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Recording of Transactions - I Test 2

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Recording of Transactions - I Test 2
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Insurance unexposed account is ________.
    Solution
    This is like an advance payment of expenses against which services are not delivered. Till it expires, it should be considered as debit to personal account.
  • Question 2
    1 / -0
    Ledger is also called  ___________.
    Solution
    Journal is called subsidiary books of account. It does not provide the summarized data. 
    Hence, all entries need to be posted in ledger account. Ledger is also called as principal book of accounts as it gives the details of each account.
  • Question 3
    1 / -0
    A credit sale of goods to Shiva should be debited to ____________.
    Solution
    Shiva is the receiver of goods. Personal account rule says "debit the receiver". Hence Shiva's account will be debited.
    Entry for credit sale to Shiva will be:
    Shiva's Account        Dr (Debtor for goods sold on credit)
           To Sales Account    (Goods sold to customer).
  • Question 4
    1 / -0
    The ______________ in a ledger helps in locating the accounts contained in it.
    Solution
    Each of the account is opened in ledger. While posting the journal transaction a reference of folio number is given. It helps in locating the account contained it.
  • Question 5
    1 / -0
    A sale of goods of vidhya for cash should be debited to ______________.
    Solution
    Sales of goods on cash involves cash and goods account. Both cash and goods are real account. Rule for real account says" debit what comes in". Against sale of goods cash is coming in the system, hence cash account should be debited.
  • Question 6
    1 / -0
    If some goods from business are given away as charity to a particular person or institution, it should be ____________.
    Solution
    Any goods which is moved from the business to be recorded in books of account. Goods given as charity to be debited to charity account and credited to purchases account.
  • Question 7
    1 / -0
    The process of transferring the credit and debit items form a journal to their respective accounts in the ledger is termed as ___________.
    Solution
    Journal is a book of recording all the transactions. It does not give a summarize details of each of the account. An individual account is opened in ledger to record all the specific transactions of each activity. Each journal item is transferred to the ledger in their respective account. It is termed as posting.
  • Question 8
    1 / -0
    Receipts and payments account is a _____________.
    Solution
    “A receipt and payment account is a summarized cash book for a given period”.This is a summary of the cash transactions as in the cash book”. Non-profit organizations prepare receipt and payment account at the end of the year. With the help of this account and some additional information, we prepare income and expenditure account to disclose the true results of non- profit organizations.
    So, the receipt and payment account is a real account.
  • Question 9
    1 / -0
    Insurance unexpired accounts is a _____________.
    Solution
    Unexpired insurance is an another term which is used for prepaid insurance. Prepaid insurance is deducted from the insurance premium expenses account in profit & loss account and shown in balance sheet as current assets. 

    For example, if an insurance premium of Rs.1200 is paid for the period from 1st July 2017 to 30th June 2018, an amount equal to Rs.300 (for 3 months , April, May,June 2018) is unexpired as it is not pertaining to the current financial year 2017-18. Its a representative personal account. These accounts are not in the name of a specific person but are represented as personal account.
  • Question 10
    1 / -0
    Under purchase method of amalgamation, _______ of the transferor company continues to appear in the balance sheet of the transferee company. 
    Solution
    Ans:
    Amalgamation in the nature of Purchase -
    It is done as follows :- 
    Amalgamation Adjustment A/c Dr. 
    Statutory Reserve A/c Cr

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