Q.1 Given the following ledger account:

				Cash
Date	Description	P. Ref.	Dr. (Rs.)		Date	Description	P. Ref.	Cr. (Rs.)
01-Jan	Capital Stock	J.1	500,000		02-Jan	Land & Building	J.1	50,000
05-Jan	Service Revenue	J.1	250,000		03-Jan	Plant & Equipment	J.1	50,000
08-Jan	Long-term Loan	J.1	500,000		04-Jan	Office Supplies	J.1	5000
09-Jan	Account Receivable	J.1	70,000		06-Jan	Salaries Expense	J.1	50,000
					10-Jan	Long-term Loan	J.1	100,000
					11-Jan	Dividends	J.1	50,000

Indicate whether each of the following statement is correct or incorrect by placing () mark in the blank cells: (20)

	Correct	Incorrect
Source of Rs. 250,000 credit to Service Revenue Account is Cash
Source of Rs. 250,000 debit to Cash Account is Service Revenue
Source of Rs. 100,000 credit to Cash Account is Cash Long-term Loan
Source of Rs. 100,000 debit to Long-term Loan Account is Cash
Balance carried down by the end of Jan. is Rs. 1,015,000 and will be written on credit side
Balance carried down by the end of Jan. is Rs. 1,015,000 and will be written on debit side
Balance bought down at the beginning of Feb. is Rs. 1,015,000 and will be written on credit side
Balance bought down at the beginning of Feb. is Rs. 1,015,000 and will be written on debit side
Cash account has a debit balance of Rs. 1,015,000
Cash account has a credit balance of Rs. 1,015,000