Recording of Transactions Test

Question 1
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Which account will be debited in case wages are paid for installation of machinery?

A
Machinery A/c

B
Installation A/c

C
Wages A/c

D
Cash A/c

Question 2
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Record necessary Journal entries assuming CGST @ 5% and SGST @ 5% and all transactions are occurred within Delhi and find out the amount of net SGST payable.

i. Shobit bought goods Rs. 1,00,000 on credit

ii. He sold them for Rs. 1,35,000 in the same state on credit

iii. He paid for Railway transport Rs. 8,000

iv. He bought computer printer for Rs.10,000

v. Paid postal charges Rs. 2000

A
Rs. 14,750

B
Rs. 5,450

C
Rs. 10,050

D
Rs. 6,750

Question 3
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At the beginning of the year, the assets of a business were valued at Rs. 1,50,000 and its liabilities at Rs. 60,000. What was the opening capital?

A
Rs. 1,10,000

B
Rs. 90,000

C
Rs. 2,10,000

D
Rs. 50,000

Question 4
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Which of the following item is not concerned with credit voucher?

A
Sale of investments or fixed assets for cash

B
Purchase of goods for cash

C
Sale of goods for cash

D
Cash received from debtors

Question 5
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Which account will be debited in case Life insurance premium is paid by proprietor from business cash?

A
Drawings A/c

B
Capital A/c

C
Insurance A/c

D
Cash A/c

Question 6
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A credit balance in Bank column of cash book indicates:

A
Expenses

B
Overdraft

C
Loss

D
Profit

Question 7
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What does the debit side of a double-column cash book primarily record?

A
Cash payments and receipts

B
Bank payments and receipts

C
Both (A) and (B)

D
None of the above

Question 8
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Which of the following is a rule of debit and credit in accounting?

A
Debit increases liabilities

B
Credit increases assets

C
Debit decreases expenses

D
Debit decreases equity

Question 9
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X commenced business on 1st April, 2013 with a capital of Rs. 6,00,000. On 31st March, 2014 his assets were worth Rs. 8,00,000 and liabilities Rs. 50,000. Find out his closing capital.

A
Rs. 9,45,000

B
Rs. 2,00,000

C
Rs. 5,50,000

D
Rs. 7,50,000

Question 10
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The entry which is passed for bringing forward the balances of personal and real accounts as shown in the last year’s balance sheet is called:

A
Closing entry

B
Journal entry

C
Opening entry

D
None of the above

Submit Test

Recording of Tr...

Question 1

Machinery A/c

Installation A/c

Wages A/c

Cash A/c

Question 2

Rs. 14,750

Rs. 5,450

Rs. 10,050

Rs. 6,750

Question 3

Rs. 1,10,000

Rs. 90,000

Rs. 2,10,000

Rs. 50,000

Question 4

Sale of investments or fixed assets for cash

Purchase of goods for cash

Sale of goods for cash

Cash received from debtors

Question 5

Drawings A/c

Capital A/c

Insurance A/c

Cash A/c

Question 6

Expenses

Overdraft

Loss

Profit

Question 7

Cash payments and receipts

Bank payments and receipts

Both (A) and (B)

None of the above

Question 8

Debit increases liabilities

Credit increases assets

Debit decreases expenses

Debit decreases equity

Question 9

Rs. 9,45,000

Rs. 2,00,000

Rs. 5,50,000

Rs. 7,50,000

Question 10

Closing entry

Journal entry

Opening entry

None of the above

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Question Analysis

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