Ledger Test 5

Result

Ledger Test 5

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Weekly Quiz Competition

Question 1
1 / -0

On the debit side of a sales A/c entry can be for which of these reasons.

A
Sales returns

B
Discount allowed

C
Both

D
Additional sales
Question 2
1 / -0

Interest received A/c will have ________.

A
Debit balance

B
Credit balance

C
Nil

D
Debit or credit balance

Solution

Interest received is an income therefore it is a Nominal Account.
The rule for Nominal Account is
Debit- All increase in expense or losses
Credit- All Increase in Income and Gains
As Interest received is an income therefore, it will have credit balance.
Question 3
1 / -0

Fixed assets are purchased for the purpose of

A
Resale at profit

B
Raising fund from banks on their security

C
Production of goods and services

D
All the three
Question 4
1 / -0

Posting is the process of ___________.

A
Entering in the ledger information given in the Journal

B
Sending invoices to the customers

C
Entering an account in trail balance

D
Transferring an amount from one account to another

Solution

Posting is the process of entering in the ledger information given in the Journal.
Question 5
1 / -0

Sales A/c will have ________.

A
Debit Balance

B
Credit Balance

C
Nil

D
Debit or Credit balance

Solution

Sales account is a real account. Rule of real account says credit what goes out. Accordingly sale of goods are recorded as credit. Sales a/c will always have the credit balance.
Question 6
1 / -0

Credit entry in a nominal A/c means __

A
Additional expense

B
Reduction in expenses

C
Cash payment

D
Cash receipt
Question 7
1 / -0

Cash discount on sales is termed as .......

A
Sales A/c

B
Debtors A/c

C
Discount allowed A/c

D
Profit and loss A/c

Solution

Cash discount on sales is an expense for the business therefore, it is debited to discount allowed account.
The Journal Entry would be
Cash a/c Dr.
Discount Allowed a/c Dr.
To Sales a/c
Question 8
1 / -0

What does the balance in Memorandum Joint Venture A/c shows.

A
Closing stock

B
Balance lying with bank

C
Profit or loss

D
Balance due from any partner
Question 9
1 / -0

Capital Reverse is created

A
Out of revenue profit

B
Out of capital profit only

C
Both

D
Either (A) or (B)
Question 10
1 / -0

What is total purchases
Opening stock Rs.$$20,000$$, Sales Rs.$$1,80,000$$, Gross profit margin $$20\%$$ of sales, Closing stock Rs.$$10,000$$

A
Rs$$130,000$$

B
Rs$$134,000$$

C
Rs$$140,000$$

D
Rs$$120,000$$

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Re-Attempt Weekly Quiz Competition

Ledger Test 5

Result

Ledger Test 5

Score

-

Rank

-

SHARING IS CARING

Question 1

Sales returns

Discount allowed

Both

Additional sales

Question 2

Debit balance

Credit balance

Nil

Debit or credit balance

Solution

Question 3

Resale at profit

Raising fund from banks on their security

Production of goods and services

All the three

Question 4

Entering in the ledger information given in the Journal

Sending invoices to the customers

Entering an account in trail balance

Transferring an amount from one account to another

Solution

Question 5

Debit Balance

Credit Balance

Nil

Debit or Credit balance

Solution

Question 6

Additional expense

Reduction in expenses

Cash payment

Cash receipt

Question 7

Sales A/c

Debtors A/c

Discount allowed A/c

Profit and loss A/c

Solution

Question 8

Closing stock

Balance lying with bank

Profit or loss

Balance due from any partner

Question 9

Out of revenue profit

Out of capital profit only

Both

Either (A) or (B)

Question 10

Rs$$130,000$$

Rs$$134,000$$

Rs$$140,000$$

Rs$$120,000$$

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Question Analysis

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