Question

the business
D) An account balance is the difference between the debits and credits for an account
including any beginning balance
(10x1=10)
a)
Q. 5 Fill in the blanks:
Debentures are ............ liability.
b) The assumption that a business enterprise will not be closed or sold in the near
future is known as
c)
Journal is prepared on .......basis.
Goods taken by the proprietor for personal use will be debited to
account.
e) The process of recording the entries in the book of original entry is
called.......
0) Wages paid is .........account.
g) Posting is made at the ...... side of the account appearing at the debit side of the
cash book
h) Debiting wages account for wages paid for the construction of building is error
of......
i) When cash is deposited into and withdrawn from bank, the entry in the cash
book is called..........
D Cash discount appears on the side of the debtors' account. (10x1=10)
Q.6 a) What is a journal and discuss its advantages and limitations? Explain the procedure
of recording the journal entries in the journal.
(10)
b) Journalise the following transactions in the books of M/s ABC & Co.
i) Purchased goods on credit from Raja for Rs. 50,000/-less trade discount of 20%
plus IGST @ 5%
ii) Sold goods on credit to Neeraj for Rs. 15,000/- plus IGST @ 5%
lii) Sold goods for Rs. 40,000/- and charged IGST @5% against cheque
iv) IGST was deposited into Govt Account on due date.
v) Price drop on Mobiles purchased Rs 2500/- along with IGST reversal @5%.
(5)​

Answer 1

Answer:

gst 9% ...................