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Recording of Transactions - II Test 30

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Recording of Transactions - II Test 30
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  • Question 1
    1 / -0
    Normally, the following accounts are balanced ____________________.
  • Question 2
    1 / -0
    The words 'To Balance b/f' or 'By Balance c/f' are recorded in the particulars column at the time of _________________.
    Solution

    Balance C/f stands for Balance Carried Forward. These are those balances that are carried forward from one period to another and is referred to as the closing balance. 

    Balance B/f stands for Balance Brought Down. It is the balance or amount that was brought forward from last period and is usually the opening balance of the ledger account.

    Hence, option (d) is correct.

  • Question 3
    1 / -0
    Mohan purchased a machinery amounting Rs.10,000 on 1.4.2010.
    On 31.3.2019, similar machinery could be purchased for Rs.20,000 but the realizable value of the machinery (purchased on 1.4.2010) was estimated at Rs.15,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs 12,000.
    The realizable value of machinery is _____________.
  • Question 4
    1 / -0
    Rs. 3,750 paid on account of salary to the cashier Dhawan stands debited to his personal account. Which of the following rectification entry is correct?
  • Question 5
    1 / -0
    An amount of Rs. 8,000 received on account of interest was credited to Commission Account. Which of the following rectification entry is correct?
  • Question 6
    1 / -0
    The words 'To Balance b/f' or 'By Balance b/f' are recorded in the 'Particular Column' at the time of posting of _________________.
  • Question 7
    1 / -0
    Sale of Machinery by Mr. X, a dealer in stationery to Mr. Y for 120000 is recorded in _______________.
    Solution
    The Journal Entry for this transaction is 
    Cash a/c       Dr.
         To Machinery a/c 
    Cash book records all those transactions where cash is involved.
    As cash is involved in this transaction, therefore, it will be recorded in the cash book.
  • Question 8
    1 / -0
    Purchase of Machinery from Mr. X, a dealer in machinery for Rs. 100,000 is recorded in _______________.
    Solution
    The Journal Entry for above transaction is 
    Machinery a/c           Dr.        100,000
         To Mr. X                                            100,000
    (Being Machinery purchased from Mr. X for Rs. 100,000)
    As this transaction can not be recorded in sales book, Cash Book or Purchase Book. Therefore it will be recorded in the Journal Proper.
  • Question 9
    1 / -0
    Goods brought in by the proprietor as his capital contribution are recorded in _______.
    Solution
    The entry for the above transaction is
    Stock a/c     Dr.
        To Capital a/c
    (Being Goods brought by the Proprietor as capital in the Business)

    As this transaction cannot be recorded in any other book, therefore, it will be recorded in journal proper.
  • Question 10
    1 / -0
    Goods costing Rs.10,000 given s charity should be credited to ________________.
    Solution
    The Journal Entry would be
    Charity A/c           Dr.    10,000
        To Purchase a/c                 10,000
    Therefore, Charity will be posted to the credit side of purchase a/c
    Charity is an expense therefore as per nominal rule it is to be debited
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