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	Journal Entries Interview Questions & Answers Below we have listed all the Journal Entries Interview Questions and answers. Feel free to comment on any Journal Entries Interview Questions or answer by the comment feature available on the page. To buy an eBook containing 30,000 Interview Questions, with Answers, Click Here. View All Journal Entries Interview Questions & Answers - Exam Mode / Learning Mode
Journal Entries Interview Questions & Answers
The literal meaning of the journal is a record of day-to-day financial transactions.A journal entry, in accounting, is a logging of transaction into accounting journal items. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced". A journal entry is a formal accounting entry used to identify a business transaction. The entry itemizes accounts that are debited and credited, and should include some description of the reason for the entry, as well as the date. If properly documented, journal entries provide an excellent audit trail for anyone investigating the accounting records of an entity. Journal entries provide a means of analyzing the effects of the transactions on an organization's financial position.

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Question	Rating	View Answer
What Journal Entry will be passed if the goods worth Rs. 50,000 are distributed as Free Samples?		View Answer
If wages are paid for construction of business premises, _________ A/c is credited and _________ A/c is debited. a) Wages, Cash b) Premises, Cash c) Cash, Wages d) Cash, Premises		View Answer
Provision for bad debts as on 1.4.08 Rs. 1,000 during the year 2008-09 there were no bad debts and debtors as on 31.3.09 were Rs. 90,000. Provision for bad- debts required @ 1% which of the following journal entry will be passed on 31.3.09? a) P&L A/cDr. 100 To Provision for doubtful debts A/c 100 b)Provision for Doubtful Debts A/c Dr. 100 To P&L A/c100 c) P&L A/c Dr. 900 To Provision for doubtful debts A/c 900 d) No entry will be passed		View Answer
Changes in the capital account of a proprietor may be due to (a) Profit earned (b) Capital Introduced (c) Losses (d) Any of the above		View Answer
Unexpired expense is _________ account. a) Real b) Nominal c) Personal d) Representative Personal		View Answer
Purchase of second- hand computer on credit by a cloth merchant will be recorded in: a) Journal b) Cash Book c) Purchase Book d) None of the above		View Answer
Is there a way to change the transport request number to start with a number that I choose?		View Answer
Proprietor's Account is _________ Account. a) Real b) Nominal c) Personal d) None of these		View Answer
Which of the following is not an example of nominal account? a) Outstanding liability account b) Salary Account c) Interest paid account d) Interest received account		View Answer
Capital Account is a _________ a) Real A/c b) Personal A/c c) Nominal A/c d) None of these		View Answer
Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is a) Sales A/c b) Drawings A/c c) Purchases A/c d) Expenses A/c		View Answer
Journal records the transactions of the firm in a: a) Analytical manner b) Chronological manner c) Periodical manner d) Summarized manner		View Answer
Outstanding salary is a: a) Real account b) Personal account c) Representative personal account d) Nominal account		View Answer
The rule 'Debit all expenses & losses and Credit all incomes & gains' relates to: a) Personal Account b) Real Account c) Nominal Account d) None of these		View Answer
Consider the following statements and identify the wrong statement. a) All personal and real accounts ultimately show balance. b) The balances of nominal accounts are transferred to Profit and Loss Account. c) Separate account is opened in ledger book for each account. d) Rent is a personal account but outstanding rent is a nominal account.		View Answer
A furniture dealer during the financial year 2010-11, sold furniture of Rs. 25,000 to Mr. Sunil on cash basis. In the books of dealer ______ account will be debited and ________ account will be credited. a) Cash, Fixed Assets b) Cash, Furniture c) Cash, Sales d) Cash, Sunil's		View Answer
Recovery of bad debts written off previously will be? a) Credited to debtors A/c b) Adjusted against provision for doubtful debts c) Debited to debtors A/c d) Credited to Profit and Loss A/c		View Answer
Rent of proprietor's house paid from business account by cash will_______:- a) Decrease the profit b) Increase the profit c) Reduce the capital of business d) Reduce the cash as well as capital of business		View Answer
X is a dealer of electrical goods ( such as refrigerator, washing machines, televisions etc.). He purchased two air conditioners and installed in his showroom. In the books of X, the cost of air conditioner would be debited in: a) Drawings A/c b) Capital A/c c) Fixed asset A/c d) Purchase A/c		View Answer
Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be: a) Rs. 1,00,000 b) Rs. 15,000 c) Rs. 75,000 d) Rs. 50,000		View Answer