Q. What is the journal entry for the distribution of profits among partners?
A.
Debit Profit and Loss Account, Credit Partners' Capital Accounts
B.
Debit Partners' Capital Accounts, Credit Profit and Loss Account
C.
Debit Partners' Current Accounts, Credit Profit and Loss Account
D.
Debit Profit and Loss Appropriation Account, Credit Partners' Capital Accounts
Show solution
Solution
The distribution of profits is recorded by debiting the profit and loss account and crediting the partners' capital accounts.
Correct Answer:
A
— Debit Profit and Loss Account, Credit Partners' Capital Accounts
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Q. What is the journal entry for the distribution of profits to partners?
A.
Debit Profit and Loss Account, Credit Partner's Capital Accounts
B.
Debit Partner's Capital Accounts, Credit Profit and Loss Account
C.
Debit Drawings Account, Credit Profit and Loss Account
D.
Debit Profit and Loss Appropriation Account, Credit Partner's Capital Accounts
Show solution
Solution
The correct entry for distributing profits is to debit the profit and loss account and credit the partners' capital accounts.
Correct Answer:
A
— Debit Profit and Loss Account, Credit Partner's Capital Accounts
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Q. What is the journal entry for the revaluation of assets in a partnership?
A.
Debit Asset Account, Credit Revaluation Surplus
B.
Debit Revaluation Surplus, Credit Asset Account
C.
Debit Asset Account, Credit Capital Accounts
D.
Debit Capital Accounts, Credit Asset Account
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Solution
The correct entry is to debit the Asset Account for the increase in value and credit the Revaluation Surplus.
Correct Answer:
A
— Debit Asset Account, Credit Revaluation Surplus
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Q. What is the journal entry for the revaluation of assets when a new partner is admitted?
A.
Debit Revaluation Account, Credit Asset Account
B.
Debit Asset Account, Credit Revaluation Account
C.
Debit Asset Account, Credit Partner's Capital Account
D.
Debit Revaluation Account, Credit Partner's Capital Account
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Solution
The revaluation of assets is recorded by debiting the revaluation account and crediting the respective asset account.
Correct Answer:
A
— Debit Revaluation Account, Credit Asset Account
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Q. What is the journal entry for the sale of goods on credit?
A.
Debit Cash, Credit Sales Revenue
B.
Debit Accounts Receivable, Credit Sales Revenue
C.
Debit Sales Revenue, Credit Accounts Receivable
D.
Debit Sales Revenue, Credit Cash
Show solution
Solution
The correct entry is to debit Accounts Receivable to recognize the amount owed and credit Sales Revenue to record the sale.
Correct Answer:
B
— Debit Accounts Receivable, Credit Sales Revenue
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Q. What is the journal entry for the sale of inventory at a profit?
A.
Debit Cash, Credit Sales Revenue
B.
Debit Sales Revenue, Credit Cash
C.
Debit Cost of Goods Sold, Credit Inventory
D.
Debit Inventory, Credit Cost of Goods Sold
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Solution
The correct entry for the sale of inventory at a profit is to debit Cash and credit Sales Revenue.
Correct Answer:
A
— Debit Cash, Credit Sales Revenue
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Q. What is the journal entry for the withdrawal of a partner's capital?
A.
Debit Capital Account, Credit Cash
B.
Debit Cash, Credit Capital Account
C.
Debit Drawings Account, Credit Cash
D.
Debit Cash, Credit Drawings Account
Show solution
Solution
The correct entry is to debit the Capital Account of the partner and credit Cash for the amount withdrawn.
Correct Answer:
A
— Debit Capital Account, Credit Cash
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Q. What is the journal entry for writing off an uncollectible account?
A.
Debit Bad Debt Expense, Credit Accounts Receivable
B.
Debit Accounts Receivable, Credit Bad Debt Expense
C.
Debit Cash, Credit Accounts Receivable
D.
Debit Accounts Payable, Credit Bad Debt Expense
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Solution
To write off an uncollectible account, Bad Debt Expense is debited to recognize the loss, and Accounts Receivable is credited to remove the uncollectible amount.
Correct Answer:
A
— Debit Bad Debt Expense, Credit Accounts Receivable
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Q. What is the journal entry to record a cash sale of $1,000?
A.
Debit Cash $1,000, Credit Sales Revenue $1,000
B.
Debit Sales Revenue $1,000, Credit Cash $1,000
C.
Debit Cash $1,000, Credit Accounts Receivable $1,000
D.
Debit Accounts Receivable $1,000, Credit Cash $1,000
Show solution
Solution
The correct entry is to debit Cash and credit Sales Revenue, reflecting the increase in cash and revenue from the sale.
Correct Answer:
A
— Debit Cash $1,000, Credit Sales Revenue $1,000
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Q. What is the journal entry to record a sale on credit?
A.
Debit Cash, Credit Sales
B.
