Recording of Transactions

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Recording of Transactions - II Test 18

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Weekly Quiz Competition

Question 1
1 / -0

An Account sales contains some information except

A
Sales made

B
Expenses incurred by the consignee

C
Commission

D
Other business income of the consignee
Question 2
1 / -0

Rs. 14,000 being LIC premium of proprietor paid by the firm, which a/c will be debited.

A
Income-tax a/c

B
Drawing a/c

C
Profit and loss a/c

D
None
Question 3
1 / -0

Which of these are not to be recorded in cash book.

A
Goods worth Rs.5,000 sold on three months credit.

B
Interest paid Rs.3,000

C
Cash received from the client

D
Cheque dishonoured

Solution

In Cashbook, only cash transactions are recorded.
In Option A, Cash is not involved, therefore, Goods worth Rs.5,000 sold on three months credit are not recorded in cash book.
In Option B, C and D, Cash is involved therefore it will be recorded in the Cash Book.
Question 4
1 / -0

Cash book starts with ______

A
cash/bank balance in hand

B
no balance

C
opening stock

D
debtors a/c

Solution

Cash Book starts with cash balance in hand
Question 5
1 / -0

X intends to earn a 20% profit margin on selling price, what should be the mark up on cost price to get the desired profit margin

A
20%

B
33%

C
25%

D
30%
Question 6
1 / -0

On the debit side of a Sales a/c entry can be for which of these reasons

A
Sales returns

B
Discount allowed

C
Both

D
Additional sales
Question 7
1 / -0

Purchase a/c does not include

A
Cash purchases of trading goods

B
Credit purchases of trading goods

C
Purchase of fixed assets

D
All the three
Question 8
1 / -0

Balance in petty cash book represents.

A
Outstanding expenses

B
Prepaid expenses

C
Cash balance

D
Net profit

Solution

Balance in petty cash book represents cash balance
Question 9
1 / -0

Which of these transaction is shown as contra entry-

A
Cash deposited with bank

B
Discount received

C
Discount allowed

D
Payment to sundry creditor

Solution

Contra Entry is an entry that affects both cash account and bank account. Cash deposited with the bank has affected both cash and bank ba;ances therefore, it is a contra entry.
It is will be recorded with the symbol "c" in the L.F. column of the Double Column Cash Book.
Question 10
1 / -0

Double entry of which of the following transactions is completed in the Cash Book itself _______________.

A
Paid rent by cheque

B
Withdrew from bank for personal use

C
A cheque received from a customer deposited into bank on the same day

D
Cash deposited into the bank

Solution

In double column cash, the two columns are cash and Bank.
The entry for cash deposited into bank will be
Bank a/c Dr.
To Cash a/c
Therefore, both the affects will be recorded in cash book only.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 18

Result

Recording of Transactions - II Test 18

Score

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Rank

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SHARING IS CARING

Question 1

Sales made

Expenses incurred by the consignee

Commission

Other business income of the consignee

Question 2

Income-tax a/c

Drawing a/c

Profit and loss a/c

None

Question 3

Goods worth Rs.5,000 sold on three months credit.

Interest paid Rs.3,000

Cash received from the client

Cheque dishonoured

Solution

Question 4

cash/bank balance in hand

no balance

opening stock

debtors a/c

Solution

Question 5

20%

33%

25%

30%

Question 6

Sales returns

Discount allowed

Both

Additional sales

Question 7

Cash purchases of trading goods

Credit purchases of trading goods

Purchase of fixed assets

All the three

Question 8

Outstanding expenses

Prepaid expenses

Cash balance

Net profit

Solution

Question 9

Cash deposited with bank

Discount received

Discount allowed

Payment to sundry creditor

Solution

Question 10

Paid rent by cheque

Withdrew from bank for personal use

A cheque received from a customer deposited into bank on the same day

Cash deposited into the bank

Solution

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