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Recording of Transactions - II Test 12

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Recording of Transactions - II Test 12
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Weekly Quiz Competition
  • Question 1
    1 / -0
    _________ is/are forms of a cash book.
    Solution
    Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. 

    Generally, it is made on monthly basis. This is a very popular book and is maintained by all the organisation, big or small, profit or not-for-profit. It serves the purpose of both journal as well as ledger account. 
    It is also called the book of original entry. 
    Single column cash book, Double column cash book and Three column cash book are all forms of a cash book.
  • Question 2
    1 / -0
    Rent for the month of May received in advance in the month of April will appear on__________________.
    Solution
    Rent for the month of May received in advance in the month of April will appear on Cash Book.
    As cash is received in the form of rent money, therefore, it will be recorded on the debit side of the cash book. Debit side of the cash book is also known as the receipt side.
  • Question 3
    1 / -0
    Purchase day book records _____.
    Solution
    Purchase day book is a subsidiary book. All credit purchases are to be recorded in purchase day book in chronological order.
  • Question 4
    1 / -0
    Goods worth Rs.45,000 purchased from Lalit on credit will be recorded in_______.
    Solution
    A purchase journal is a subsidiary-level journal in which information is stored about purchasing transactions. 
    Any transaction entered into the purchases journal involves a credit to the accounts payable account and debit to the expense or asset account to which a purchase relates.
  • Question 5
    1 / -0
    Which of these will not be recorded in cash book/account?
    Solution
    The Journal Entry for Option 3 is
    Purchases a/c    Dr.
         To Creditors a/c
    Goods purchased on credit does not involve any outflow of cash therefore, it will not be recorded in the cash book. 
  • Question 6
    1 / -0
    Goods worth Rs.45,000 sold to Tarun for credit will be recorded in ___________.
    Solution
    All credit sales of merchandise are recorded in the sales journal. 
    Cash sales are recorded in the cash book. 
    The source document for recording entries in the sales journal are sales invoice or bill issued by the firm to the customers. 
    The date of sale, invoice number, name of the customer and amount of the invoice are recorded in the sales journal. 
    Other details about the sales transaction including terms of payment available in the invoice. 
    In fact, two or more than two copies of a sales invoice are prepared for each sale. The book keeper makes entries in the sales journal from one copy of the sales invoice. 
    For example. goods worth Rs. 45,000 sold to Tarun for credit will be recorded in sales book. 
  • Question 7
    1 / -0
    Rent outstanding for the month of February will appear_________.
    Solution
    When there is rent outstanding for the month of February then this implies that no cash is paid or received as a rent in the month of February therefore, no entry in the cash book.
    Cash Book records only those entries which have a effect on the cash or bank balanace.
  • Question 8
    1 / -0
    Purchase of computer by a computer dealer on credit is recorded in_____.
    Solution
    Purchase day book records all credit purchases hence buying a computer on credit will be recorded in purchase day book.
  • Question 9
    1 / -0
    Goods worth Rs. 45,000 sold to Tarun for cash will be recorded in_________.
    Solution
    Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. Generally, it is made on monthly basis. 

    This is very popular book and is maintained by all organisations, big or small, profit or not-for-profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry. 

    When a cash book is maintained, transactions  of cash are not recorded in the journal, and no separate account for cash or bank is required in the ledger. 

    For example, goods worth Rs. 45,000 sold to Tarun for cash will be recorded in the cash book.
  • Question 10
    1 / -0
    Goods worth Rs.15,000 purchased from Tarun for cash will be recorded in________.
    Solution
    The Journal Entry that should be entered in books :-
    (i) Purchase A/c Dr.      15000
         To Cash A/c                              15000
    (Being goods purchased for cash)
    Hence, This will be shown in credit side of cash book.
    By Purchase A/c     15000
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