Question

****************** EXERCISE
KU R RK
Q.1 A) Answer in One Sentence:
1) What is Journal ?
2) What is Narration ?
What is GST?
4) In which year GST was imposed by the Central Government of India ?
5) What is meant by simple entry?
What is the meaning of combined entry?
7) Which account is debited, when rent is paid by Debit card ?
8) Which discount is not recorded in the books of account?
9) In which order monthly transactions are recorded in a Journal ?
10) Which account is credited, when goods are sold on credit ?

Answer 1

Explanation:

In which year GST was imposed by the Central Government of India-1 july 2017

What is GST?-Goods and service tax

Which account is credited, when goods are sold on credit-sales account

In which order monthly transactions are recorded in a Journal ?-in date order

Which discount is not recorded in the books of account?-trade discount

Which account is debited, when rent is paid by Debit card ?-asset account