Journal Test 5

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Journal Test 5

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Weekly Quiz Competition

Question 1
1 / -0

When a large number of articles are sent on a sale or return basis, it is necessary to maintain __________________.

A
Sale journal

B
Goods returned journal

C
Sale or return journal

D
Any one of these
Question 2
1 / -0

The withdrawal of goods from the business by the proprietor should be debited to ______________.

A
Drawing account

B
Purchase account

C
Capital account

D
P & L A/c

Solution

An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners. This is known as the drawings.
In the drawing account, the amount withdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value.
The journal entry will be as follows:
Drawings a/c Dr. xx
To Purchases a/c xx
Question 3
1 / -0

In certain jobs, for example, hotels farms, hospitals, the employees are given the facility of residing in a house free of rent or they are given meals or clothes, water etc. A transfer of the proportionate amount is essential to salaries or wages account. Entry for this is ________________.

A
Meals A/c Dr.

Water A/c Dr.

Apartment A/c Dr.

To Salaries or Wages A/c

B
Salaries or Wages A/c Dr

To Meals A/c

To water A/c

To Apartment A/c

C
Cash A/c Dr.

To Meals A/c

To Water A/c

To Apartment A/c

D
Meals A/c Dr.

Water A/c Dr.

Apartment A/c Dr.

To Cash A/c
Question 4
1 / -0

Wages paid to Mohan for erecting a machine should be debited to ___________.

A
Wages A/c

B
Machine A/c

C
Mohans A/c

D
Cash A/c

Solution

'Wages paid' for the 'installation of machinery' should be debited to machinery account.
Explanation: It is the amount incurred for buying and installing the machine. The 'machinery account' is debited since the machine has to be put to use.
Question 5
1 / -0

When the claim on account of loss of stock is partly accepted by the insurance company, the journal entry will be _________________________.

A
Insurance Claim A/c Dr.
Profit and loss A/c Dr.
To Purchases/ Goods lost in accident A/c

B
Insurance Claim A/c Dr.
To Trading A/c

C
Insurance Claim A/c Dr.
To Profit and loss A/c

D
Insurance Claim A/c Dr.
Trading A/c Dr.
To Profit and loss account

Solution

When goods are lost in any accident, the amount of such goods lost is credited to either purchases account or goods lost in accident account. In such case, when insurance company only accepts part of the claim, then it is debited by the amount of claim accepted by the company and the remaining part of loss is debited into profit and loss account as it is an abnormal loss.
Question 6
1 / -0

A closing entry of sales account, which appears on the credit side of trial balance is as under _________________.

A
Sales A/c Dr.

To P and L A/c

B
Sales A/c Dr.

To Trading A/c

C
Trading A/c Dr.

To Sales A/c

D
P and L A/c Dr.

To Sales A/c

Solution

Journal Entry for closing the sales account
Sales A/c Dr. XXX
To Trading A/c XXX
(Being sales balance transferred to trading account)
Therefore, B is the correct option.
Question 7
1 / -0

_______ is used to record the details of bills receivable by the business organization.

A
Purchases Book

B
Bills Payable Book

C
Bills Receivable Book

D
None of the above

Solution

Accounts Receivable (AR) is the proceeds or payment which the company will receive from its customers who have purchased its goods & services on credit. Usually the credit period is short ranging from few days to months or in some cases maybe a year.
Question 8
1 / -0

What will be the necessary adjusting closing entry for the following adjustment as on $$31^{st}$$ March, $$2005$$. Insurance paid $$Rs. 4,000$$ (including premium of $$Rs. 3,000$$ per annum paid upto $$30^{th}$$ June, $$2005$$________________________.

A
Insurance prepaid A/c Dr. $$Rs. 750$$

To Insurance A/c $$Rs. 750$$

B
Insurance A/c Dr. $$Rs. 750$$

Insurance prepaid A/c $$Rs. 750$$

C
Insurance A/c Dr. $$4000$$

To cash A/c $$4000$$

D
Insurance A/c Dr. $$3000$$

To cash A/c $$3000$$

Solution
Question 9
1 / -0

Discount allowed is a kind of deduction from _________.

A
Account payable

B
Account receivable

C
Cash account

D
Discount account

Solution

Discount allowed is a concession that is given to the customers in respect of the amount receivable from them for the sales done. When a discount is given, it reduces the total receivable amount to the extent of discount amount.
Question 10
1 / -0

The prime entry for the acquisition of a cash book, ledgers and a journal for Rs 240 from X Ltd, on credit would be in the:

A
Journal

B
purchases Day Book

C
Cash Book

D
None of the above

Solution

Journal is called as books of prime entry.

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Re-Attempt Weekly Quiz Competition

Journal Test 5

Result

Journal Test 5

Score

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Rank

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SHARING IS CARING

Question 1

Sale journal

Goods returned journal

Sale or return journal

Any one of these

Question 2

Drawing account

Purchase account

Capital account

P & L A/c

Solution

Question 3

Meals A/c Dr.Water A/c Dr.Apartment A/c Dr.To Salaries or Wages A/c

Salaries or Wages A/c DrTo Meals A/cTo water A/cTo Apartment A/c

Cash A/c Dr.To Meals A/cTo Water A/cTo Apartment A/c

Meals A/c Dr.Water A/c Dr.Apartment A/c Dr.To Cash A/c

Question 4

Wages A/c

Machine A/c

Mohans A/c

Cash A/c

Solution

Question 5

Insurance Claim A/c Dr.Profit and loss A/c Dr. To Purchases/ Goods lost in accident A/c

Insurance Claim A/c Dr. To Trading A/c

Insurance Claim A/c Dr. To Profit and loss A/c

Insurance Claim A/c Dr.Trading A/c Dr. To Profit and loss account

Solution

Question 6

Sales A/c Dr.To P and L A/c

Sales A/c Dr.To Trading A/c

Trading A/c Dr.To Sales A/c

P and L A/c Dr.To Sales A/c

Solution

Question 7

Purchases Book

Bills Payable Book

Bills Receivable Book

None of the above

Solution

Question 8

Insurance prepaid A/c Dr. $$Rs. 750$$To Insurance A/c $$Rs. 750$$

Insurance A/c Dr. $$Rs. 750$$Insurance prepaid A/c $$Rs. 750$$

Insurance A/c Dr. $$4000$$To cash A/c $$4000$$

Insurance A/c Dr. $$3000$$To cash A/c $$3000$$

Solution

Question 9

Account payable

Account receivable

Cash account

Discount account

Solution

Question 10

Journal

purchases Day Book

Cash Book

None of the above

Solution

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Meals A/c Dr.

Water A/c Dr.

Apartment A/c Dr.

To Salaries or Wages A/c

Salaries or Wages A/c Dr

To Meals A/c

To water A/c

To Apartment A/c

Cash A/c Dr.

To Meals A/c

To Water A/c

To Apartment A/c

Meals A/c Dr.

Water A/c Dr.

Apartment A/c Dr.

To Cash A/c

Insurance Claim A/c Dr.
Profit and loss A/c Dr.
To Purchases/ Goods lost in accident A/c

Insurance Claim A/c Dr.
To Trading A/c

Insurance Claim A/c Dr.
To Profit and loss A/c

Insurance Claim A/c Dr.
Trading A/c Dr.
To Profit and loss account

Sales A/c Dr.

To P and L A/c

Sales A/c Dr.

To Trading A/c

Trading A/c Dr.

To Sales A/c

P and L A/c Dr.

To Sales A/c

Insurance prepaid A/c Dr. $$Rs. 750$$

To Insurance A/c $$Rs. 750$$

Insurance A/c Dr. $$Rs. 750$$

Insurance prepaid A/c $$Rs. 750$$

Insurance A/c Dr. $$4000$$

To cash A/c $$4000$$

Insurance A/c Dr. $$3000$$

To cash A/c $$3000$$