Accountancy

Question 1

Trade discount??
Cash discount??

Answer 1

Trade discount– bulk purchase
Cash discount – immediate payment

Question 2

1)Sales book is not equal to??

2)Purchase book is not equal to??

Answer 2

1) Sales book is not equal to SALES A/C

2) Purchase book is not equal to PURCHASE A/C

Question 3

Difference between accountancy ,accounting and book keeping??

Answer 3

Book keeping– journal
Ledger
Trial balance
Accounting– Final A/Cs (starts where book keeping ends)
Accountancy– includes accounting and book keeping (Subject)

Question 4

To pass any journal entry for businessman we use 2 accounts to dedicate him. What are they??

Answer 4

Capital and drawings

Question 5

Journal entry for Interest on capital??

Answer 5

Interest on capital a/c dr
To capital a/c

Question 6

Journal entry for interest on drawings??

Answer 6

Drawings a/c dr
To interest on drawings a/c

Question 7

Journal entry for Purchase return??

Answer 7

Supplier a/c dr.
To purchase return a/c

Question 8

Journal entry for sales return??

Answer 8

Sales return a/c dr
To Customer a/c

Question 9

Expense on purchase??
Expense on sale??

Answer 9

Purchase— Inward expense
Sale— Outward expense

Question 10

Accrued income

Answer 10

Earned but not yet received