Bank Reconciliation Statement Test

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Bank Reconciliation Statement Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

Paid rent to landlord Rs.1500. One third of the premises is occupied by the proprietor for his own residence. Calculate the amount of drawings

A
Rs.300

B
Rs.2000

C
Rs.1500

D
Rs.500

Solution

Amount used for personal purpose from the business is the drawings which is 1/3 of rs 1500= Rs 500. so drawings account will be debited by Rs 500/-.
Question 2
1 / -0

Calculate the amount of sales return – Returned by Jitendar Woods- 1 Dressing Table of list price Rs.1700 each. Trade Discount was 10%.

A
Rs.1530

B
Rs.170

C
Rs.1700

D
Rs.150

Solution

mount of goods returned is Rs (1700-170)= Rs 1530/- as we will record sales return net of discount as the sales where also recorded at the same price.
Question 3
1 / -0

If building have been given to a tenant on Rs. 240000 p.a, but during the year Rs.300000 has been received then Rs. 60000. Record the journal entry for the same:

A

Cash Dr 60000

To Rent Received in advance A/c

60000

B

Rent Dr. 60000

To Cash A/c

60000

C

Cash Dr. 300000

To Rent 2,40,000

To Rent Received in advance A/c 60000

D

Rent Dr. 240000

To Rent Received in advance A/c

240000

Solution

Cash received is Rs 300000/- and it is increasing so it will be debited . Rent for the year is Rs 240000/- so the incoem for the year is Rs 240000/- so rent account will be credited as it is income and is increasing and remaining Rs 60000/- is rent received in advance and any incoem which is received in advance is the liability and it is also increasing so it will be credited.
Question 4
1 / -0

An old machine with the book value of Rs.80000 is exchanged for a new machine of Rs.240000. The old machine is valued at Rs.50000 for exchange purposes by Machine Tools Ltd. Calculate the profit /Loss

A
Rs.50000

B
Rs.130000

C
Rs.20000

D
Rs.30000

Solution

Book value is Rs 80000, Exchange value is Rs 50000/- so loss on exchange of the machinery is Rs 30000/- (80000-50000).
Question 5
1 / -0

An old machine with the book value of Rs.80000 is exchanged for a new machine of Rs.240000. The old machine is valued at Rs.50000 for exchange purposes by Machine Tools Ltd. By what amount machine account should be credited

A
Rs.190000

B
Rs.80000

C
Rs.30000

D
Rs.50000

Solution

The machine account should be debited with rs 190000/- as the 50000 is already paid by the way of old machine and in block system method Balance of Rs 190000/- becomes payable and thus we will debit the same amount on the machine account.
Question 6
1 / -0

A cheque from a customer amounted to Rs.5000 deposited in the bank was returned dishonored. Journal entry will be

A

Customer A/c Dr. 5000

To Bank A/c

5000

B

Customer A/c Dr. 5000

To Bank A/c

5000

C

Customer A/c Dr. 5000

To Bank A/c

5000

D

Customer A/c Dr. 5000

To Bank A/c

5000

Solution

In our books Again the customer's accoun will incraese and he becomes our debtor so it will be debited and bank account will reduce in the books as the cheque did not clear so it will be credited.
Question 7
1 / -0

Purchased goods amounting to Rs.200000 out of which goods of Rs.180000 were purchased on credit from D. Lal Journal entry will be

A

Purchases Dr. 200000

To Stock 20000

To D.Lal 180000

B

Purchases Dr. 200000

To Cash 20000

To D.Lal 180000

C

Purchases Dr. 200000

To Cash 20000

To D.Lal 180000

D

Purchases Dr. 200000

To Cash 20000

To D.Lal 18000

Solution

D.Lal has given us Goods worth Rs 180000/- on credit , so he becomes our creditor And thus his account is credited and we pay Rs 20000/- the balance amount in cash so cash which is decreasing should also be credited but the total purchase is of Rs 200000/- so purchase account which is increasing will be debited with Rs200000/-.
Question 8
1 / -0

