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Recording of Transactions - II Test 28

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Recording of Transactions - II Test 28
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  • Question 1
    1 / -0
    Which of the column of the cash book can have credit opening or closing balance ? 
    Solution
    Bank column may have a credit opening or closing balance as it may be possible the the business has bank overdraft.
  • Question 2
    1 / -0
    Purchase of furniture on cash for  Rs 1,50,0001,50,000 will be recorded in _____________.
    Solution
    The Journal Entry for above transaction 
    Furniture a/c      Dr.  1,50,000
        To Cash a/c                          1,50,000
    (Being Furniture purchased for cash Rs. 1,50,000)

    As it is purchased for cash therefore, it will be recorded in cash book.
  • Question 3
    1 / -0
    Contra entries are passed only when __________________.
    Solution
    Contra entry is passes only when Double column cash book is prepared. 
    The reason for making two entries is to comply with the principle of double entry.
  • Question 4
    1 / -0
    Payments in cash of small amounts like travelling expenses, postage, carriage, etc. are recorded in the ______________.
    Solution

    Petty Cash Book is an accounting book used for recording expenses which are small and of little value, for example, stamps, postage and handling, stationery, carriage, daily wages, etc.
  • Question 5
    1 / -0
    Sold furniture on cash for Rs 1,50,0001,50,000 will be recorded in ______________.
    Solution
    The Journal Entry for this transaction is
    Cash a/c         Dr.
         To Furniture a/c 
    when furniture is sold for cash then the cash is received which will be recorded in the cash book. 
  • Question 6
    1 / -0
    If a transaction involves both cash and bank account, it is entered on both sides of the cash book, one in the cash column and second in the bank column, though on opposite sides. This is called a _____________.
    Solution
    The term contra refers to the opposite side. 
    Contra entries are those entries in which the same account can be debited and credited.   
    In case where the transaction involves both cash and bank, it is entered on both, debit and credit side of the cash book and hence such entry is called a contra entry.
  • Question 7
    1 / -0
    Received cash of Rs 2,00,0002,00,000 from debtors for settlement of credit sales will be recorded in ______________.
    Solution
    It will be recorded in the cash book as cash is involved in the above transaction.
  • Question 8
    1 / -0
    A second hand motor car was purchases on credit from B & Co. for Rs 10,00010,000. It will be recorded in _______________.
    Solution
    Purchase book is a special purpose subsidiary book prepared by a business to record all credit purchases.
  • Question 9
    1 / -0
    An allowance of Rs 5050 was offered for an early payment of cash of Rs 1,0501,050. It will be recorded in ____________.
    Solution
    As cash is received therefore, it will be recorded in the cash book.
  • Question 10
    1 / -0
    Salary paid in cash - Rs 50,00050,000 will be recorded in ____________.
    Solution
    The Journal Entry for above transaction will be
    Salary a/c          Dr.         50,000
         To Cash a/c                             50,000
    (Being salary paid in cash Rs. 50,000)
     As salary is paid in cash therefore, it shall be recorded in cash book.
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