When precision for depreciation account is maintained, the annual charge for depreciation shall be
Debited to the provision account and credited to profit and loss account
Debited to the asset account and credited to profit and loss account
Debited to profit and loss account and credited provision account
Debited to the asset account and credited to the provision account
Debited to the provision account and credited to the asser account
Correct answer is C
No explanation has been provided for this answer.
What are the entries of posting credit purchases into the purchases ledger control account?
Debt purchases ledger control account only
Debit both purchases account and purchases ledger control account
Credit purchases acount, debit purcases ledger control account
Credit both purchases ledger control account and the purchases account
Debit purchases account, credit purchases ladger control account
Correct answer is E
No explanation has been provided for this answer.
The balance of the sales account is transferred to the trading account by
Debiting the profit and loss account
Debiting the trading account
Debiting the sales account
Crediting the profit and loss account
Crediting the sales account
Correct answer is C
No explanation has been provided for this answer.
Commission received is entered on the
Credit side of the profit and loss account
Credit side of the trading account
Credit side of the cash book
Debit side of the profit and loss account
Debit side of the trading account
Correct answer is A
No explanation has been provided for this answer.
The salary of a shop keeper who sells goods would be charged in the
Balance sheet
Sales account
Profit and loss account
Trading account
Manufacturing account
Correct answer is D
No explanation has been provided for this answer.