If Ram's acceptance which was endorsed by us in favour of Saleem is dishonoured, then the amount will be debited in our books to

Related MCQs

• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• Kuntal draws a bill on shyam for ` 7,000.Kuntal endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be:
• When Bills Receivable is returned dishonoured by the drawee, which of these A/c is debited by the drawee
• The person in whose favour the bill is endorsed is known as __________.
• Bills receivable as endorsed is debited to
• If a bill is endorsed to a third party, the accounting entry in the books of the endorser, at the time of endorsement involves
• In the books of Lessee , short working recovered amount is debited to Sol:
• The balance as per bank statement of a company is `12,000 (Dr.). The company deposited two cheques worth `9,500, out of which one cheque for `2,300 was dishonoured which was not entered in the cash book. The credit balance as per cash book is
• When an asset is acquired on hire purchase system, the asset account is debited with _______ of the assets in the books of the hire purchaser.
• When there is no Goodwill Account in the books and goodwill is raised,…………….account will be debited Sol: