c will be debited.

Ledger is a book in which only real & nominal accounts are maintained.

Journalising is the process in which we record the transactions in a ledger.

Purchased goods for Rs. 20,000 in cash at 5% cash discount. Discount A/c will be debited by Rs.1,000.

An account is said to have a debit balance if total of debit side is more than credit side.

Plant & Machinery A/c Dr. 1,25,000 To Cash A/c 1,00,000 To Mohan 25,000 The journal entry given above is an example of compound entry.

0. In an opening entry if the amount of liabilities is less than the amount of assets debited, then the difference is debited to Asset A/c.

In case of inter -state sale of goods, Input SGST A/c is credited.

On 31st March,2019, Mr. Z paid wages Rs. 20,000 and Received Rent Rs.30,000.These transactions can be shown in a single compound entry.

Purchased goods costing Rs.10,000 at 10% above the cost price,10% trade discount & 5% cash discount. CGST & SGST Isis levied @6% each. Amount of cash discount will be Rs. 450

Goods costing Rs.20,000 sold at 10% more than the invoice price & 5% trade discount. CGST & SGST is levied at 6% each. The amount of CGST will be Rs 1,254.

Mr. X of Delhi sold goods costing Rs. 50,000 to Mr. Y of Punjab. GST is levied @12%.Output CGST A/c will be credited with Rs. 6,500.

Rent paid Rs.5,000 per month, two months’ rent is paid in advance. Prepaid Rent A/c will be debited by Rs.10,000.

Interest on drawings is an _________ for a proprietor.

Opening entry is _________.

Shyam is a registered dealer of Kerala purchasing goods from Mohan of Telangana would be an ______________.

Used cement and bricks for office building will be credited to _______.

The book which contains a classified and permanent record of all the transactions of a business is called the ___________-.

A trial balance can be prepared with the help of ______________

Carriage inwards and carriage outwards show ________ and _______ balances.

Fill in the following assuming GST rate is 12%. Purchases a/c dr. _______ Input IGST a/c dr. 30,000 To shyam’s a/c _________ (purchased goods from Shyam)

Goods costing Rs.40,000 sold at a profit of 20% on sales @ 10% trade discount. Sales will be credited by Rs.__________.

There was a loss by fire of Rs.10,000 but company approved the claim of only Rs, 8,000,this difference of Rs. 2,000 will be debited to_________.