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Recording of Transactions - II Test 24

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Recording of Transactions - II Test 24
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  • Question 1
    1 / -0
    Goods were sold on credit to Mr. Ram for 10,000. It will be recorded in __________________.
    Solution
    Sales Book is a subsidiary book that records all the credit sales transactions.
    Therefore, No cash sales are recorded in the Sales Book
    Goods were sold on credit to Mr Ram for 10,000. It will be recorded in Sales Book as it is a credit transaction.
  • Question 2
    1 / -0
    Cash Book is in the form of _____________.
    Solution
    Cash book is same as a ledger account.
    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 3
    1 / -0
    Opening, closing and adjustment entries are recorded in _______________.
    Solution
    Journal Proper is a subsidiary book, it is also known as book of original entry.  
    Journal Proper records those transactions that are not recorded in any other book (Sales book, Purchases Book, Sales return Book, Purchase return book etc)
    Therefore, Opening, Closing and adjustment entries are recorded in Journal Proper.
  • Question 4
    1 / -0
    Sold goods for  90,000 to Mr. Z on credit will be recorded in _______________.
    Solution
    In Sales Book, all the credit sales transactions are recorded.
    The Journal Entry for the above transaction is
    Mr Z a/c    Dr.
        To Sales a/c   
    (Being goods sold on credit to Mr Z)
    Sold goods for  90,000 to Mr Z on credit will be recorded in the sales book as it is a credit sales.
  • Question 5
    1 / -0
    Investment was sold on credit for  1,00,000 at par will be recorded in _______________.
  • Question 6
    1 / -0
    Purchased goods from Shyam worth $$Rs.50,000$$ on credit basis will be recorded in ___________.
    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 7
    1 / -0
    A contra entry in the Cash Book means that:________.
    Solution
    Contra entry can be:
    1.Bank A/c Dr...
    To Cash A/c
    or
    2.Cash A/c Dr...
    To Bank A/c
    Credit and Debit entries are both taken into consideration into the cash book and not necessarily only bank or only cash entries are reflected.

  • Question 8
    1 / -0
    Credit purchase of stationery worth $$Rs.5,000$$ by a stationery dealer will be recorded in ___________.
    Solution
    Purchase book is an accounting ledger in which all credit purchase of trading goods are recorded. Two most important requirement for recording entry in purchase book are:
    1. Purchase must be on credit
    2. Purchase must be of trading goods.
    Therefore, in the given question credit purchase of stationery will be recorded in purchase book. as the purchaser deals in stationery.

  • Question 9
    1 / -0
    Opening entries are generally passed through ____________.
    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. Still there are some left over transactions which are not suitable for these special purpose books and hence these transactions are recorded in general journal or journal proper. Example of such transactions are opening entries, entries for discount given or allowed etc.
  • Question 10
    1 / -0
    Which of the following by is incorrect?
    Solution
    The amount of petty cash very small therefore, it can not be used for giving loans.
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