Class 11 Accountancy - Chapter Recording of Transactions - 1 NCERT Solutions | State the title of the accounts affected
State the title of the accounts affected, type of account and the account to be debited and account to be credited :
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1. Bhanu commenced business with cash 1,00,000
2. Purchased goods on credit from Ramesh 40,000
3. Sold goods for cash 30,000
4. Paid salaries 3,000
5. Furniture purchased for cash 10,000
6. Borrowed from bank 50,000
7. Sold goods to Sarita 10,000
8. Cash paid to Ramesh on account 20,000
9. Rent paid 1,500
1. Cash account and capital account, Assets and Liabilities, Assets increase and capital increase.
2. Purchase account and Remesh account, Expenses and Liabilities, Expenses and Liabilities increases.
3. Cash account and sales account, Assets and Revenues, Assets and Revenues increases.
4. Salaries account and cash account, Expense and Assets, Expenses increases Assets decreases.
5. Furniture account and Cash account, Asset increases Asset decreases.
6. Loan account and Bank, Liability and Asset, Liabilities increases Asset decreases.
7. Sarita account and Sales account, Asset and Revenue, Assets decreases Revenue decreases.
8. Ramesh account and Cash, liabilities and Assets, Liabilities decreases Assets increases.
9. Rent account and Cash account, Expense and Assets, Expenses increases Assets decreases.
More Questions From Class 11 Accountancy - Chapter Recording of Transactions - 1
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Differentiate between source documents and vouchers.
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The journal entry to record the sale of services on credit should include:
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Select Right Answer:
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(ii) Cash/Credit sales
(iii) Cash/Credit purchase
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(ii) Capital account
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What entry (debit or credit) would you make to:
(a) increase revenue
(b) decrease in expense,
(c) record drawings
(d) record the fresh capital introduced by the owner. - Q:-
Choose the Correct Answer :
The ledger folio column of journal is used to:
(a) Record the date on which amount posted to a ledger account.
(b) Record the number of ledger account to which information is posted.
(c) Record the number of amounts posted to the ledger account.
(d) Record the page number of the ledger account.
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Furniture purchased from M/s Rao Furnishigs for 8,000 was entered into the purchases book.
This is the error of ........................................
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The rectification entry will be:
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