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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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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
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
Fixed Assets are held by business organization for (a) Creating NPAs (b) Generating Income (c) Making Payments (d) None of the Above		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
Debit the expenses or losses, credit all incomes and gains is the rule for: a) Real Account b) Personal Account c) Nominal Account d) None of the above		View Answer
Rs. 1,500 received from Ram which were written off as bad debts earlier. To record this receipt, cash account will be debited and ________ account will be credited. a) Ram's b) Bad - debts c) Bad - debt recovered d) Sales		View Answer
What Journal Entry will be passed if the goods worth Rs. 50,000 are distributed as Free Samples?		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
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
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
Which of the following is a real account? a) Cash A/c b) Investment A/c c) Outstanding Rent A/c d) Purchases A/c		View Answer
"Machinery sold for Rs. 30,000 on credit." In which subsidiary book this transaction will be recorded? a) Sales Register b) Cash Book c) Journal d) No entry will be made		View Answer
Value of goods drawn by proprietor should be credited to: a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c		View Answer
M/S Stationery Mart will debit purchase of stationery to _________ a) Stationery A/c b) General Expense A/c c) Purchase A/c d) Stock A/c		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
The debt written off as bad, subsequently collected by proprietor in his personal capacity and kept by him. What is accounting treatment for this transaction? a) Debit- Drawings A/c & Credit- Debtors A/c b) Debit- Cash A/c and Credit- Bad Debts Recovered A/c c) Debit- Drawings A/c & Credit- Bad Debts Recovered A/c d) Simply ignore the transaction		View Answer
'Debit the receiver and credit the giver' is the golden rule for which type of account? a) Real A/c b) Personal A/c c) Nominal A/c d) None of these		View Answer
In case of a debt becoming bad and doubtful, the amount is credited to _________? a) Bad Debts A/c b) Creditors A/c c) Debtors A/c d) Capital A/c		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 given as charity credited to: a) Charity A/c b) Purchases A/c c) Drawings A/c d) Sales A/c		View Answer