Opening entries are generally passed through-

Related MCQs

• The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
• If Building (closing) Rs.100,000, Land (opening) Rs. 100,000, Creditors (opening) Rs.10,000 then opening capital:
• Closing entries are generally passed —
• Journal entries passed to correct the errors are called
• Opening Stock ` 15,000, Closing Stock ` 6,000, Total Purchase during the year ` 30,000. Given that Opening Stock inadvertently includes postage stamps of ` 1,500. Find the cost of goods sold
• Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.
• A trade purchase of ` 5,500 from Y was passed through Sales Day Book as ` 550, what rectification entry would be passed if the mistake is detected before preparation of Trading and Profit & Loss A/c
• ABC Ltd. makes payments to its Sundry Creditors through cheques and the Cash Discount received on these payments is recorded in the Triple-columnar Cash Book. In the event of dishonour of any such cheques, the discount so received should be written back through (i) A debit to discount column of the Cash Book (ii) A credit to discount column of the Cash Book (iii) A credit to bank column of the Cash Book (iv) A debit to Discount Account through Journal Proper (v) A credit to Creditor‘s Account through Journal Proper
• The method of rapidly posting entries in the books of banks is called as ……….
• Entries come both on the debit side and credit side of cashbook called