Class 11 Accountancy - Chapter Recording of Transactions - 1 NCERT Solutions | A purchase of machine for cash should be

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

The journal entry to record the sale of services on credit should include:
(a) Debit to debtors and credit to capital.
(b) Debit to cash and Credit to debtors.
(c) Debit to fees income and Credit to debtors.
(d) Debit to debtors and Credit to fees income.

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Cash withdrawn by the Proprietor should be credited to: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?

If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated?

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

Give any three examples of revenues.

Which stakeholder group...                    would be most interested in
_____________________________       (a) the VAT and other tax liabilities of the firm
_____________________________       (b) the potential for pay awards and bouns deals
_____________________________       (c) the ethical or environmental activities of the firm
_____________________________       (d) whether the firm has a long-term future
_____________________________       (e) profitability and share performance
_____________________________       (f) the ability of the firm to carry on providing a
                                                                 service or producing a product.

‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

What is petty cash book? Write the advantages of petty cash book?

Briefly explain the term ‘favourable balance as per cash book’.

Name the parties to a promissory note.

What is contra entry? How can you deal this entry while preparing double column cash book?

If the trial balance agrees, it implies that:

(a) There is no error in the books.
(b) There may be two sided errors in the book.
(c) There may be one sided error in the books.
(d) There may be both two sided and one sided errors in the books.