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Recording and Posting of Cash Transactions Test 10

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Recording and Posting of Cash Transactions Test 10
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  • Question 1
    1 / -0
    Double entry of which of the following transactions is completed in the Cash Book itself _______________.
    Solution
    In double column cash, the two columns are cash and Bank. 
    The entry for cash deposited into bank will be
    Bank a/c     Dr.
       To Cash a/c
    Therefore, both the affects will be recorded in cash book only. 
  • Question 2
    1 / -0
    Accounting for partial recovery from Mr. Ram of an amount earlier written off as bad debt will be recorded in _________.
    Solution
    As partial amount is received in cash therefore, it will be recorded in cash book.  
  • Question 3
    1 / -0
    A cheque received and deposited in the bank on the same day is recorded in the ______________.
    Solution
    A cheque received and deposited in the bank on the same day is recorded in the bank column of the cash book.
    The Journal Entry for the same is
    Bank a/c             Dr.
          To Cash a/c
    (Being cheque deposited in bank)
  • Question 4
    1 / -0
    The balance in the petty cash book is ____________.
  • Question 5
    1 / -0
    If the debit as well as the credit aspects of a transaction are recorded in the cash book itself, it is called ______________.
    Solution
    Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.
  • Question 6
    1 / -0
    An allowance was offered for an early payment of cash will be recorded in the ___________.
    Solution
    An allowance was offered for an early payment of cash will be recorded in the cash book as cash is involved in it.
  • Question 7
    1 / -0
    Which of the following is the kind of a cash book?
    Solution
    There are three common versions of the cash book: single column, double column, and triple column.The single column cash book shows only receipts and payments of cash. The double column cash book shows cash receipts and payments as well as details about bank transactions.
  • Question 8
    1 / -0
    When a firm maintains a simple Cash Book, it need not maintain ____________.
    Solution
    When a firm maintains a simple Cash Book, it need not maintain cash account in the ledger. 
  • Question 9
    1 / -0
    While posting the Cash Payment from Cash Book___________.
    Solution
    While posting the Cash Payment from Cash Book only the individual accounts are debited and there is no need to post the total of cash column.
    Cash Book is a subsidiary book that records all the cash receipts and cash payments. The Balance of the Cashbook can never be credit as it always has a debit balance or zero balance. 
    There are mainly Four types of Cash Books
    1. Simple Cashbook
    2. Two-column Cash Book
    3. Three Column Cash Books.
    4. Petty Cash Book
  • Question 10
    1 / -0
    Which of the following statements is not correct in relation to cash discount?
    Solution
    Discount allowed can be classified as :-
    1.Trade Discount
    2.Cash Discount

    • Trade discount is generally allowed to promote the sale. It is allowed on the list price and only the net value is recorded in the books of account. Its generally allowed on a higher rate than the cash discount. 

    • Cash discount is allowed to the customer to whom the goods were sold on credit. Cash discount is allowed to speed up the collection. If the customer pays the amount well before the normal credit period, a discount is allowed on a certain percentage. Cash discount is a having directly correlation with the cost of capital. If customer gets benefited than only he will go for the option of making the payment.

    Cash discount is allowed with a very minimum percentage and is always lower than the trade discount. 
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