Class 11 Accountancy - Chapter Recording of Transactions - 1 NCERT Solutions | The journal entry to record the sale of

Differentiate between source documents and vouchers.

What is a journal? Give a specimen of journal showing at least five entries.

Voucher is prepared from:
(i) Documentary evidence
(ii) Journal entry
(iii) Ledger account
(iv) All of the above

A purchase of machine for cash should be debited to:
(i) Cash account
(ii) Machine account
(iii) Purchase account
(iv) None of these

Select Right Answer:

Voucher is prepared for:
(i) Cash received and paid
(ii) Cash/Credit sales
(iii) Cash/Credit purchase
(iv) All of the above

Should a transaction be first recorded in a journal or ledger? Why?

Cash withdrawn by the Proprietor should be credited to:
(i) Drawings account
(ii) Capital account
(iii) Profit and loss account
(iv) Cash account

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.

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.

Give a specimen of an account.

Name any two types of commonly used negotiable instruments.

Why is it necessary to record the adjusting entries in the preparation of final accounts?

State the meaning of incomplete records?

What is ‘Depreciation’?

Briefly state how the cash book is both journal and a ledger.

State the meaning of a trial balance?

State the four basic requirements of a database applications.

Define accounting.

State the different elements of a computer system.

Why is it necessary for accountants to assume that business entity will remain a going concern?

Explain the concept of cost of goods sold?

Goods purchased on cash are recorded in the :
(i) Purchases (journal) book
(ii) Sales (journal) book
(iii) Cash book
(iv) Purchases return (journal) book

Credit purchase, during the year is ascertained by preparing :

  (a) Total creditors account       (b) Total debtors account
  (c) Cash account                     (d) Opening statement of affairs

Total of these transactions is posted in purchase account :
(i) Purchase of furniture
(ii) Cash and credit purchase
(iii) Purchases return
(iv) Purchase of stationery

What are the methods of preparing trial balance?

The periodic total of purchases return journal is posted to :
(i) Purchase account
(ii) Profit and loss account
(iii) Purchase returns account
(iv) Furniture account

What is the purpose of preparing trading and profit and loss account?

If opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be :

  (a) Rs. 20,000            (b) Rs. 25,000
  (c) Rs. 30,000            (d) Rs. 40,000

Choose the Correct Answer

During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept :
(a) Conservation
(b) Matching
(c) Accounting period
(d) None of the above

Explain the development and role of accounting.