Received Rs 1100 from M/s Manoj against the outstanding debt of Rs 1100 due from him. The nature of entry to record this transaction is _______.

Compound entry

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Simple entry

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Contra entry

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Complex

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Solution

The correct option is B Simple entry
There are only two accounts involved i.e. Manoj and Cash. Hence, a simple accounting entry will be passed in books of account.

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Similar questions

Q. Received Rs 1100 from M/s M in settlement of Rs 1250 due from him. The nature of the journal entry to be passed for this transaction is ______.

Rectify the following errors

(i) Depreciation provided on machinery Rs. 4,000 was not recorded.

(ii) Bad debts written-off Rs. 5,000 were not recorded.

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Give journal entries to rectify the following:

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(v) Depreciation provided on machinery Rs. 4,000 was posted as Rs. 400.

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(ix) Bills receivable for Rs. 2,000 received from a debtor was posted as Rs. 3,000.

Q. Rs.75,000 received from Mrs Sharma however this transaction was not recorded in cash journal. This is an error of_________.

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Received Rs 1100 from M/s Manoj against the outstanding debt of Rs 1100 due from him. The nature of entry to record this transaction is _______.

The correct option is B Simple entryThere are only two accounts involved i.e. Manoj and Cash. Hence, a simple accounting entry will be passed in books of account.

The correct option is B Simple entry
There are only two accounts involved i.e. Manoj and Cash. Hence, a simple accounting entry will be passed in books of account.