User Account

All Pages

How is transaction recorded in accounting records

Assignment Help Accounting Basics
Reference no: EM132607980

Question 1: PPE asset costing Rs5000 is depreciated at the rate of 20 % per annum using the diminishing balance method.What is the total amount of depreciation for the first two years?

A. Rs1000

B. Rs1200

C. Rs1800

D. Rs2000

Question 2: A trader takes goods that have a selling price of Rs200 from his shop for his own use. The cost price of these goods is Rs150. How is this transaction recorded in his accounting records?

           Account debited                  Account credited

A drawings 200                             purchases 200

B purchases 200                         drawings 200

C drawings 150                         purchases 150

B purchases 150                           drawings 150

Question 3: What is a Balance Sheet?

A a statement of the assets, liabilities and capital of a business on a certain date

B a list of balances remaining on a business's books on a certain date

C a summary of a business's transactions for the year

D an account showing the financial position of a business at the year end

Question 4: Winston decides to write off a debt due to him from Leroy for goods sold on credit.

Which general journal entry records this?

account debited                       account credited

A bad debts                                 sales

B bad debts                                     Leroy

C sales bad                                      debts

D Leroy bad                                       debts

Reference no: EM132607980

Questions Cloud

How an investigative auditor can document a case : How an investigative auditor can document a case against an employee who has been embezzling from his employer by "cooking the books,"
Information security in relation to mobile devices : Explain the goal of information security in relation to mobile devices. Explain human safeguards, and discuss which human safeguard(s) should be implemented.
What sales need to be to make same gross profit as before : Competition has forced him to reduce his markup to 25% in 2020. What his sales need to be to make same gross profit as before?
Research the penalties associated with marijuana : Research the penalties associated with marijuana use in your state and local community (town/city). How do these differ from neighboring states?
How is transaction recorded in accounting records : Selling price of Rs200 from his shop for his own use. The cost price of these goods is Rs150. How is this transaction recorded in his accounting records?
What is the value of supply chain management : What is the value of supply chain management in terms of a health care organization?
How do prepare the closing entries at december : Prepare the closing entries at December 31. The ledger of Kaya Company contains the balances, Retained Earnings $30,000, Dividends $2,000
Make the journal entry to record the receipt of payment : Hashmi Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2
How much money will be available on jennifer 17th birthday : Please provide manual calculations with FORMULARS for Jim is going to establish a University Fund for his daughter Jennifer

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd