Tag: illustrations on journal entries

When one existing company takes over the business of another company or companies, it is _____________.

Wages paid to Mohan for erecting a machine should be debited to ___________.

The invoice relating to the acquisition on credit of an Office Equipment for Rs 24,500 from Globe Ltd was entered in the Purchases Journal. To correct this error which of the following needs to be done?

Amit commenced business introducing as his capital furniture worth Rs. 21,000, a car valued at Rs. 30,000 and Rs. 48,000 in cash. The journal entry for recording this would require ____________________.

Transactions which are inter-connected and have taken place simultaneously are recorded by means of a _____________.

Journal is the book of _______ in which every transaction is recorded before being posted into the ledger. 

________are passed in the general journal for transferring an item entered in one account to another account.

Rs. 15,000 received from Karan has been credited to Ravan. Which of the following rectification entry is correct?

Which one of the following is called backbone of auditing?

ABC Ltd. issued 10,000 equity shares of Rs 10 each at a premium of 20% payable Rs 4 on application (including premium), Rs 5 on allotment and the balance on first and final call. The company received applications for 15,000 shares and allotment was made pro-rata. P, to whom 3,000 shares were allotted. failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Madan at par. Assuming that no other bank transactions took place, the bank balance of the company after effecting the above transactions?