Cash received for services rendered will______________?

Which of the following is a Nominal A/c ?

A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Debtors A/c

Amount paid to Masood posted to the credit side of his account would affect___________?

A. Masood’s account
B. Cash account
C. Cash account and Gagan’s account
D. None of these

Payments received in advance from a customer for a contract can be__________?

A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to P&L A/c
D. Either A. or B. above

A. Acceptor‘s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer
When a bill discounted with bank has been dishonoured, the drawer debits the Acceptors Account (restores the acceptor status a debtor for the amount due) and credits the Bank Account or Cash Account (the amount he pays to bank). The acceptor debits the Bills Payable Account, the noting charges and credits the Drawer‘s Account (Restores the status quo of the creditor to whom he is due to pay). Hence option A. is correct. All other options are incorrect.

Which of these documents is not required for Bank Reconciliation?

A. Bank column of Cash Book
B. Bank Pass Book
C. Bank Statement
D. Trial Balance