Under the single-entry system, when rent is paid, (i) it will be recorded in the Cash Book (ii) entry will be made in the Rent account Which of the above statements is/are true?
Only (i)
The correct answer is option 2. In the single-entry system, when rent is paid, it is recorded in the Cash Book as a payment, but there is no corresponding entry made in the Rent account, as it is a simplified system of accounting.
Important Questions from Bank Reconciliation statement
A credit balance in the bank passbook indicates a/an ___________ balance and a debit balance in the cash book indicates a/an ____________ balance.
Mr. A draws a 6-month trade bill on B for Rs. 25,000 on 1 January 2021. After holding the bill for 2 months. A decided to discount the bill with the bank at the rate of 10% p.a. The amount of discount on the bill is ______________ approximately (select the answer with the closest value).
When starting balance is debit, i.e., favourable balance as per cash book, identify which of the following transactions will be added?
When Bank Reconciliation Statement is started with favourable balance as per cash book, which of the following will be added?
The objective of preparing a Bank Reconciliation Statement is to ______.
