Which of the following entries is correct in respect of reserve for discounts on accounts payable?

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
• A reserve is created but its identity is merged with some other account or group of accounts so that the existence of the reserve is not known:
• The total of the ‘Discounts Allowed’ column in the Cash Book is posted to?
• Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists: List I List II i) Receipts and Payments Account I. Revenue ii) Income and Expenditure Account II. Cash iii) Club subscription received in III. Liability Advance Account Codes:(i) (ii) (iii)
• In case debentures of Rs. 10,000 are issued at par but payable at a premium of 10% the premium payable will be debited to:
• P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. _______ profit is credited.
• Journal entries passed to correct the errors are called
• A trader has credited certain items of sales on approval aggregating ` 60,000 to Sales Account. Of these, goods of the value of `16,000 have been returned and taken into stock at cost ` 8,000 though the record of return was omitted in the accounts. In respect of another parcel of ` 12,000 (cost being `6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be
• Which of the following is true regarding closing entries?
• Name the book in which, entries are recorded on the basis of debit notes issued.