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Recording of Transactions - I Test 28

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Recording of Transactions - I Test 28
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  • Question 1
    1 / -0
    The owner of B & Co. paid in additional capital amounting to Rs. $$50,000$$ in cash. As a result of this.
    Solution
    b'The additional capital amounting Rs 50,000 as add of the  asset & capital so as increase  '
  • Question 2
    1 / -0
    Which of the following is true when a debtor pays his dues?
    Solution
    When debtors will pay their dues then there will be an increase in the cash in the business, cash is an asset, therefore, there will be an increase in the assets whereas, on the other side, debtors will be cancelled from the business, debtors are also assets for the business, therefore, there will be a decrease in the assets of the business. 
    Hence, Cash will increase whereas debtor will decrease therefore, there will be no effect on the assets or liabilities
  • Question 3
    1 / -0
    Journal is book of _____________.
    Solution
    A journal is known as the original book of entry and is also called the prime entry. All the accounting transactions are first recorded in journal in the order of the transactions taking place. Such order is called a chronological order.
  • Question 4
    1 / -0
    _________ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
    Solution
    Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
  • Question 5
    1 / -0
    Which pair of accounts stated will have balances on opposite sides?
  • Question 6
    1 / -0
    Ledger is the ____ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
    Solution
    Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
  • Question 7
    1 / -0
    Journal is the book of _______ in which every transaction is recorded before being posted into the ledger.
    Solution

    Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.

  • Question 8
    1 / -0
    _______ is a book in which all the business transactions are originally recorded in chronological order and from which they are posted to the ledger accounts at any convenient time.
    Solution

    Journal is a book of accounts in which all day to day business transactions are recorded in a chronological order i.e. in the order of their occurence. 

    Transactions when recorded in a Journal are known as entries.It is the book in which transactions are recorded for the first time.

  • Question 9
    1 / -0
    Ledger is book for _________________.
    Solution
    Analytical record
  • Question 10
    1 / -0
    _______ is used to record the details of bills receivable by the business organization.
    Solution

    Accounts Receivable (AR) is the proceeds or payment which the company will receive from its customers who have purchased its goods & services on credit. Usually the credit period is short ranging from few days to months or in some cases maybe a year.

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