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Recording of Transactions - II Test 29

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Recording of Transactions - II Test 29
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  • Question 1
    1 / -0
    Outstanding salary of Rs $$34,000$$ to be provided in the accounts will be recorded in  ________________.
  • Question 2
    1 / -0
    Goods were sold on credit basis to Mr. Ram for Rs $$10,000$$. It will be recorded in _______________.
    Solution
    Sales Book is a book in which non-cash sales are recorded with details of customer, invoice, amount and date; these details are later posted to each customer's account in the sales ledger.
  • Question 3
    1 / -0
    Accounting for recovery from Mr. C of an amount of Rs $$2,000$$ earlier written off as bad debt will be recorded in _____________.
    Solution
    The Journal Entry
    Cash a/c                             Dr.    2000
        To Bad debts recovered a/c             2000
    (Being amount recovered from Mr. C of Rs 2,0002,000 earlier written off as bad debt)
    As cash is received therefore, it will be recorded in the cash book.
  • Question 4
    1 / -0
    NSZ. Ltd. makes payments to its sundry creditors through cheques and the cash discount received on these payments is recorded in the triple-columnar cash book. In the event of dishonour of any such cheques, the discount so received should be written back through - 
    (i) A debit to discount column of the cash book. 
    (ii) A credit discount column of the cash book. 
    (iii) A credit to bank column of the cash book. 
    (iv) A debit to discount account through journal proper.
    (v) A credit to creditor's account through journal proper. 
    Select the correct answer from the options given below- 
  • Question 5
    1 / -0
    Investment was sold in cash for Rs $$1,00,000$$ at par will be recorded in ____________.
    Solution
    When Investment is sold then cash is received Rs. 100000
    It will increase Cash Balance by Rs.100000
    The Journal Entry will be
    Cash a/c             Dr.    100,000 
        To Investment a/c                  100,000
    (Being Investment sold for Cash)

    therefore, it will be recorded in the cash book.
  • Question 6
    1 / -0
    Cash sales for Rs $$5,00,000$$ will be recorded in __________.
    Solution
    Cash sales will be recorded in the cash book as cash is involved in this transaction.
  • Question 7
    1 / -0
    A bills receivable of Rs $$10,000$$ which was received from a debtor in full settlement for a claim will be recorded in ______________.
  • Question 8
    1 / -0
    Sale of Goods by Mohan to Sohan for 
    1000 will be recorded in the ________.
    Solution
    As goods are sold for credit therefore, it will be recorded in the sales book.
  • Question 9
    1 / -0
    The balance of an account is always known by the side which is _______________.
  • Question 10
    1 / -0
    Which of the following is a cash transaction?
    Solution
    The Journal Entry for the "Sold Goods" transaction will be
    Cash a/c            Dr.        
         To Sales a/c     
    (Being goods sold for cash)
    So, Sold goods implies that goods are sold for cash therefore, it is a cash transaction.
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