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Recording of Transactions - II Test 31

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Recording of Transactions - II Test 31
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  • Question 1
    1 / -0
    A cheque of Rs.112 received from a debtor recorded twice in the cash book. When the balance as per Cash  Book is the starting point.
  • Question 2
    1 / -0
    Returns of goods sold for cash Rs. 500 to Ram are recorded in ______.
    Solution
    As cash is involved in this transaction therefore, it will be recorded in the cash book
  • Question 3
    1 / -0
    A cheque of 3500 received from P. K. Jain a customer, endorsed in favour of P. C. Jain, a supplier. It is to be recorded in _________.
    Solution
    The Journal Entry is 
    P.C Jain a/c          Dr. 3500
         To P.K. Jain a/c              3500
    (Being Cheque of 3500 received from P.K. Jain is endorsed in favour of P.C. Jain)
    This transaction can not be recorded in any Subsidiary Book like Sales Book, Purchases book therefore it is recorded in journal proper.
    Journal Proper is also known as General Journal.
  • Question 4
    1 / -0
    Goods costing Rs.10,000 taken by the proprietor for personal use should be credited to _______________.
  • Question 5
    1 / -0
    Goods has been received from the manufacturer for distribution among the customers as free samples. These are recorded in _________________.
    Solution
    Since, the goods are received from the manufacturer for distribution as free samples, they will not be included in the purchases made by the business. Also, since this distribution is not made by the business for its advertisement, it will not be considered as expense. Hence, no entry will be made in the books of the business.
  • Question 6
    1 / -0
    A bill receivable of Rs.1,000, which was received from a debtor in full settlement for a claim of Rs.1100, dishonoured. It is to be recorded in _______________.
    Solution

    Bills receivable book contains the details of bills drawn and its disposal. However, when a bill receivable is dishonoured, such transaction is recorded in the Journal Proper. The following entry will be made:

    =>  Debtor’s A/c     Dr. 

                             To Bills Receivable A/c

  • Question 7
    1 / -0
    The X sends goods on approval basis as follows:
    The stock of goods sent on approval basis on 31st March will be:
    Date January 2016Customers NameSales price of goods sent RsGoods Accepted RsGoods returned Rs
    9
    11
    16
    23    		A
    B
    C
    D    		10000
    9000
    8000
    9000    		8000
    9000
    -
    2000    		2000
    -
    8000
    7000
    The stock of goods sent on approval basis on 31st March will be
  • Question 8
    1 / -0
    On 31st March goods sold at a sale price of Rs. 60,000 were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sates. Since no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus 20%. In the balance sheet, the stock with customers account will be shown at ____________.
  • Question 9
    1 / -0
    A sent some goods costing Rs. 10,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs.2,400. At the end of the accounting period, the remaining goods were neither returned nor were approved by him. The stock on approval will be shown in the balance sheet at Rs. ____________.
  • Question 10
    1 / -0
    Under Sales or Return or approval basis when the transactions are large and the seller sends the goods on approval or return basis, the accounting treatment will be - 
    Solution
    When goods are sent on Sale or Return basis, record is made in the Sales or Returns Day Book.
    At the end of the period, the total should be posted to the credit of Sale or Returns Total Account while individual items should be debited to the individual customers account. When goods are ap­proved or rejected by the customers, record is made immediately in Sales and Returns book.
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