Account 1 Marks Question

Journal Proper is a residuary book which is used for recording those transactions which are not recorded in any of the other books of original entry.

A form or letter issued by a seller to advise the amount owed by the buyer. An invoice is a type of debit note. Also called debit memo.

True.
Explanation:
Goods returned by customers are recorded in Sales Return Book.

Journal Proper is a book of account in which those transactions and events are recorded which are not recorded in the subsidiary books.

False.
Explanation:
Sales Book is a book of original entries.

True.
Explanation:
Total of the Sales Book is posted to the Credit of the Sales Account in Ledger periodically.

Purchases Return Book is a subsidiary book in which the return of goods purchased is recorded.

Purchases Return Account.

False.
Explanation:
Only credit purchases of goods are recorded in Purchases Book.

Sales Return Book is a subsidiary book in which the return of goods sold is recorded.

Opening entry is the entry made in the beginning of a financial year to open the books by debiting assets and crediting liabilities and capital, appearing in the Balance Sheet of the previous year.

Purchases Book is a subsidiary book in which credit purchases of goods dealt in or stores and raw material used for production are recorded.

Sales Book is a subsidiary book in which credit sale of goods dealt in are recorded.

The wholesaler should send a credit note for ₹ 1,920 to the retailer, being the amount of 12 items @ ₹ 200 after allowing 20% Trade Discount.

1.  

3. Journal.

2.  

2. Sales Return Book.

Sales Book or Sales Journal is a Subsidiary Book or special Journal in which credit sales of goods dealt in by the firm are recorded.

Journal Proper is used for recording those transactions which cannot be recorded in any of the other subsidiary books.

A nonnegotiable commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts (if any), and delivery and payment terms.