Sales made to Mahesh fir cash should be debited to

Related MCQs

• Which of the following statements is/are true? (i) Cash Book records all cash receipts and cash payments (ii) Cash Book records all sale and purchase transactions of goods both in cash and on credit (iii) Cash Book records discount on Cash Payments
• 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
• 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
• Consider the following data pertaining to a company for the year 2011-2012 : Opening balance of sundry debtors ` 40,000; Credit sales `4,30,000; Cash sales ` 20,000; Cash collected from debtors `4,00,000; Closing balance of sundry debtors ` 50,000 The bad debts of the company during the year are
• A company sends its cars to dealers on 'sale or return' basis. All such transactions ire however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had cost ` 55,000 each have been sent on sale or return and have been debited to customers at ` 75,000 each, cost of goods lying with the customers will be
• A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31st March, it was found that 100 articles at a sale price of ` 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock on approval will be amounting
• Goods worth ` 10,000 were purchased by B on which the traders allowed ` 500 trade discount and offer to give 5% cash discount if immediate payment is made. The Purchase A/c will be debited by —
• The entry to record the collection of cash from Sundry Debtors would involve a (i) Debit to Sundry Debtors (ii) Debit to Cash Account (iii) Credit to Sundry Debtors (iv) Credit to Cash Account
• From the following details ascertain the adjusted Bank balance as per Cash Book — Overdraft as per Cash Book ` 80,000; Cheque received entered twice in the Cash Book ` 5,000; Credit side of bank column cast short by ` 500; Bank charges amounting to ` 200 entered twice; Cheque issued but dishonoured ` 2,000
• In the course of preparing a company’s cash flow statement, the following figures are to be included in the calculation of net cash from operating activities: Depreciation charges Rs.9,80,000 Profit on sale of non-current assets Rs.40,000 Increase in inventories Rs.1,30,000 Decrease in receivables Rs.1,00,000 Increase in payables Rs.80,000 What will be the net effect of these items in the cash flow statement?