Accounts Chapter 3

Question 1

Name the debit and credits of:

Capital contribution

Answer 1

Cr Capital

Dr Bank

Question 2

Name the debit and credits of:

Drawings

Answer 2

Cr Bank

Dr Drawings

Question 3

Name the debit and credits of:

Bought a vehicle with cash

Answer 3

Cr Bank

Dr Vehicles

Question 4

Name the debit and credits of:

Bought equipment with cash

Answer 4

Cr Bank

Dr Equipment

Question 5

Name the debit and credits of:

Bought goods with cash

Answer 5

Cr Bank

Dr Trading Stock

Question 6

Name the debit and credits of:

Sold goods for cash

Answer 6

Cr Sales (selling price)
Dr Bank (selling price)
Cr Trading Stock (cost price)
Dr Cost of Sales (cost price)

Question 7

Name the debit and credits of:

Received rent income

Answer 7

Cr Rent Income

Dr Bank

Question 8

Name the debit and credits of:

Paid wages with cash

Answer 8

Cr Bank

Dr Wages

Question 9

Name the debit and credits of:

Bought consumables with cash

Answer 9

Cr Bank

Dr Consumables

Question 10

Name the debit and credits of:

Paid telephone with cash

Answer 10

Cr Bank

Dr Telephone

Question 11

Name the debit and credits of:

Paid for water and electricity with cash

Answer 11

Cr Bank

Dr Water and Electricity

Question 12

Name the debit and credits of:

Paid interest on overdraft with cash

Answer 12

Cr Bank

Dr Interest on Overdraft

Question 13

Name the debit and credits of:

Paid for Bank charges with cash

Answer 13

Cr Bank

Dr Bank charges

Question 14

Name the debit and credits of:

Paid for repairs with cash

Answer 14

Cr Bank

Dr Repairs and maintenance

Question 15

Name the debit and credits of:

Got a cash loan

Answer 15

Cr Loan

Dr Bank

Question 16

Name the debit and credits of:

Repaid a loan with cash

Answer 16

Cr Bank

Dr Loan

Question 17

Name the debit and credits of:

Interest on Loan (not capitalised)

Answer 17

Cr Bank

Dr Interest on Loan

Question 18

Name the debit and credits of:

Interest on Loan (capitalised)

Answer 18

Cr Loan

Dr Interest on Loan

Question 19

Name the debit and credits of:

Made a Fixed Deposit in cash

Answer 19

Cr Bank

Dr Fixed deposit

Question 20

Name the debit and credits of:

Fixed deposit matured

Answer 20

Cr Fixed deposit

Dr Bank

Question 21

Name the debit and credits of:

Interest on Fixed deposit (not capitalised)

Answer 21

Cr Interest on Fixed Deposit

Dr Bank

Question 22

Name the debit and credits of:

Interest on Fixed deposit (capitalised)

Answer 22

Cr Interest on Fixed Deposit

Dr Fixed Deposit

Question 23

What happens with petty cash?

Answer 23

A petty cash amount will be added to the account via a cheque
Small payments are made with the petty cash throughout the month
The amount of petty cash used will be paid
The balance will be the same every month

Question 24

Name the debits and credits of:

Petty cash impress amount paid

Answer 24

Cr Bank

Dr Petty Cash

Question 25

Name the debits and credits of:

Expense paid with petty cash

Answer 25

Cr Petty Cash

Dr the expense

Question 26

Name the debits and credits of:

Restored the petty cash impress amount

Answer 26

Cr Bank

Dr Petty cash

Question 27

Where will we record a cash transaction where we receive money?

Answer 27

Cash
Receipts
Journal

Question 28

Where will we record a cash transaction where we lose money?

Answer 28

Cash
Payments
Journal

Question 29

Where will we record payments made with petty cash?

Answer 29

Petty
Cash
Journal