Account Answer In One Or Two Sentence .(1 Marks)

Installation charges paid ₹ 2000 on purchase of machinery for business is debited to wages account. Which accounts are to be effected to rectify this error?

Which account is credited when adjustment entry is recorded for closing stock at the end of the year in the business?

What is inter account transfer?

Which account is credited when adjustment entry is recorded for outstanding salary?

Which account is debited when royalty paid account is closed?

Why adjustment entry is to be passed?

At the end of the year, accounts of expenses for goods purchase will be transfer to which account?

What is closing entry?

Which transactions are recorded in journal proper?

What is journal proper?