Recording of Transactions

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Recording of Transactions - II Test 37

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Weekly Quiz Competition

Question 1
1 / -0

Cash purchase of trading goods is initially recorded in _______.

A
purchase day book

B
cash book

C
directly in Purchase A/c

D
any of the above three

Solution

All cash transactions are recorded in cash book which is a subsidiary book. Goods purchased on cash basis must be recorded in cash book.
Question 2
1 / -0

Which of these are recorded in journal proper?

A
Transfer entry

B
Opening/Closing entry

C
Rectifying entry

D
All the three

Solution

When the journal is sub-divided into various subsidiary books, such as sales book, Purchase book, etc.,the journal becomes the residuary book in which only those transactions are recorded that cannot be recorded in any subsidiary book. This type of journal is called Journal proper. The following types of entries are recorded in Journal proper:
1. Closing entry
2. Opening entry
3. Rectification entries
4. Transfer entries
5. Adjustment entries
6. Miscellaneous entries
Thus, cash discount received or allowed is recorded in the Journal proper.
Question 3
1 / -0

Transactions which cannot be recorded in any specialized subsidiary books are recorded in _______.

A
Journal proper

B
Miscellaneous book

C
General ledger

D
Cash book

Solution

There are various subsidiary books which are used for recording the specific transactions. Sales day book records all credit sales whereas purchase day book records all credit purchases. Similarly cash transactions are recorded in cash book. Any transaction which can not be recorded in specialized book are to to be recorded in journal proper.
Question 4
1 / -0

The periodic total of sales day book is posted to __________.

A
Credit side of sales A/c

B
Credit side of trading A/c

C
Credit side of purchase A/c

D
Credit side of purchase return A/c
Question 5
1 / -0

A buyer on returning goods on the ground of poor quality send a note along with the goods stating that no payment would be made in respect of goods returned the return note is called ______.

A
Debit note

B
Credit note

C
Refund note

D
Return note

Solution

A debit note is a document evidencing a debit to be raised against a party for reasons other than sale on credit.

On finding that goods supplied are not as per the terms of the order placed, the defective goods are returned to the supplier of the goods and a note is prepared to debit the supplier; or when an additional sum is recoverable from a customer such a note is prepared to debit the customer with additional dues.
In these two situations the note is called a debit note.
Question 6
1 / -0

Which of the following is entered in the journal proper?

A
Trade discount allowed

B
Trade discount received

C
Cash discount allowed

D
Opening entry

Solution

Journal is sub-divided into various subsidiary books such as Sales book, Purchase book, Cash book etc., The journal becomes the residuary book in which only those transactions are recorded that cannot be recorded in any other subsidiary book. This type of journal is called Journal Proper. The following types of entries are recorded in journal proper:
a. Closing entries
b. Opening entries
c. Rectification entries
d. Adjustment entries
e. Transfer entries etc.
Question 7
1 / -0

The periodic total of purchase day book is posted to ______.

A
Debit side of purchase A/c

B
Debit side of trading A/c

C
Credit side of creditors A/c

D
Credit side of sales A/c
Question 8
1 / -0

Bank A/c will have _____.

A
Debit Balance

B
Credit Balance

C
Nil

D
Bebit or Credit balance

Solution

Bank account may have debit or credit balance depending on the nature of transaction. If money is borrowed from a bank, that will show a credit balance and appear as liability in the balance sheet. If firms own money in lying in the bank, it will have a debit balance in firms book and appears as current asset in the balance sheet.
Question 9
1 / -0

Closing entries are recorded in __________.

A
Cash book

B
Ledger

C
Journal Proper

D
Balance Sheet

Solution

Journal is sub-divided into various subsidiary books such as Sales book, Purchase book, Cash book etc., The journal becomes the residuary book in which only those transactions are recorded that cannot be recorded in any other subsidiary book. This type of journal is called Journal Proper. The following types of entries are recorded in journal proper:
a. Closing entries
b. Opening entries
c. Rectification entries
d. Adjustment entries
e. Transfer entries etc.
Question 10
1 / -0

A periodic total of the purchase book is ___________.

A
posted to the debit of the purchases account

B
posted to the debit of the sales account

C
posted to the credit of the purchases account

D
posted to the credit of sales A/c.

Solution

Total of purchase book is posted on the debit side of Purchases A/c. A Purchases Book is a subsidiary book or a sub-division of Journal. Thus, all the entries related to credit purchases of goods are first recorded in Purchases book and then the posting is made to the respective ledger accounts. Thus, Purchases A/c is the account where the total of Purchase book is posted.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 37

Result

Recording of Transactions - II Test 37

Score

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Rank

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SHARING IS CARING

Question 1

purchase day book

cash book

directly in Purchase A/c

any of the above three

Solution

Question 2

Transfer entry

Opening/Closing entry

Rectifying entry

All the three

Solution

Question 3

Journal proper

Miscellaneous book

General ledger

Cash book

Solution

Question 4

Credit side of sales A/c

Credit side of trading A/c

Credit side of purchase A/c

Credit side of purchase return A/c

Question 5

Debit note

Credit note

Refund note

Return note

Solution

Question 6

Trade discount allowed

Trade discount received

Cash discount allowed

Opening entry

Solution

Question 7

Debit side of purchase A/c

Debit side of trading A/c

Credit side of creditors A/c

Credit side of sales A/c

Question 8

Debit Balance

Credit Balance

Nil

Bebit or Credit balance

Solution

Question 9

Cash book

Ledger

Journal Proper

Balance Sheet

Solution

Question 10

posted to the debit of the purchases account

posted to the debit of the sales account

posted to the credit of the purchases account

posted to the credit of sales A/c.

Solution

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