Returned damaged office stationary and received Rs 10,000. The account to be credited is ______.
Office stationary
The correct answer is option 1. Since the office stationary was returned and Rs 10,000 was received, the account to be credited is "office stationary" as it is the account involved in the transaction, representing the reversal of the purchase.
Important Questions from Journal Entries
What will the entry for cash sales of Rs 2500?
Which account is debited while recording an outstanding expense?
In case the purchasing company agrees to act as the agent of the vendor for collection of the book debts, in the books of the purchasing company, the amount of debtors should be credited to
M/s Stationery Mart will debit the purchase of stationery to :
It is given in adjustment that during the accounting year, the trader distributed goods worth ₹5,000 as free samples. While preparing Final Accounts, this will be shown in
