If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?
A. Increase in capital
B. Remain the same
C. Decrease in capital
D. No effect on capital
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
A. Debit of 800 to Trading Account and credit of 600 and 200 to insurance company and
Profit and Loss Account respectively
B. Deduct the 800 from closing stock in the Trading Account
C. Credit insurance company for 600
D. Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and
credit of 800 to Trading Account
A. Nominal accounts
B. Real account
C. Cash accounts
D. Banks account
Identify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Purchase journal is kept to record_____________?
A. All purchases of goods
B. All credit purchases of goods
C. All credit purchases
D. None of these