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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Taxation interview questions  Taxation Interview Questions (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4362)
Question
Pass Journal Entry for the following
Mr.A is running Furniture Business. He bought 10 chairs at 
Rs.1000 each. He used one chair for his personal use.
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Mr Manoranjan you are wrong because A is runnin furniture
business Hence the purchase of chairs is a salable good
The entry will be
Purchase a/c dr 9000
Mr A drawing a/c dr 1000
To Cash a/c 10000
(Being purchase of goods )
sujatha madam you are also wrong You should not pass
furniture entry why because he is doing business with
furniture
As requested by so many I composed 6 sets of question
papers with answer books suitable for accounts and finance
interviews. If needed pl send you e-mail
 
Is This Answer Correct ?    38 Yes 8 No
Satyaki_raju@yahoo.com
 
Answer
# 2
purchase a/c dr 10000
cash a/c cr 10000


2nd
drawing a/c dr 1000
purdchase cr 1000
 
Is This Answer Correct ?    36 Yes 9 No
Sourabh
 
 
 
Answer
# 3
furniture a/c dr. 10000
to cash a/c 10000



drawings a/s dr. 1000
to furniture a/c 1000
 
Is This Answer Correct ?    38 Yes 16 No
Manoranjan
 
Answer
# 4
Purchases A/c Dr......... 9000
A's Drawing A/c Dr....... 1000
To Cash A/c 10,000

(Being Furniture Purchased for Cash)
 
Is This Answer Correct ?    16 Yes 4 No
Shalini Parisha
 
Answer
# 5
Drawing A/c Dr 1000
Purchase A/c Cr 1000
 
Is This Answer Correct ?    30 Yes 19 No
Ahasan Ali
 
Answer
# 6
firniture ac dr 9000
drawings ac dr 1000
to cash ac 10000
 
Is This Answer Correct ?    14 Yes 4 No
Venkat
 
Answer
# 7
Purcahse aAc Dr.............1000
To Cash A/c 1000
(Being chair purchased for cash)


Dwaring A/c Dr..............100
To Furniture a/c 100
(being the furniture withdrew for personnal use)


Note:(for 2nd entry) dwaring was made in the fornm of chair
and not in cash, so Mr. Raju sorry to say but ur wrong, it
cant be "To cash A/c" in place of "To furniture A/c"
 
Is This Answer Correct ?    12 Yes 8 No
Prem
 
Answer
# 8
he is using one chair but he purchased 10 chairs

so

furniture a/c Dr(for10 chairs)
Cash A/c
 
Is This Answer Correct ?    30 Yes 27 No
R Sujatha
 
Answer
# 9
furniture a/c dr 9000
to cash a/c 9000


drawing a/c dr 1000
to cash a/c 1000
 
Is This Answer Correct ?    10 Yes 7 No
Thirupathi
 
Answer
# 10
purchase a/c dr 9000
to cash 9000

being purchasing goods
according to business entity concept owner personal transactions should not be recorded in the books of accounts.
 
Is This Answer Correct ?    3 Yes 2 No
Chandu
 

 
 
 
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