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Recording of Transactions - II Test 14

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Recording of Transactions - II Test 14
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  • Question 1
    1 / -0
    A seller on receipt of returned goods sends note to the party who return the goods, the note is called _____.
    Solution
    A credit note is prepared, when a party is to be given a credit for reasons other than credit purchase. It is common practice to make it in red ink. When goods are received back from a customer, a credit note is sent to him. It is a document sent by a seller to the buyer.
    In other words, it is a note prepared by vendor to the purchaser, notifying that a credit has been made to their account against the goods returned by the buyer.
  • Question 2
    1 / -0
    Purchase day book is opened to record __________.
    Solution
    Purchase Day Book is a subsidiary book that records all the credit purchases transactions. The balance of the Purchases daybook is transferred to the purchases account. Purchases Book is also known as Purchases Journal. Therefore, no cash purchases transactions are recorded in the Purchases Day Book.
  • Question 3
    1 / -0
    Over statement of purchase day book will lead to......
  • Question 4
    1 / -0
    Over casting of sales day book will lead to
  • Question 5
    1 / -0
    A petty cash book is meant for which of these payments.......
    Solution
    A petty cash book is meant for which of these payment to pay small day to day expenses like postage, telegraph.
  • Question 6
    1 / -0
    AB are two partners in a firm C is admitted for 1 /3 shares of profit with a minimum guaranteed profit of Rs. 30,000 given by A. During 2006-07 the firm reported net profit of Rs. 66,000. Find the share of profit of A.
  • Question 7
    1 / -0
    When the goods are returned, the supplier sent a ________.
  • Question 8
    1 / -0
    From the following details find the revised current ratio of $$ABC$$Ltd. if the trade debtors amounting to Rs. $$5000$$ are realized in cash. Cash in hand Rs. $$5000$$, Stock in trade Rs. $$15,000$$, Prepaid Expenses A/c Rs. $$3000$$, Plant Rs. $$20,000$$, Miscellaneous expenses to be written off Rs. $$2000$$, Creditors Rs. $$10,000$$, Bills payable Rs. $$3000$$, Outstanding Expenses Rs. $$1000$$, Capital $$30,000$$, Profit and surplus Rs. $$6000$$
  • Question 9
    1 / -0
    When the goods are returned, the supplier sent a _________. 
    Solution
    When goods are returned to supplier the journal entry is
    Supplier a/c             Dr.
         To Purchases return a/c 
    (Being Goods returned to Supplier)
    In this case, the supplier will send Debit Note to the Business man.
  • Question 10
    1 / -0
    Which of these is/are not included in sales A/c?
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