State with reason which account should be debited and which account should

Advertise your Business Here

Refer this Site

Login | Sign Up


	Ask Questions on ANYTHING, that arise in your Daily Life at FORUM9.COM

Categories >> Accounting >> Audit

Audit Interview Questions

CompanyAffairs CS Interview Questions

Taxation Interview Questions

Accounting General Interview Questions

Accounting AllOther Interview Questions

Question

State with reason which account should be debited and which
account should be credited in each of the following
transactions:

1. Raj commenced business with cash Rs. 5000
2. Bought goods from Kiran for cash Rs. 1000
3. Sold furniture to Ravi on credit Rs. 500
4. Sold goods for cash Rs. 800
5. cash purchases Rs. 600
6. Bought Stamps Rs. 10
7. Withdrew cash from the business for personal use Rs. 1000
8. Paid salary to manager Rs. 500
9. Paid rent to landlord Rs. 200
10. Received commission from Mani Rs. 50
11. Paid for repairing machinery Rs. 30
12. Received cash form Ravi on account Rs. 400
13. Gave loan to Babu Rs. 500
14. Purchased goods from Sachin Rs. 400
15. Opened a bank account with Rs. 1000
16. Charged Mohan Rs. 50 commission for service rendered to him
17. Santosh paid the interest on loan advanced to him
18. Received loan from Manju Rs.10000
19. Office furniture stolen Rs. 500
20. Paid income tax Rs. 5000
21. Paid life insurance premium Rs. 300
22. Allowed discount to Babu Rs. 90
23. Discount received from Santosh Rs. 150
24. Amount charged by bank as bank charges Rs. 30
25. Railway fright paid on machinery purchased Rs. 100

Question Submitted By :: Babu Bm

I also faced this Question!!

Rank

Answer Posted By

Re: State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100

Answer
# 1

i) Cash A/c Dr  5000
    To Capital A/c   5000
(Being Capital Contributed)

ii) Purchases A/c Dr 1000
      To Cash A/c      1000
(Being CASH Purchase Made)

iii) Ravi A/c Dr  500
       To Furniture A/c 500
(Being Furniture Sold on Credit)

iv)Cash A/c Dr 800
     To Sales A/c  800
(Being Cash Sales Made)

v) Purchases A/c Dr 600
      To Cash A/c      600
(Being Cash Purchaes Made)

vi) Printing & Stationery A/c Dr 10
      TO Petty Cash A/c             10
(Being Stamps Purchased)

vii) Drawings/Capital A/c Dr 1000
               To Cash           1000
(Being Cash Withdrawn Frm Business)

viii&ix) Salaries A/c Dr  500
      Rent A/c Dr     200
          To Cash/bank    700
(Being Salary & Rent Paid)

x) Cash A/c Dr  50
      To Commission Received A/c 50
(Being Commission Received Frm Mani)

xi) Repairs & Maintenance A/c Dr 30
         TO Cash A/c                30
(Being Repairs Made to Machinery)

xii) Cash A/c Dr 400
       To Ravi A/c  400
(Being Cash Received)

Xiii) Salaries Advences A/c Dr 500
        To Babu A/c                500
(Being Loan Provided to Mr. Babu)

xiv) Purchases A/c Dr 400
       TO Sachin A/c     400
(Being Credit Purchases Made)

xv) Bank A/c Dr 1000
       To Cash A/c  1000
(Being BAnk Account Opened)

xvi)Mohan/Cash A/c Dr 50
      To Commission Receivable/Commission Received A/c 50
(Being Comission Charged to Mohan)

xvii) Cash A/c Dr 30
         To Interest on Loan A/c 30
(Being Interest On Loan Received)

xviii) Cash A/c Dr 10000
           To Manju   10000
(Being Loan (Cash)Received From Manju )

xix)  Theift A/c Dr 500
         To Office Furniture A/c 500
(Being Office Furniture Stolen)

xx) IT Exp A/c Dr 5000
       To Bank       5000
(Being IT Paid)
xxi) LIC Premium A/c Dr 300
        To Cash/ Bank      300
(Being LIC Preimum paid & Treated as Expenses) 

xxii) Discount Allowed A/c Dr 90
         To Cash A/c             90
(Discount Allowed to Babu)

xxiii) Cash A/c Dr 150
         TO Discount Received A/c 150
(Being Discount Received)

xxiv) Bank Chgs A/c Dr 30
          To Cash        30
(Being Bank Chgs Debited by Bank)

xxv) Railway Freight A/c Dr 100
          TO Cash A/c          100
(Being Railway Freight Paid)

Is This Answer Correct ?

3 Yes

0 No

Sridharan.v

Question	Asked @	Answers
Other Audit Interview Questions


how would u audit a production department		1
Expand---------MPSR		1
a can do how many company audits		2
what is accounting	Fidelity	2
what is the difference between cheque and draft	Bank-Of-America	20
What is the Difference between Current Assets and Fixed Assets and how would you classified it	GET-Engineering-Construction	8
What are the basic rules in accounting.		8
What is a voucher????		6
WHAT IS THE TRAIL BALANCE	LG-Soft	4
what is statutaru audit??		2
I MAKE MIS FOR MY COMPANY. INTERVIEWER ASKED ME WHAT UR ROLL IN MIS. I ASKED HIM,I PREPARE IT AND SEND TO MY MANAGER. BUT HE AGAIN ASKED MY ABOUT MY ROLL IN MIS. WHAT HE WANTED TO KNOW? PLEASE TELL ME	Genpact	15
company A is parental company of company B.if company A pays rent for company B to landlord,What will be the journal entry recorded in the books of company A and company B?	Cognizent	2
audit programme		3
what is opening balance?	ABC	6
before appoinment, an auditor owes to a company more than rs.1000 and he clears his debt before appointment.he is due to company upto 30-06-06.he is give his report between 01- 04-06 to 31-03-07.what is the duty of the auditor while reporting on the transactios occured in his due period		1
what is meant by vouching?		4
Classify the following accounts into Personal Account, Real Account & Nominal Account. Questions Answers 1. Furniture Account 2. Salaries Account 3. Outstanding Wages Account 4. National Trading Co. Ltd’s Account 5. Stationery Account 6. Prepaid Insurance Account 7. Capital Account 8. Interest Account 9. Building Account 10. Purchase Account 11. Cash Account 12. Bank Account 13. Sales Account 14. Commission received in Advance Account 15. Discount Account 16. Drawing Account 17. Loan Account 18. Mysore Store’s Account 19. Repairs to Machinery Account 20. Stock Account 21. Investment Account 22. Loose Tools Account 23. Bangalore Sports Club’s Account 24. Loss of Goods by Fire Account 25. Motor Vans Account 26. International Trader’s Account 27. Goodwill Account 28. Depreciation Account 29. Bad Debts Account 30. Bad Debts Recovered Account 31. Bank Overdraft Account 32. Book Debts Account 33. Purchases Returns Account 34. Sales Returns Account 35. Postage Account 36. Charity Account 37. Carriage Account 38. Rent Account 39. National College’s Account 40. Bills receivable Account 41. Bills Payable Account		1
What is a cheque	Bank-Of-America	19
Expand---------SRPM		1
what is pert(project evaluation and review techniques)?		1

For more Audit Interview Questions Click Here


Copyright Policy \| Terms of Service \| Help \| Site Map 1 \| Articles \| Site Map \| Site Map \| Contact Us \|

Copyright © 2007 ALLInterview.com. All Rights Reserved.

ALLInterview.com :: Forum9.com :: KalAajKal.com