Accounts - Principles of Accounts Questions
Question 2026:
Which of the following is not correct?
- A Credit sales are entered on debit side of the customers personal account
- B Credit purchases are entered on the debit side of the supplier's personal account
- C Return inward are entered on the credit side of the customer's personal account
- D Returns outwards are entered in on the debit side of the supplier's account
Question 2027:
When discount is allowed, the accounting entry is debit Discount allowed and credit
- A Suspense account
- B Expense account
- C Debtors account
- D Creditors account
Question 2028:
When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is
- A Debit profit and loss appropristion account, credit current Account
- B Debit profit and loss appropriation account, credit capital account
- C Debit current account, credit caapital account
- D Debit profit and loss account, credit current account
Question 2029:
Goodwill is taken into account in partnership when
- A The business has good customer relations
- B The business is making huge profit
- C A new partner is admitted
- D A parner becomes dormant
Question 2030:
The excess of current assets over current liabilities is
- A Working capital
- B Preference capital
- C Loan capital
- D Founder's capital