A journal voucher is must for all transactions recorded in the journal.

True

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False

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Solution

The correct option is A True
A journal voucher is must for all transactions recorded in the journal is true, since vouchers act as the base for the recording of all the transactions. Vouchers are regarded as the source documents, base on which the transactions are recorded in the Journal book in form of Journal entries. Thus, for all transactions that are recorded in the Journal book, corresponding voucher is a necessary condition.

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Transactions that a business doesn`t record in any of the special journals are recorded in which of the following journals/ day books?

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State whether the following statements are true or false:

(1) A journal voucher is must for all transactions recorded in the journal.
(2) Journal is a book of secondary entry.
(3) Narration is not necessary for each and every journal entry.
(4) Every transaction is recorded first in the journal.
(5) Live Stock A/c is a Nominal A/c.
(6) Bank of Maharashtra A/c is a Nominal A/c.
(7) Brokerage paid on sale of goods is debited to brokerage A/c.
(8) If the goods are sold the entry should be recorded in the journal.
(9) Goods withdrawn by the proprietor from business is debited to the Drawing A/c.
(10) Cash discount does not appear in the books of accounts.
(11) If rent is paid to the landlord, landlord’s A/c should be debited.
(12) Book keeping records monetary transactions only.
(13) Drawings made by the proprietor increases his capital.
(14) Premium paid on the life policy of the proprietor should be debited to insurance premium account.

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