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Recording of Transactions - II Test 34

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Recording of Transactions - II Test 34
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  • Question 1
    1 / -0
    Those transactions for which there is no separate book, are recorded in the __________.
    Solution
    The Journal Proper is also known as General Journal. In journal Proper, those transactions are recorded which cannot be recorded in any other book.
    The format of Journal Proper is the same as a simple Journal Book.
    It records the business transactions in Chronological Order.
    Examples of transactions recorded in the Journal Proper are
    1.  Opening Entries
    2. Closing Entries
    3. Transfer Entries
    4. Adjustment Entries
    5. Recitification Entries
    6. Entries that are not recorded in any other subsidiary Book. etc.
  • Question 2
    1 / -0
    Total of the total payment column in the petty cash book is ________ to petty cash account.
    Solution
    Total of the total payment column in the petty cash book is credited to petty cash account.
  • Question 3
    1 / -0
    Total purchases are posted to the ________ at the end of a week or a month.
    Solution
    Purchases recorded all the transactions related to purchases of goods.
    Purchases is an expense account for the business organisation therefore
    Total purchases are posted to the purchase account at the end of a week or a month.
  • Question 4
    1 / -0
    The transaction for purchase of fixed asset on credit will be recorded in which of the following book
    Solution
    Journal Proper records all such transactions which are not recorded in any other subsidiary books.
    Journal proper is also known as General Journal.
    Journal Proper is a subsidiary book. Usually following entries are recorded in journal Proper
    1. Opening Entries
    2. Closing Entries
    3. Rectification Entries etc.
  • Question 5
    1 / -0
    A____ serves the purpose of both journal and ledger accounts.
    Solution
    The Separate ledger account is prepared for all cash receipts and cash payments. This Ledger is known as Cash Account.
    While the cash book which is called a journal book records all the cash receipts and cash payments, therefore, it is the same as the ledger.
    Therefore, a     cash book serves both journal and ledger purposes.
    Cashbook
  • Question 6
    1 / -0
    A person shall not be appointed as Director if he is found to be of unsound mind by _____________.
  • Question 7
    1 / -0
    The number of subordinates a superior can effectively handle is called ______________.
  • Question 8
    1 / -0
    A positive exposure will lead to when the currency of the subsidiary company appreciates.
    Solution
    A gain on translation is the amount of money that is made by a company by converting another currency used in a transaction into the functional currency of the company. A gain on translation is recorded for a loan payable denominated in a foreign currency when the dollar has increased in value compared to the foreign currency. The US dollar weakened, resulting in a gain on translation. A gain on translation is the amount of money that is made by a company by converting another currency used in a transaction into the functional currency of the company.
    Therefore, A is the correct option.
  • Question 9
    1 / -0
    The entries in the purchase returns book are based on ____________ issued by the concern.
  • Question 10
    1 / -0
    Purchases that are recorded in purchases (Journal) book ?
    Solution
    Purchase books are the subsidiary books prepared for recording the accounting information.
    In the purchase books all the credit purchases of goods are recorded that are meant for resale and the cash transactions are avoided since cash transactions are recorded in the cash book. Purchase books do not involve the purchase of assets on credit and these assets purchase is recorded in the Journal proper. 
    For example : Gupta electronics made the following purchases on credit during the year 2017 : 
    Jan 4 Bought Rs.10000 goods from RAM. 
    Jan 11 Bought Rs.20000 goods from modern dealers.
    Jan 14 Bought Rs.35000 goods from Jana electric store.
    Jan 25 Bought Rs.150000 Furniture from Navindra furniture's.
    Now while preparing the purchase book we will record the entries of goods purchased on credit of amounts 10000 , 20000 , and 35000 and the purchase of asset (furniture) will be transferred to the journal proper since purchase books record credit transactions of goods related to resale of day to day business of the firms.

     DATE PARTICULARSI.N  L.F AMOUNT
    JAN 4
    JAN 11
    JAN 14

    		RAM
    MODERN DEALERS
    JANA ELECTRIC STORE    		  10000
    20000
    35000
     JAN 31 PURCHASES ACCOUNT    DR.   6500
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