A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
Debit rent account, Credit bank account
Debit Rent account, Credit Samson's account
Debit Bank account, Credit Rent account
Debit Samson's account, Credit Rent account
Correct answer is B
Since Rent is receiving then rent account is debited while Samson's account is credited because it is giving out.
The difference between double entry and single entry is
Double entry is based on the dual concept while single entry is not based on dual concept
Double entry is an account while single entry is not an account
Double entry keeps personal account while single does not
Double entry is useful for business enterprise while single entry is not
Correct answer is A
Double entry is based on dual concept, i.e two-fold aspect of transaction whereby single entry ignored the principle of double entry.
The rules of double entry states that
For every debit entry, there must be a corresponding debit entry
For every credit entry, there must be a corresponding credit entry
All transactions must be recorded in two accounts, one account is debited and another is credited
All transaction must be credited
Correct answer is C
Double entry system is the entry of debit and credit for each transaction in the ledger. Hence the double entry rules states that "debit the receivers, credit the giver".
A proprietor withdraws cash from the business for private use, he
Credits cash account and debits bank account
Credits cash account and debits drawing A/C
Debits cash account and credits drawings account
Debits bank account and credits drawings account
Correct answer is B
When a proprietor withdraw cash for private use, himself or owner's use, it is regarded as drawings.
The account involve is cash and drawings account. Therefore, the cash account gives while the drawings account receives.
Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
Increase in assets of motor vehicle account
Decrease in assets of motor vehicle account
Increase in assets of bank account
Increase in liabilities of bank account
Correct answer is A
The motor vehicle account is the receiver while bank account is giving out. Therefore, there will be an increase in motor account and a decrease in bank account.
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