Question

Fill in the blanks:
1. Issued a cheque for Rs.8,000 to pay rent. The account to be debited is $..............$.
2. Collected Rs. 35,000 from debtors. The account to be credited is $..............$.
3. Purchased office stationary for Rs. 18,000. The account to be credited is $..............$.
4. Purchased new machine for Rs. 1,70,000 and issued cheque for the same. The account to
be debited is $..............$.
5. Issued cheque for Rs. 70,000 to pay off on of the creditors. The account to be debited is
$..............$.
6. Returned damaged office stationary and received Rs. 50,000. The account to be credited is
$..............$.
7. Provided services for Rs. 65,000 on credit. The account to be debited is $..............$.

Answer 1

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

2. Collected Rs. 35,000 from debtors. The account to be credited is Debtors .

3. Purchased office stationary for Rs. 18,000. The account to be credited is Cash .

4. Purchased new machine for Rs. 1,70,000 and issued cheque for the same. The account to  be debited is Machine.

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

6. Returned damaged office stationary and received Rs. 50,000. The account to be credited is  Office stationary.

7. Provided services for Rs. 65,000 on credit. The account to be debited is Debtors.

Answer 2

The answer is stated below:

Explanation:

1. Rent because the entry would be:

Rent A/c......................Dr  $8,000

     Cash A/c...................Cr  $8,000

2. Debtors because the entry would be:

Cash A/c...................Dr   $35,000

     Debtors A/c.............Cr  $35,000

3. Cash because the entry would be:

Office stationery A/c..............Dr  $18,000

   Cash A/c.....................................Cr  $18,000

4. Machine because the entry would be:

Machine A/c..................Dr  $170,000

       Accounts Payable A/c......... Cr $170,000

5. Creditors because the entry would be:

Creditors Ac....................Dr   $70,000

       Accounts Payable A/c......Cr $70,000

6. Office Stationery because the entry would be:

Purchase Return A/c....................Dr  $50,000

         Office Stationery A/c..................Cr  $50,000

7. Debtors because the entry would be:

Debtors A/c...............Dr    $65,000

        Accounts Payable A/c.......Cr  $65,000