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Here is a Sample Worksheet for you to Practice. Download this worksheet to see the answers.
Amortisation is charged on which type of asset ?
Tangiable Fixed Assets
2.Intangiable Fixed Asset
3.Both of them
4.None of above
Capital
Liabilities
2.Assets
3.Expenses
4.Income
Cash
Liabilities
2.Assets
3.Expenses
4.Income
Which account will be debited in case Life Insurance premium is paid by proprietor from business cash ?
Drawing A/c
2.Insurance premium A/c
3.Capital A/c
4.Cash A/c
Which concept states that “for every debit, there is a credit”?
Accounting Period Concept
2.Revenue Recognition Concept
3.Dual Aspect Concept
4.Money Measurement Concept
Jay was the debtor and was declared insolvent, he paid only 70 paisa in a rupee. Total bad debts were written off ₹7,200. What amount was received from Jay?
?24,000
2.?16,800
3.?15,000
4.?16,500
A sells goods to B, costing ₹ 1,00,000 at a profit of 10% above cost, less 10% trade discount and a further 5% cash discount if paid within 15 days. Which of the following Journal entry would correctly record the sale in the books of A?
Dr. A and Cr. Sales A/c by ? 99,000
2.Dr. B and Cr. Sales A/c by ? 99,000
3.Dr. B and Cr. Sales A/c by ? 90,000
4.Dr. Cash A/c ?94,050, Discount allowed A/c by ?4,950; Cr. Sales A/c by ? 99,000
Goods of ₹10,000 were sold for cash at 10% trade discount and 2% cash discount. In the journal entry ___________ account will be debited by ₹____________.
Cash; ?9,000
2.Sales; ?9,000
3.Cash; ?8,820
4.Sales; ?8,820
Interest on capital indicates _______ balance in trial balance:
Debit
2.Credit
3.Debit or Credit
4.Neither Debit nor Credit
A debtor of ₹10,000 pays ₹9,500 in full settlement. Choose the correct statement.
Cash account will be debited by ?9,500
2.Cash account will be debited by ?10,000
3.Debtor account will be debited by ?10,000
4.Debtor account will be credited by ?9,500
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