If wages are paid for construction of business premises ______ A/c is credited and _A/c is debited.

Related MCQs

• Where do we record transactions of salary, rent or interest paid?
• Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is
• The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• Fixed assets are held by business for _____
• If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____
• Business enterprise is separate from its owner according to _________ concept.
• Any written evidence in support of a business transaction is called:
• According to the money measurement concept, the following will be recorded in the books of account of the business:
• Which shortcut key is pressed and then ‘yes’ is given in “Use Debit/Credit Noted” to post entry in Credit Note and Debit Note in Tally?
• A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?