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Question
Write the word, term, phrase, which can substitute the statement.
A credit balance to bank Account.
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Solution
Bank overdraft
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RELATED QUESTIONS
Select appropriate alternatives from those given below and rewrite the sentence.
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Explain the procedure for balancing a ledger account.
Journalise the following transactions and post them to the ledger.
| 2016 Jan. | Particulars | ₹ |
| 1 | Started business with cash | 10,000 |
| 5 | Paid into bank | 5,000 |
| 7 | Purchased goods from Ram for cash | 1,000 |
Pass journal entries for the following transactions and post them to the ledger.
| 2017 Aug. | Particulars | ₹ |
| 1 | Dharma started business with cash | 70,000 |
| 6 | Cash received from Ganesan | 10,000 |
| 10 | Rent paid | 3,000 |
| 20 | Received commission from Anand | 5,000 |
The following balances appeared in the books of Vinoth on Jan 1, 2018
| Assets | ₹ | Liabilities | ₹ |
| Cash | 40,000 | Amount due to Vijay | 10,000 |
| Stock | 50,000 | ||
| Amount due from Ram | 20,000 | ||
| Machinery | 40,000 |
Pass the opening journal entry and post them to Vinoth’s Capital account.
Prepare Furniture A/c from the following transactions.
| 2016 Jan | Particulars | ₹ |
| 1 | Furniture in hand | 2,000 |
| 1 | Purchased furniture for cash | 4,000 |
| 30 | Sold furniture | 400 |
The following balances appeared in the books of Kumaran on April 1, 2017.
| Assets | ₹ | Liabilities | ₹ |
| Cash | 1,00,000 | Amount due to Anush | 40,000 |
| Stock | 40,000 | Kumaran’s capital | 1,20,000 |
| Amount due from Rohit | 10,000 | ||
| Furniture | 10,000 |
Find the capital and show the ledger posting for the above opening balances.
Enter the following transactions in the books of Ganesan and post them into ledger.
| 2017 Oct | Particulars | ₹ |
| 1 | Started business with cash | 25,000 |
| 5 | Deposited into bank | 12,500 |
| 10 | Purchased furniture and payment by cheque | 2,000 |
| 15 | Goods purchased for cash | 5,000 |
| 19 | Sold goods to Vasu on credit | 4,000 |
| 22 | Goods worth has taken for personal use | 500 |
Journalise the following transactions in the books of Vasu and post them to ledger accounts.
| 2017 Nov | Particulars |
| 1 | Cash in hand ₹ 1,00,000; Cash at bank: ₹ 30,000 |
| 2 | Vasu sold goods to Jothi for ₹ 25,000 against a cheque and deposited the same in the bank |
| 4 | Received as commission ₹ 5,000 |
| 8 | Bank paid ₹ 15,000 directly for the insurance premium of Vasu. |
| 15 | Cash deposited into bank ₹ 30,000 |
| 20 | Cash withdrawn from bank for personal use ₹ 45,000. |
Prepare Anand’s account from the following details.
| 2017 July | Particulars | ₹ |
| 1 | Credit balance of Anand’s A/c | 4,000 |
| 15 | Amount paid to Anand | 2,000 |
| 18 | Goods purchased from Anand on credit | 8,000 |
| 20 | Paid to Anand | 3,960 |
| Discount allowed by him | 40 | |
| 25 | Goods purchased from Anand | 5,000 |
Show the direct ledger postings for the following transactions:
| 2017 June | Particulars |
| 1 | Raja commenced business with cash ₹ 50,000 |
| 6 | Sold goods for cash ₹ 8,000 |
| 8 | Sold goods to Devi on credit ₹ 9,000 |
| 15 | Goods purchased for cash ₹ 4,000 |
| 20 | Goods purchased from Shanthi on credit ₹ 5,000 |
