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Issued a cheque for 8,000 to pay rent. T...

Issued a cheque for 8,000 to pay rent. The account to be debited is ............

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Issued cheque for 70,000 to pay off on of the creditors. The account to be debited is ............

When is Capital Account debited ?

Knowledge Check

  • Partner's Capital Account is debited

    A
    to record the General Reserve
    B
    to record the gain on revaluation
    C
    to record to Profit and Loss A/c (Dr.)
    D
    to recored the shortage of capital brought in

  • Noting Charges Account is debited by

    A
    drawer
    B
    Drawee
    C
    Payee
    D
    Endorser

  • Partner 's Capital Account is debited

    A
    to record the General Reserve.
    B
    to record the gain on revaluation.
    C
    to record the profit and Loss A/c (Dr)
    D
    to record the shortage of capital brought in

    • Similar Questions

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    XYZ Ltd. Acquired a business and agreed to pay purchase consideration of ₹ 2,00,000. The assets taken over are ₹ 5,50,000 and liabilities assumed are ₹ 4,00,000 What is the amount that will be debited to Goodwill Account or credited to Capital Reserve Account and why?

    Rahul , the proprietor of M/s . R. K .& Co. purchased an air - conditioner and installed it at his residence. The payment was made by issuing a cheque from the account of M/s R. K. & Co. The Accountant debited the Drawings Account with the amount whereas Rahul is of the view that should be debited to the Fixed Assets . In your view , who is correct and why ?

    On 31 st March, 2019 bank column of the Cash Book showed a debite balance of ₹4900. Banke Stattement of Pass Book showed credit blance ₹ 37,400. Entries in the Cash Book and Pass were compared and following differences were idntified : (i) Cheques of Syam ₹ 9,000 and of Mohan ₹ 15,000 were deposited in the bank but were not collected up to 31 st March, 2019 (ii) Ramesh, a debtor, deposited a cheque of ₹ 8,000 directly into the bank. (iii) Bank had credite4d ₹ 500 as interest which was not recorded in Cash Bank. (iv) Cheque for ₹ 10,000 issued to Radhey Shyam was not presented for payment. (v) Bank debited the accunt by ₹ 6,000 being insurance premium aid as per standing instruction. (vi) Bank debited the account by ₹7,000 being bank charges. You are required to prepare Bank Reconciliation Statement as on 31at March, 2019 .

    State the title of the accounts affected, type of account and the account to be debited and account to be credited : 1. Bhanu commenced business with cash 1,00,000 2. Purchased goods on credit from Ramesh 40,000 3. Sold goods for cash 30,000 4. Paid salaries 3,000 5. Furniture purchased for cash 10,000 6. Borrowed from bank 50,000 7. Sold goods to Sarita 10,000 8. Cash paid to Ramesh on account 20,000 9. Rent paid 1,500

    Prepare a Bank Reconciliation Statement from the following particulars as on 31st March 2015 : (i) Cheques were deposited into bank of 25th March for ₹20,000. Out of these cheques for ₹8,000 were cleared on 4th April, cheques for ₹6,000 on 6th April and one cheque for ₹1,400 was dishonoured on 7th April. (ii) Cheques amounting to ₹12,000 were issued in March, out of which cheques for ₹2,000 were encashed upto 31st March. (iii) A bill for ₹5,000 (discounted with the bank in January) Dishonoured on 30th March 2015 and noting charges paid by bank ₹50. No information regarding the dishonour was received from the bank in March 2015. (iv) Cheque issued to a creditor for ₹2,000 was through mistake entered in the cash column of the Cash Book. The same has not been presented for payment till today. (v) Receipt side of the Cash Book (bank column) was undercast by ₹100. (vi) Bank has paid a bill payable amounting to ₹2,500 but is has not been entered in the Cash Book. (vii) A cheque for ₹2,000 issued to Mr. X was omitted to be recorded in Cash Book. (viii) Dr. balance as per Pass Book was ₹7,200.

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