Journal Entry Questions and Answers to Ace Your Interview. The main purpose of accounting interview questions is to evaluate the proficiency of a candidate in financial principles as well as their ability to apply their technical skills in the real-world landscape. Interviewers ask these questions to ensure that the candidate can handle the ...
If you’re looking to build a solid foundation in accounting, working through these general journal entry problems and solutions will provide you with the practice you need. Visit our platform today and start learning! Problem 1: Purchase of Inventory on Credit. Scenario: ABC Co. purchased inventory worth $2,000 on credit from a supplier ...
Journal Entry Questions and Solutions Example 1. Pass the necessary journal entries related to the 'Opening Entry'. (a) On 1st April 2023, Ram started a business with cash ₹5,00,000. (b) On 1st April 2023, Vinod started business with cash ₹1,00,000, furniture ₹2,00,000, and Building ₹10,00,000.
17. Record journal entries for the following transactions. After recording the transactions, prepare a “T account” and balance the accounts payable account. a. Borrowed $50,000 from the bank, agreed to repay it in 3 years b. Purchased manufacturing equipment for $20,000 cash c. Purchased office furniture on account, $2,700 d.
Journal Entries and Ledger Question - [email protected] by: S K Ahuja Mr.John started business with cash: Rs. 100,000 On 5th Feb 2020, he purchased goods from Khadim limited Rs. 20,500 On 15th Feb, he opened a bank account by depositing Rs. 40,000 On 17th Feb, he sold goods for cash Rs. 10,000 On 20th Feb, he paid Khadim by cheque Rs. 20,000 On 25th Feb 2020, full settlement was made.
Journal Entries questions for Practice Journal Entries questions for Practice Question 1. Pass Journal entries in the Journal of M/s Rakesh Kumar: April 1, 2021, Commenced business with cash ₹5,80,000. April 4, 2021, Goods purchased for cash₹1,20,000. April 6, 2021, Goods sold for cash ₹1,80,000.
Question 26: What is a Simple Journal Entry? Answer: Some transactions only involve two accounts, one debit, and one credit. This type of entry is referred to as a simple journal entry. Question 27: What is a Compound Journal Entry? Answer: Some transactions necessitate the use of more than two accounts when journalizing. A compound journal ...
Whether you are a student learning accounting principles or an entrepreneur managing your business’s books, our list of journal entries questions and answers will serve as a valuable resource. From basic concepts to more complex scenarios, we have compiled a comprehensive list to help you navigate the world of journal entries with confidence.
Top 22 Journal Entries Questions And Answers For Interview The reference number. 6 and the entry date of the journal entry should be there to complete the entry A column you must maintain to know what accounts are affected Financial Accounting Workbook Version 2 1 Tony Bell 6 1 2A Account Classification
6. Examples of Journal Entries (जर्नल एंट्री के उदाहरण) List of 50 Journal Entries questions and answers. Cash Transactions. Received Cash from a Customer. Debit: Cash (Asset account) Credit: Sales Revenue (Revenue account) Paid Cash for Office Supplies. Debit: Office Supplies (Asset account) Credit: Cash ...
Answer: The entry which is given for carrying out the last year’s assets, liabilities, and owner’s equity to the beginning of the next year is known as opening Journal. Question-30: what is known from the journal? Answer: Total number of transactions, the total number of money, and the reason for transactions are easily known from the journal.
Practice questions. What is the journal entry to record a collection of $2,000 of outstanding accounts receivables? A company recorded a debit to an asset account for $1,000 and a credit to a liability account for $200. What else should be recorded to complete the journal entry? Answers and explanations
Different Journal Entry MCQs are here, multiple-choice questions based on golden rules of debit and credit, and format of journal entry... Home; Courses. ... Journal Entry Exam Questions . Journal Entry Proforma Exercises. Journal Entry Problems PDF. Golden Rule of Accounts . Accounting Variation Proforma. Related Exams.
Difficulty Rating: Intermediate --> Advanced Time limit: 25 minutes Question: Create journal entries for the following transactions (Rs. = Rupees = Indian currency): 1. Harish started business with cash Rs. 10000 2. Bought goods from Manohar Rs. 5000 3. Purchase fittings for cash Rs. 800 4. Sold goods to Charanjeet Rs. 1600 5. Paid Manohar Rs. 3000 6. Sold goods Vadva Ram Rs. 2000 7.
Scroll down to see the answers. Journal Entry Practice Question Video. You can also take the test in this video: Journal Entry Practice Answers. Here are the answers: a) True. A Journal Entry is a record of a Financial Transaction. b) False. A Journal Entry can contain more than one Debit and one Credit. It all depends on the complexity of the ...
