Cash Book Test

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Cash Book Test - 1

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Weekly Quiz Competition

Question 1
1 / -0

Sumit owns a company and purchase goods on credit from his personal funds and used the same for business purpose. What is the effect on assets

A
Reduce Bank

B
Increase cash

C
Reduce cash

D
Increase stock

Solution

when sumit will intoduce stock in business out of his personal funds then it will increase the stock columm in assets and also the capital get increases.
Question 2
1 / -0

Payment to creditors in cash will affect

A
Only capital side of the equation

B
Only assets side of the equation

C
Only liability side of the equation

D
Asset and Liability both

Solution

Payment to creditor will decrease cash from assets and also the creditor balance from liability goes down . which means assets and liability decreases.
Question 3
1 / -0

Match the following options are as follows:
a. Personal account
b. Nominal Account
c. Real Account
i. Furniture Account
ii. ICICI Bank Account
iii. Salary paid

A
a(i), b(ii), c(iii)

B
a(iii), b(i), c(ii)

C
a(ii), b(i), c(iii)

D
a(ii), b(iii), c(i)

Solution

Nominal account are for expenses and incomes which means salary paid is related to nominal account.

Real account are related to assets which means furniture is related to real account.

Personal account are in the name of person which means ICICIC bank is related to personal account.
Question 4
1 / -0

Salary is an ____ for the employer and _____ for the employee

A
Expense, liability

B
Asset, Income

C
Expense, Income

D
Expense, Assets

Solution

Salary is expense for employer because Employer pays salary to employee and For Employee it will an income as he receives this amount.
Question 5
1 / -0

Decrease in ____ is debited

A
Debtor

B
Goodwill

C
Creditor

D
Plant and machinery

Solution

Liability are in the credit nature and creditors are also liability which increase from credit and decrease with debit. So when we paid them they will goes down which means liability goes decrease by debiting them.
Question 6
1 / -0

Find out the value of assets if: Liabilities= Rs.5000 and Capital= Rs.1000

A
Rs.5000

B
Rs.4000

C
Rs.3000

D
Rs.6000

Solution

Assets = Capital + liabilities

Assets =1000 + 5000

Assets = Rs. 6000
Question 7
1 / -0

Calculate the amount of cash if: other assets( Except Cash) = Rs.10,000 liabilities= Rs.10,000 Total Capital= Rs.5000

A
Rs.1000

B
Rs.5000

C
Rs.3000

D
Rs.10000

Solution

Total Assets = Capital + liabilities

Total Assets = 5000+ 10000

Total Assets = Rs. 15000

Total Assets = Other Assets + Cash

15000 = 10,000 + Cash

Cash= 15000- 10000

Cash =Rs. 5000
Question 8
1 / -0

If Cash= Rs.1000; inventories= Rs.4000 Debtors= Rs.5000; fixed assets=? Capital + Liabilities= Rs.18000. Find out the Amount of fixed assets?

A
Rs.8000

B
Rs.20000

C
Rs.10000

D
Rs.15000

Solution

Total assets = capital + Liability

Total assets = Rs. 18000

Now,

Current assets = Cash + inventories+ Debtors

Current assets = 1000+4000+5000

Current assets = 10000

Total Assets = current Assets + Fixed Assets

18000= 10000+ Fixed Assets

Fixed Assets = 18000 -10000

Fixed Assets = Rs. 8000
Question 9
1 / -0

Calculate Return Inward Journal (Book) from the following transactions of M/s Bansal Electronics for November 2010:
(a) M/s Gupta Traders returned the goods Rs.1,500
(b) Goods returned from M/s Harish Traders Rs.800
(c) M/s Rahul Traders returned the goods not as per specifications amounting to Rs. 1200
(d) Goods returned from Sushil Traders Rs.1,000. Options are as follows

A
Rs.5000

B
Rs.4000

C
Rs.4500

D
Rs.5500

Solution

Return inward book records all entry of credit sale return of goods.

So, Goods Returned are = Rs. 1500+ 800+ 1200+ 1000

= Rs. 4500
Question 10
1 / -0

Calculate purchase return amount from the following transactions for January 2011.
(a) Returned goods to M/s Kartik Traders Rs.1,200
(b) Goods returned to Sahil Pvt. Ltd. Rs.2,500
(c) Goods returned to M/s Kohinoor Traders for list price Rs.2, 000 less 10% trade discount.
(d) Return outwards to M/s Handa Traders Rs.550. Options are as follows

A
Rs.6050

B
Rs.4500

C
Rs.6000

D
Rs.5500

Solution

purchase Return Book Records transaction of credit return of purchase.

So Purchase return Amount= Rs. 1200 + Rs. 2500 +(Rs. 2000- 10% Discount) +Rs. 550

= Rs. 1200+ Rs. 2500 +Rs. 1800 +Rs. 550

= Rs. 6050

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Cash Book Test - 1

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Cash Book Test - 1

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SHARING IS CARING

Question 1

Reduce Bank

Increase cash

Reduce cash

Increase stock

Solution

Question 2

Only capital side of the equation

Only assets side of the equation

Only liability side of the equation

Asset and Liability both

Solution

Question 3

a(i), b(ii), c(iii)

a(iii), b(i), c(ii)

a(ii), b(i), c(iii)

a(ii), b(iii), c(i)

Solution

Question 4

Expense, liability

Asset, Income

Expense, Income

Expense, Assets

Solution

Question 5

Debtor

Goodwill

Creditor

Plant and machinery

Solution

Question 6

Rs.5000

Rs.4000

Rs.3000

Rs.6000

Solution

Question 7

Rs.1000

Rs.5000

Rs.3000

Rs.10000

Solution

Question 8

Rs.8000

Rs.20000

Rs.10000

Rs.15000

Solution

Question 9

Rs.5000

Rs.4000

Rs.4500

Rs.5500

Solution

Question 10

Rs.6050

Rs.4500

Rs.6000

Rs.5500

Solution

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