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Recording of Transactions - II Test 21

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Recording of Transactions - II Test 21
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  • Question 1
    1 / -0
    Which of the following is the kind of a cash book?
    Solution
    There are three common versions of the cash book: single column, double column, and triple column.The single column cash book shows only receipts and payments of cash. The double column cash book shows cash receipts and payments as well as details about bank transactions.
  • Question 2
    1 / -0
    When a firm maintains a simple Cash Book, it need not maintain ____________.
    Solution
    When a firm maintains a simple Cash Book, it need not maintain cash account in the ledger. 
  • Question 3
    1 / -0
    When a cheque received is endorsed, it must be entered on _____________.
    Solution
    A bearer cheque received from a party and not deposited in the bank, can be given to any third party for making the similar payment to the latter. This is known as endorsement. On endorsement of cheque to the third party the cash column must be reduced so that it gets recorded in the cash column on the credit side of the cash book. It should be noted that when the cheque was received, it must have been recorded in the cash column on the debit (receipt) side of the cash book.
  • Question 4
    1 / -0
    Wages paid for repairing a machine should be debited to ___________.
    Solution
    Repair of machine is a regular nature expense. It is done to keep the machine in working condition. It is revenue in nature. So, wages paid for repair of machine is debited to repair account.
  • Question 5
    1 / -0
    Sales journal (also called day book) is used for recording ____________.
    Solution
    Every sale transaction is entered in sales journal essentially results in a debit to accounts receivable account and credit to sales account. Sales day book records only credit sale of goods. It does not record cash sales of goods or credit sales of assets. Sales account always credited for sale, so the sales book always shows a credit balance.   
  • Question 6
    1 / -0
    When the venturer recording transactions brings goods into joint venture, then these are credited to _______________.
  • Question 7
    1 / -0
    On purchase of old furniture, the amount spent on its repair should be debited to _________.
    Solution
    The furniture is an asset. What comes in  business will be debited. In this transaction, furniture comes in the business. Hence, "Furniture A/c" is debited and the capital expenditure spent for asset is also debited. In this transaction amount spent on repairs of old furniture should be debited to "Furniture a/c".  We paid cash for purchasing  old furniture hence, "Cash A/c" is credited.

    The journal entry for this transaction is:
    Furniture A/c........Dr.
       To Cash A/c
  • Question 8
    1 / -0
    Sales to Ram of Rs. 336, were not recorded. This will affect _________.
    Solution
    If a transaction remains altogether unrecorded in the journal i.e. the book of original entry, it will be termed as an error of omission. It is termed as a two-sided error and such error will not affect the agreement of trial balance because the transaction is altogether omitted from being recorded in the books of accounts. As the transaction is not recorded in the books it will affect both the accounts of entry i.e. Sale account and Ram account.
  • Question 9
    1 / -0
    Which of the following is an example of an adjusting entry?
  • Question 10
    1 / -0
    The technique of finding the net balance of an account after considering the totals of both debits and credits appearing in the account is known as _________.
    Solution
    Balancing of an accounts means ascertaining the net effect of the transactions, i.e. the difference between the debit and credit side of the ledger account. Thus, when the debit side of the ledger account exceeds the credit side, the balancing figure is termed as debit balance and vice versa. All the assets, expenses and losses show debit balance. Whereas, all liabilities, incomes and gains and capital show credit balance. 
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