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Journal for Holding till Maturity

Opening entri...

Question

Opening entries are generally passed through ____________.

A

general journal

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B

purchase journal

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C

profit & loss A/c

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D

suspense A/c

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Solution

The correct option is D general journal
There are special purposes books in accounting system for some transactions such as for credit purchase entries are made in purchase book, for credit sales entries are made in sale book, cash transactions are recorded in cash book etc. Still there are some left over transactions which are not suitable for these special purpose books and hence these transactions are recorded in general journal or journal proper. Example of such transactions are opening entries, entries for discount given or allowed etc.

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Q. General Journal is a book of entries ______.

X, Y

Z

are partners sharing profits and losses in the ratio of

5 : 3 : 2

. They decided to admit

W

1 / 6^{t h}

share. Following is the extract of the Balance Sheet on the date of admission:

Liabilities	(Rs.)	Assets	(Rs.)
General Reserve	36,000	Advertisement Suspense A/c	24,000
Contigency Reserve	6,000
Profit and Loss A/c	18,000

Pass necessary Journal entries.

Q. Pass journal entries to rectify the following errors. The trial balance had ₹ 1,260 excess credit. The difference has been posted to a suspense account:
(i) The total of returns inwards book has been cast ₹ 2,000 short.
(ii) The purchase of an office table costing ₹ 6,000 has been passed through the purchases day book.
(iii) A sum of ₹ 7,500 paid to workman for wages for making showcases has been charged to wages account.
(iv) A purchase of ₹ 1,340 has been posted to the creditor's account as ₹ 600.
(v) A cheque of ₹ 4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account.
After passing journal entries, prepare the suspense account.

A

B

were partners in a firm sharing profit in

4 : 3

1^{s t}

April,2018, they admitted

C

as a new partner. On the date of

C^{'} s

admission, the Balance Sheet of

A

B

showed a General Reserve of

R s . 84, 000

and a debit balance of

R s . 8, 400

in the 'Profit and Loss Account'. Pass necessary Journal entries.

Q. X, Y and Z are sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1st April, 2019. They also decide to record the effect of the following accumulated profits, losses and reserves without affecting their book values by passing a single entry .

	Book Values (₹)
General Reserve	6,000
Profit and Loss A/c (Credit)	24,000
Advertisement Suspense A/c	12,000

Pass an Adjustment Entry.

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