Debit Accounts Receivable, Credit Sales
C.
Debit Sales, Credit Accounts Receivable
D.
Debit Sales, Credit Cash
Show solution
Solution
The correct entry is to debit Accounts Receivable and credit Sales to reflect the sale on credit.
Correct Answer:
B
— Debit Accounts Receivable, Credit Sales
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Q. What is the journal entry to record accrued expenses?
A.
Debit Expense, Credit Cash
B.
Debit Cash, Credit Expense
C.
Debit Expense, Credit Accounts Payable
D.
Debit Accounts Payable, Credit Expense
Show solution
Solution
Accrued expenses are recorded by debiting the expense account and crediting Accounts Payable.
Correct Answer:
C
— Debit Expense, Credit Accounts Payable
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Q. What is the journal entry to record depreciation expense for a partnership?
A.
Debit Depreciation Expense, Credit Accumulated Depreciation
B.
Debit Accumulated Depreciation, Credit Depreciation Expense
C.
Debit Depreciation Expense, Credit Cash
D.
Debit Cash, Credit Depreciation Expense
Show solution
Solution
The correct entry is to debit Depreciation Expense and credit Accumulated Depreciation to reflect the expense.
Correct Answer:
A
— Debit Depreciation Expense, Credit Accumulated Depreciation
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Q. What is the journal entry to record depreciation expense?
A.
Debit Depreciation Expense, Credit Accumulated Depreciation
B.
Debit Accumulated Depreciation, Credit Depreciation Expense
C.
Debit Depreciation Expense, Credit Cash
D.
Debit Cash, Credit Depreciation Expense
Show solution
Solution
The correct entry is to debit Depreciation Expense to recognize the expense and credit Accumulated Depreciation to reduce the asset's book value.
Correct Answer:
A
— Debit Depreciation Expense, Credit Accumulated Depreciation
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Q. What is the journal entry to record the admission of a new partner in a partnership firm?
A.
Debit Cash, Credit Capital Account
B.
Debit Capital Account, Credit Cash
C.
Debit Goodwill, Credit Capital Account
D.
Debit Capital Account, Credit Goodwill
Show solution
Solution
When a new partner is admitted, the firm usually receives cash, which is debited to Cash, and the corresponding credit is made to the Capital Account of the new partner.
Correct Answer:
A
— Debit Cash, Credit Capital Account
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Q. What is the journal entry to record the admission of a new partner who brings in cash?
A.
Debit Cash, Credit Partner's Capital Account
B.
Debit Partner's Capital Account, Credit Cash
C.
Debit Cash, Credit Goodwill
D.
Debit Goodwill, Credit Partner's Capital Account
Show solution
Solution
When a new partner is admitted and brings in cash, the cash account is debited and the partner's capital account is credited.
Correct Answer:
A
— Debit Cash, Credit Partner's Capital Account
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Q. What is the journal entry to record the admission of a new partner?
A.
Debit Cash, Credit Capital Account
B.
Debit Capital Account, Credit Cash
C.
Debit Goodwill, Credit Capital Account
D.
Debit Capital Account, Credit Goodwill
Show solution
Solution
When a new partner is admitted, the cash contributed by the new partner is debited to the cash account and credited to the capital account.
Correct Answer:
A
— Debit Cash, Credit Capital Account
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Q. What is the journal entry to record the capital contribution of a partner in a partnership firm?
A.
Debit Cash, Credit Partner's Capital Account
B.
Debit Partner's Capital Account, Credit Cash
C.
Debit Cash, Credit Drawings Account
D.
Debit Drawings Account, Credit Cash
Show solution
Solution
The correct entry is to debit Cash and credit the Partner's Capital Account to reflect the capital contribution.
Correct Answer:
A
— Debit Cash, Credit Partner's Capital Account
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Q. What is the journal entry to record the capital contribution of a partner in a partnership?
A.
Debit Cash, Credit Partner's Capital Account
B.
Debit Partner's Capital Account, Credit Cash
C.
Debit Partner's Drawings Account, Credit Cash
D.
Debit Cash, Credit Partner's Drawings Account
Show solution
Solution
The correct entry is to debit Cash and credit the Partner's Capital Account to reflect the capital contribution.
Correct Answer:
A
— Debit Cash, Credit Partner's Capital Account
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Q. What is the journal entry to record the depreciation expense for the year?
A.
Debit Depreciation Expense, Credit Accumulated Depreciation
B.
Debit Accumulated Depreciation, Credit Depreciation Expense
C.
Debit Depreciation Expense, Credit Equipment
D.
Debit Equipment, Credit Depreciation Expense
Show solution
Solution
The correct entry to record depreciation expense is to debit Depreciation Expense and credit Accumulated Depreciation.
Correct Answer:
A
— Debit Depreciation Expense, Credit Accumulated Depreciation
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Q. What is the journal entry to record the distribution of profits to partners?