Provide 10 % interest on capital amounted to Rs.100000.Calculate amount of interest

A
Rs.100000

B
Rs.100

C
Rs.1000

D
Rs.10000

Solution

Capital invested in the business is Rs 100000/- and interest to be charged is 10% so the amount of interest on capital is = 100000*10/100 = Rs 10000/-.
Question 9
1 / -0

Goods costing Rs.500 given as charity (Sales price Rs.600).What amount should be charity account debited

A
Rs.100

B
Rs.1100

C
Rs.500

D
Rs.600

Solution

Goods are going out of the business at cost price and hence purchases reduces so the charity account will be debited with Rs 500/- i.e. the cost price of the goods.
Question 10
1 / -0

Goods costing Rs.500 given as charity (Sales price Rs.600).Which account should be credited while making a journal entry

A
Sale

B
Charity

C
Purchase

D
Goods

Solution

Goods are going out of thr business at cost price hence purchses account is reduced to the extent and as such it will be credited.

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Re-Attempt Weekly Quiz Competition

Cash	Dr.	300000
To Rent		2,40,000
To Rent Received in advance A/c		60000

Purchases	Dr.	200000
To Stock		20000
To D.Lal		180000

Purchases	Dr.	200000
To Cash		20000
To D.Lal		180000

Purchases	Dr.	200000
To Cash		20000
To D.Lal		180000

Purchases	Dr.	200000
To Cash		20000
To D.Lal		18000

Bank Reconciliation Statement Test - 7

Result

Bank Reconciliation Statement Test - 7

Score

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Rank

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SHARING IS CARING

Question 1

Rs.300

Rs.2000

Rs.1500

Rs.500

Solution

Question 2

Rs.1530

Rs.170

Rs.1700

Rs.150

Solution

Question 3

Cash Dr 60000 To Rent Received in advance A/c 60000

Rent Dr. 60000 To Cash A/c 60000

Cash Dr. 300000 To Rent 2,40,000 To Rent Received in advance A/c 60000

Rent Dr. 240000 To Rent Received in advance A/c 240000

Solution

Question 4

Rs.50000

Rs.130000

Rs.20000

Rs.30000

Solution

Question 5

Rs.190000

Rs.80000

Rs.30000

Rs.50000

Solution

Question 6

Customer A/c Dr. 5000 To Bank A/c 5000

Customer A/c Dr. 5000 To Bank A/c 5000

Customer A/c Dr. 5000 To Bank A/c 5000

Customer A/c Dr. 5000 To Bank A/c 5000

Solution

Question 7

Purchases Dr. 200000 To Stock 20000 To D.Lal 180000

Purchases Dr. 200000 To Cash 20000 To D.Lal 180000

Purchases Dr. 200000 To Cash 20000 To D.Lal 180000

Purchases Dr. 200000 To Cash 20000 To D.Lal 18000

Solution

Question 8

Rs.100000

Rs.100

Rs.1000

Rs.10000

Solution

Question 9

Rs.100

Rs.1100

Rs.500

Rs.600

Solution

Question 10

Sale

Charity

Purchase

Goods

Solution

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Cash Dr 60000

To Rent Received in advance A/c

60000

Rent Dr. 60000

To Cash A/c

60000

Cash Dr. 300000

To Rent 2,40,000

To Rent Received in advance A/c 60000

Rent Dr. 240000

To Rent Received in advance A/c

240000

Customer A/c Dr. 5000

To Bank A/c

5000

Customer A/c Dr. 5000

To Bank A/c

5000

Customer A/c Dr. 5000

To Bank A/c

5000

Customer A/c Dr. 5000

To Bank A/c

5000

Purchases Dr. 200000

To Stock 20000

To D.Lal 180000

Purchases Dr. 200000

To Cash 20000

To D.Lal 180000

Purchases Dr. 200000

To Cash 20000

To D.Lal 180000

Purchases Dr. 200000

To Cash 20000

To D.Lal 18000