Credit purchase is determined by preparing

Related MCQs

• Credit Purchase can be calculated by preparing:
• While checking the accounts of ABC the following discrepancies were noticed, even though the Trial Balance was made to balance by putting the difference to Suspense A/c. (i) Sales day book for the month of June‘12 was found overcast by ` 7,000. (ii) A credit purchase of ` 3,000 was omitted to be recorded in the days book. (iii) ` 4,300. Received from A credited to A A/c ` 3,400. (iv) Purchase of Office Equipment worth ` 5,000 included in trading purchases. From the above details what would have been the difference in Trial Balance which was made to balance by opening Suspense A/c.
• The process of balancing of an account involves equalization of both sides of the account. If the debit side of an account exceeds the credit side, the difference is put on the credit side. The said balance is (i) A Debit balance (ii) A Credit balance (iii) An expenditure or an Asset (iv) An Income or a Liability
• 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
• Credit sale can be obtained by preparing:
• In a Cash Book Debit balance of `112 brought forward as credit balance of ` 121, while preparing a Bank Reconciliation Statement taking the balance as per Cash Book as the starting point:
• The amount of credit purchases can be ascertained by preparing a
• Credit sales can be ascertained by preparing
• Credit purchases can be ascertained by preparing
• Purchase of a laptop for office use wrongly debited to Purchase Account. It is an error of