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Recording of Transactions - II Test 22

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Recording of Transactions - II Test 22
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  • Question 1
    1 / -0
    X Y entered into a Joint Venture to undertake the public issue of ABC Ltd. The company invited application for allotment of 2,00,000 shares at Rs. 10. The issue was subscribed to the extent to 90% and the remaining were taken by Y. They agreed to share profit and loss in the ratio of 2:3. The shares undertaken by X Y were subsequently sold at a premium of 40 per share. How many shares were undertaken by X Y?
  • Question 2
    1 / -0
    A and B enter into joint venture sharing profit and loss equally. A purchased 1000 kg of rice @ Rs. 20 per kg. Brokerage was paid Rs. 2000, carriage paid Rs. 3,000. B sold 900 kg of rice @ Rs. 22 per kg. Balance of rice were taken over by B at cost. The value of rice taken over to be recorded in joint venture will be _______________.
  • Question 3
    1 / -0
    Bank column of the Cash Book has __________ balance.
    Solution
    The double column cash book (also known as two column cash book) has two money columns on both debit and credit sides – one to record cash transactions and one to record bank transactions.
  • Question 4
    1 / -0
    Cash account will show ______________.
    Solution
    Cash account will show a debit balance.
    Cash Book is a subsidiary book which records all the cash receipts and cash payments. The Balance of Cash book can never be credit as it always has debit balance or zero balance. 
  • Question 5
    1 / -0
    While posting the Cash Payment from Cash Book___________.
    Solution
    While posting the Cash Payment from Cash Book only the individual accounts are debited and there is no need to post the total of cash column.
    Cash Book is a subsidiary book that records all the cash receipts and cash payments. The Balance of the Cashbook can never be credit as it always has a debit balance or zero balance. 
    There are mainly Four types of Cash Books
    1. Simple Cashbook
    2. Two-column Cash Book
    3. Three Column Cash Books.
    4. Petty Cash Book
  • Question 6
    1 / -0
    Cash purchases are recorded in ______________.
    Solution
    Cash purchase involves payment of cash therefore, it will be recorded in the cash book.
  • Question 7
    1 / -0
    The process of equalizing the two sides of an account by putting the difference on the side where amount is short is known as _____________.
  • Question 8
    1 / -0
    Purchases journal (also called Purchase book or Invoice book or Invoice journal) is used for recording ________________.
    Solution
    All goods purchased on credit is are recorded in the Purchase book. Whenever goods are purchased on credit, purchase account is debited (as per the rule, "Debit what comes in") i.e. goods comes in, hence purchase account is debited. The document on the basis of which purchase book is prepared is known as "Credit memo".
  • Question 9
    1 / -0
    Purchases book is meant for recording the _______ of goods.
    Solution
    There are special purposes books in accounting system for some transactions such as for credit purchase entries are made in purchase book, for credit sales entries are made in sale book, cash transactions are recorded in cash book etc. Therefore credit purchase is recorded in purchase book.
  • Question 10
    1 / -0
    The total of the purchases day book is posted periodically to the debit of ______________.
    Solution
    Purchase Day book (Purchase Register)is the book of original entry in which all the transactions relating to only credit purchase are recorded. Cash purchases do not find place in purchase day book as they are recorded in Cash book.The every month total of purchase is to be posted on the debit side of the purchase account.
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