Home › CBSE Class 11 (Commerce) › Accountancy › Recording of Business Transactions › Goods bought on credit for Rs 55,000 raise stock…
Goods bought on credit for Rs 55,000 raise stock and also:
ALiabilities
BOwner capital
CCash in hand
DBank balance
Answer & Solution
Correct answer: A. Liabilities
Credit purchase creates an amount owed to the supplier, which is a liability.
Related questions
Posting means grouping all transactions of a particular account:The first step in posting is to locate in the ledger the:The title of a ledger account ends with the suffix:The journal folio column in a ledger account records the:Which accounts appear in the balance sheet?Which accounts are permanent accounts?Recording in the journal is called journalising, while recording in the ledger is:The basis of classification of data in the ledger is the: