Journal Test 7

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Journal Test 7

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Question 1
1 / -0

Amit commenced business introducing as his capital furniture worth Rs. 21,000, a car valued at Rs. 30,000 and Rs. 48,000 in cash. The journal entry for recording this would require ____________________.

A
Debit in the three asset accounts, including cash and a credit in the Capital Account

B
No journal entries

C
Debit in the two asset accounts other than cash and a credit in the Capital Account

D
Debit in the cash Account and credit in the Capital Account

Solution

The Journal Entry would be
Furniture a/c Dr. 21000
Car a/c Dr. 30,000
Cash a/c Dr. 48,000
To Capital a/c 99,000
Question 2
1 / -0

The following comments ail relate to the recording process. Which of these statements is correct?

A
The general ledger is a chronological record of transactions.

B
The general ledger is posted from transactions recorded In the general journal.

C
The trial balance provides the primary source document for recording transactions into the general journal.

D
Transposition is the transfer of information from the general journal to the general ledger.
Question 3
1 / -0

Which of the following actions reflects 'parent ego' as per the concept of Transactional Analysis?

A
Pondering

B
Pleasure

C
Blessing

D
All of the above
Question 4
1 / -0

Journal is book of _______________.

A
Analytical record

B
Chronological record

C
Alphabetical record

D
None of above

Solution

Journal is book of chronological record as it records transactions on daily basis.
Question 5
1 / -0

Sriram purchased a furniture for Rs. 6,000, the accounts affected from this transaction will be _________________.

A
Capital account and cash account

B
Furniture account and cash account

C
Furniture account and capital account

D
Capital account and bank account.

Solution

Furniture will increase and cash will decrease
Question 6
1 / -0

Which of the following item is found in a Journal entry?
$$1$$. Date of each transaction
$$2$$. Rupee amount of each debit and credit
$$3$$. Explanation of each transaction.

A
$$1$$ only

B
$$1$$ & $$2$$ only

C
$$2$$ & $$3$$ only

D
All of the above
Solution
The essential elements of the journal entry format are as follows:
- A header line may include a journal entry number and entry date. The number is used to index the journal entry, so that it can be properly stored and retrieved from storage.
- The first column includes the account number and account name into which the entry is recorded. This field is indented if it is for the account being credited.
- The second column contains the debit amount to be entered.
- The third column contains the credit amount to be entered.
- A footer line may also include a brief description of the reason for the entry. An entry in the footer line is highly recommended, since there are so many journal entries that it is easy to forget why each entry was made.
Question 7
1 / -0

Which of the following should be entered in the Journal?
(i) Payment for purchases
(ii) Fixtures bought on credit
(iii) Credit sale of goods
(iv) Sale of surplus machinery.

A
(i) and (iii)

B
(i) and (iv)

C
(ii) and (iv)

D
(iii) and (iv)

Solution

In accounting and bookkeeping, a journal is a record of financial transactions in order by date. Traditionally, a journal has been defined as the book of original entry.
Credit transactions are recorded in sales book and purchase book.
Question 8
1 / -0

Which of the following are errors of principle?
(i) Motor expenses entered in Motor Vehicles account.
(ii) Purchases of machinery entered in Purchases account.
(iii) Sales of Rs. 250 to Varun completely omitted from books.
(iv) Sales to Raj entered in Amit's account.

A
(i) and (iv)

B
(ii) and (iii)

C
(i), (ii) and (iv)

D
All of the above

Solution

The error of principle is a procedural error, meaning that the value recorded is correct but the entries are made in the wrong accounts. Following statements has an error of principle:
(i) Motor expenses should be debited to Motor Expenses A/c and not Motor Vehicles A/c.
(ii) Purchase of Machinery should be entered into Machinery A/c and not Purchases A/c.
(iv) Sales to Raj should be entered into Raj's A/c and not Amit's A/c.
Question 9
1 / -0

________are passed in the general journal for transferring an item entered in one account to another account.

A
Transfer Entries

B
Adjustment Entries

C
Closing Entries

D
Opening Entries
Question 10
1 / -0

'A' owned Rs. 25,000 to 'B' 'A' becomes insolvent. 'B' got A's computer valuing Rs. 11,500 in his full settlement journal entry will be passed in the books of 'B'.

A
Purchase A/c Dr. 11,500

To A 11,500

B
Computer Dr 11,500

Bad-debts Dr. 13,500

To A 25,000

C
Computer A/c Dr. 25,000

To A 25,000

D
Computer A/c Dr. 11,500

Purchases A/c Dr. 13,500

To A 25,000

Solution

As computer is received valuing Rs. 11500 therefore, it will be debit. the remaining amount will not be received therefore, it will written off as bad debts loss and there is no amount due from A therefore, his account will be credited.

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Journal Test 7

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Journal Test 7

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Question 1

Debit in the three asset accounts, including cash and a credit in the Capital Account

No journal entries

Debit in the two asset accounts other than cash and a credit in the Capital Account

Debit in the cash Account and credit in the Capital Account

Solution

Question 2

The general ledger is a chronological record of transactions.

The general ledger is posted from transactions recorded In the general journal.

The trial balance provides the primary source document for recording transactions into the general journal.

Transposition is the transfer of information from the general journal to the general ledger.

Question 3

Pondering

Pleasure

Blessing

All of the above

Question 4

Analytical record

Chronological record

Alphabetical record

None of above

Solution

Question 5

Capital account and cash account

Furniture account and cash account

Furniture account and capital account

Capital account and bank account.

Solution

Question 6

$$1$$ only

$$1$$ & $$2$$ only

$$2$$ & $$3$$ only

All of the above

Solution

Question 7

(i) and (iii)

(i) and (iv)

(ii) and (iv)

(iii) and (iv)

Solution

Question 8

(i) and (iv)

(ii) and (iii)

(i), (ii) and (iv)

All of the above

Solution

Question 9

Transfer Entries

Adjustment Entries

Closing Entries

Opening Entries

Question 10

Purchase A/c Dr. 11,500 To A 11,500

Computer Dr 11,500Bad-debts Dr. 13,500To A 25,000

Computer A/c Dr. 25,000To A 25,000

Computer A/c Dr. 11,500Purchases A/c Dr. 13,500To A 25,000

Solution

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Purchase A/c Dr. 11,500

To A 11,500

Computer Dr 11,500

Bad-debts Dr. 13,500

To A 25,000

Computer A/c Dr. 25,000

To A 25,000

Computer A/c Dr. 11,500

Purchases A/c Dr. 13,500

To A 25,000