A.
Debit Profit and Loss Account, Credit Partner's Capital Accounts
B.
Debit Partner's Capital Accounts, Credit Profit and Loss Account
C.
Debit Retained Earnings, Credit Partner's Drawings
D.
Debit Partner's Drawings, Credit Profit and Loss Account
Show solution
Solution
The correct entry is to debit the Profit and Loss Account and credit the Partner's Capital Accounts.
Correct Answer:
A
— Debit Profit and Loss Account, Credit Partner's Capital Accounts
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Q. What is the journal entry to record the initial capital contribution of a partner?
A.
Debit Cash, Credit Capital Account
B.
Debit Capital Account, Credit Cash
C.
Debit Cash, Credit Drawings Account
D.
Debit Drawings Account, Credit Cash
Show solution
Solution
The correct entry is to debit Cash and credit the Capital Account to reflect the partner's contribution.
Correct Answer:
A
— Debit Cash, Credit Capital Account
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Q. What is the journal entry to record the initial capital contribution of a partner in a partnership?
A.
Debit Cash, Credit Partner's Capital Account
B.
Debit Partner's Capital Account, Credit Cash
C.
Debit Cash, Credit Income Account
D.
Debit Partner's Capital Account, Credit Revenue
Show solution
Solution
The correct entry is to debit Cash and credit the Partner's Capital Account to reflect the contribution.
Correct Answer:
A
— Debit Cash, Credit Partner's Capital Account
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Q. What is the journal entry to record the profit sharing among partners?
A.
Debit Profit and Loss Account, Credit Partner's Capital Accounts
B.
Debit Partner's Capital Accounts, Credit Profit and Loss Account
C.
Debit Drawings Account, Credit Profit and Loss Account
D.
Debit Profit and Loss Appropriation Account, Credit Partner's Capital Accounts
Show solution
Solution
The correct entry is to debit the Profit and Loss Account and credit the Partner's Capital Accounts to distribute profits.
Correct Answer:
A
— Debit Profit and Loss Account, Credit Partner's Capital Accounts
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Q. What is the journal entry to record the purchase of inventory on credit?
A.
Debit Inventory, Credit Accounts Payable
B.
Debit Accounts Payable, Credit Inventory
C.
Debit Cash, Credit Inventory
D.
Debit Inventory, Credit Cash
Show solution
Solution
The correct entry is to debit Inventory to increase it and credit Accounts Payable to reflect the liability.
Correct Answer:
A
— Debit Inventory, Credit Accounts Payable
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Q. What is the journal entry to record the sale of goods for cash?
A.
Debit Cash, Credit Sales Revenue
B.
Debit Sales Revenue, Credit Cash
C.
Debit Accounts Receivable, Credit Sales Revenue
D.
Debit Sales Revenue, Credit Accounts Receivable
Show solution
Solution
The correct entry is to debit Cash to increase it and credit Sales Revenue to recognize the income.
Correct Answer:
A
— Debit Cash, Credit Sales Revenue
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Q. What is the journal entry to record the sale of inventory at a profit?
A.
Debit Cash, Credit Sales Revenue
B.
Debit Cost of Goods Sold, Credit Inventory
C.
Debit Cash, Credit Inventory
D.
Debit Sales Revenue, Credit Cash
Show solution
Solution
The correct entry is to debit Cash and credit Sales Revenue, reflecting the cash received from the sale.
Correct Answer:
A
— Debit Cash, Credit Sales Revenue
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Q. What is the limit for claiming a deduction under Section 80D for health insurance premium for a family including parents?
A.
Rs. 25,000
B.
Rs. 50,000
C.
Rs. 75,000
D.
Rs. 1,00,000
Show solution
Solution
The limit for claiming a deduction under Section 80D for health insurance premium for a family including parents is Rs. 50,000.
Correct Answer:
B
— Rs. 50,000
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Q. What is the limit for claiming standard deduction for salaried individuals in the financial year 2022-23?
A.
30,000
B.
50,000
C.
1 lakh
D.
1.5 lakhs
Show solution
Solution
The limit for claiming standard deduction for salaried individuals in the financial year 2022-23 is 50,000.
Correct Answer:
B
— 50,000
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Q. What is the limit for standard deduction for salaried individuals for the financial year 2022-23?
A.
30,000
B.
50,000
C.
1,00,000
D.
1,50,000
Show solution
Solution
The limit for standard deduction for salaried individuals for the financial year 2022-23 is Rs. 50,000.
Correct Answer:
B
— 50,000
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Q. What is the limit for tax-free gifts received by an individual in a financial year?
A.
25,000
B.
50,000
C.
1 lakh
D.
2.5 lakhs
Show solution
Solution
The limit for tax-free gifts received by an individual in a financial year is 50,000.
Correct Answer:
B
— 50,000
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