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Which of the following are correct? (i) Bought office furniture for cash (ii) A debtor, P. Sangster,

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Which of the following are correct?

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(i) Bought office furniture for cash (ii) A debtor, P. Sangster, pays us by cheque (iii) Introduced capital by cheque (iv) Paid a creditor, B. Lee, by cash (A) (i), (ii) and (iii) only (B) (ii), (iii) and (iv) only (C) (i), (ii) and (iv) only (D) (i) and (iv) only Account to be debited Office furniture Bank Capital B. Lee Account to be credited Cash P. Sangster Bank Cash

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Based on the given information the correct statements are A 1 ii and iii only In option 1 Bought off...View the full answer


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Jehal Shah
I believe everyone should try to be strong at logic and have good reading habit. Because If you possess these two skills, no matter what difficult situation is, you will definitely find a perfect solution out of it. While logical ability gives you to understand complex problems and concepts quite easily, reading habit gives you an open mind and holistic approach to see much bigger picture. So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored. Last but not the least, I am finance enthusiast. Big fan of Warren buffet for long term focus investing approach. On the same side derivatives is the segment I possess expertise. If you have any finacne related doubt, do reach me out.
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Frank Woods Business Accounting Volume 1

Frank Woods Business Accounting Volume 1

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