The respective normal account balances of Sales, Sales Returns , and Discounts allowed are?

Related MCQs

• The process of transferring the debit and credit items from a journal to their respective account in the ledger is termed as?
• 1 oct Opening balance=400 units @Rs 20 each, 3 Oct:Purchase=300 units @Rs 10 ,5 Oct Sales=500 units.What will be total Sales value(in Rs) as per FIFO Method?
• In trial balance, which accounts with is/are recorded at the credit side? I)Sales II)Sales return III)Cash IV)Loan
• 4 oct Opening balance=500 units @Rs 20 each, 5 Oct:Purchase=1000 units @Rs 15 ,6 Oct Sales=500 units.What will be rate at which the sales unit will be valued as per weighted avg method?
• Which one is false. I)Capital Expenditure is non recurring in nature and shown in P&L account. II)Revenue expenditure is incurred to conduct day to day activities
• In the books of account if a transaction is completely deleted, will it affect the trial balance?
• When Salary is paid by cheque, which account is credited.
• 2 oct Opening balance=200 units @Rs 15 each, 4 Oct:Purchase=500 units @Rs 10 ,5 Oct Sales=600 units.What will be Closing Inventory value (in Rs) as per LIFO Method?
•                         refers to the order in which the various assets and liabilities are shown in the Balance Sheet.
• Where do we show Gas and Fuel in final accounts?