Recording of Transactions

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Recording of Transactions - II Test 23

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Weekly Quiz Competition

Question 1
1 / -0

Sales for the year ended 31st March, 2005, amounted to Rs 10,00,000. Sales included goods sold to Mr. Ashok for Rs 50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer's risk. Therefore, such goods should be treated as part of ___________.

A
Sales

B
Closing stock

C
Goods in transit

D
Sales return
Question 2
1 / -0

Purchases day book records ____________.

A
all cash purchases

B
all credit purchases

C
credit purchases of trading goods

D
all of the above

Solution

A purchase day book is an accounting ledger in which transactions related to credit purchases of trading goods are recorded. Cash purchases do not find place in purchase day book as they are recorded in cash book. Also credit or cash purchases of the assets are not recorded in the purchase book as they are the assets and not goods traded by the firm. Such purchase book is also known as purchase journal.
Question 3
1 / -0

The total amount column of the sales return book is ____________.

A
Credited to purchases returns account

B
Debited to sales return account

C
Credited to sales return account

D
Debited to purchases returns account

Solution

The total amount column of the sales return book is Debited to sales return account
Question 4
1 / -0

A business concern provides the following details:
Cost of goods sold $$15,00,000$$
Sales $$20,00,000$$
Opening stock $$6,00,000$$
Closing stock $$4,00,000$$
Debtors $$4,50,000$$
Creditors $$5,00,000$$
The concern's purchases would amount to__________.

A
$$Rs. 13,00,000$$

B
$$Rs. 22,00,000$$

C
$$Rs. 26,00,000$$

D
$$Rs. 29,00,000$$

Solution

The formula for calculating cost of goods sold is:
COGS = Beg. inventory + Purchases During the year - Ending inventory
Hence, $$Rs.$$ 15,00,000 = $$ Rs. $$ 6,00,000 + Purchases - $$ Rs. $$ 4,00,000
Purchases = $$Rs.$$ 15,00,000 - $$ Rs. $$ 6,00,000 +$$ Rs. $$ 4,00,000
Purchases = $$ Rs. $$ 13,00,000
Question 5
1 / -0

A second hand motor car was purchased on credit from B & Co. 10,000. It will be recorded in ________________.

A
Journal Proper (General Journal)

B
Cash Book

C
Purchase Book

D
Sales Book
Question 6
1 / -0

At the end of the accounting year, ______ are to be passed for outstanding/prepaid expenses, accrued income/income received in advance etc.

A
Transfer Entries

B
Adjustment Entries

C
Closing Entries

D
Opening Entries
Question 7
1 / -0

Purchased goods for $$Rs.90,000$$ from Mr. Nikhil on credit will be recorded in ______________.

A
sales book

B
purchase book

C
journal proper (general journal)

D
cash book

Solution

Purchase book also known as purchase journal is an accounting ledger in which all credit purchases of trading goods are recorded.
For example: purchased goods for $$Rs. 10,000$$ from Ram on credit will be recorded in purchase day book.
Question 8
1 / -0

Rent due for the month of March will appear _______________.

A
On the payment side of the cash book

B
On the receipt side of the cash book

C
Nowhere in the cash book

D
As a contra entry
Question 9
1 / -0

Petty Cash Book may be treated as a __________________.

A
Part of the double entry system

B
Merely as a memoranda book

C
Either (A) or (B)

D
None of the above

Solution

Petty Cash Book may be treated as a Merely as a memoranda book
Question 10
1 / -0

Payments in cash of small amounts like travelling expenses, postage, carriage etc. are recorded in the ________________.

A
Main Cash book

B
Petty cash book.

C
Cash budget

D
Journal proper

Solution

Payments in cash of small amounts like travelling expenses, postage, carriage etc. are recorded in the Petty Cash Book.
The Cashier who maintains the Petty cash Book is known as Petty Cashier.
There are two types of Petty Cash Book
1. Simple Petty Cash Book
2. Analytical Petty Cash Book

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Re-Attempt Weekly Quiz Competition

Cost of goods sold	$$15,00,000$$
Sales	$$20,00,000$$
Opening stock	$$6,00,000$$
Closing stock	$$4,00,000$$
Debtors	$$4,50,000$$
Creditors	$$5,00,000$$

Recording of Transactions - II Test 23

Result

Recording of Transactions - II Test 23

Score

-

Rank

-

SHARING IS CARING

Question 1

Sales

Closing stock

Goods in transit

Sales return

Question 2

all cash purchases

all credit purchases

credit purchases of trading goods

all of the above

Solution

Question 3

Credited to purchases returns account

Debited to sales return account

Credited to sales return account

Debited to purchases returns account

Solution

Question 4

$$Rs. 13,00,000$$

$$Rs. 22,00,000$$

$$Rs. 26,00,000$$

$$Rs. 29,00,000$$

Solution

Question 5

Journal Proper (General Journal)

Cash Book

Purchase Book

Sales Book

Question 6

Transfer Entries

Adjustment Entries

Closing Entries

Opening Entries

Question 7

sales book

purchase book

journal proper (general journal)

cash book

Solution

Question 8

On the payment side of the cash book

On the receipt side of the cash book

Nowhere in the cash book

As a contra entry

Question 9

Part of the double entry system

Merely as a memoranda book

Either (A) or (B)

None of the above

Solution

Question 10

Main Cash book

Petty cash book.

Cash budget

Journal proper

Solution

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