Question
50.Mr. Aslam purchased goods on credit but after two days he returned half of them. The Goods returned by customer will be debited to which
50.Mr. Aslam purchased goods on credit but after two days he returned half of them. The Goods returned by customer will be debited to which account?Required to answer. Single choice.
(2 Points)
Purchases A/C
Return outward
Customers A/C
Purchase Return
51.Dr: Cash Cr: Bad debts Recovery Which of the following best explains the above accounting entryRequired to answer. Single choice.
(2 Points)
Accounting entry for recovery of Bad debts previously written off
Accounting entry for Increase in bad debts
Accounting entry for decrease in bad debts
Closing entry for Irrecoverable Debt/Bad Debts
52.Correct entry for purchase of Furniture from X&X Ltd worth 120,000, 50% of the payment was made on cash , while remaining will be paid after 90 days.Required to answer. Single choice.
(3 Points)
DR- Office furniture 120,000, Cr- X&X Ltd 60,000, Cr- Cash 60,000
DR- Office furniture 120,000, Cr- X&X Ltd 120,000
DR- Office furniture 120,000, Cr- Cash 120,000
None of the above
DR- Purchases 120,000, Cr- Cash 120,000
DR- Office furniture 120,000, Cr- Cash 120,000
DR- Purchases 120,000, Cr- X&X Ltd 120,000
JUST GIVE THE CORRECT ANSWER EXPLANATION IS NOT NEEDED.
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