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Recording and Posting of Cash Transactions Test 13

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Recording and Posting of Cash Transactions Test 13
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  • Question 1
    1 / -0
    The imprest system pertains to ______________.
    Solution
    The imprest system is an accounting system for paying out and subsequently replenishing petty cash. A cashier maintaining petty cash is given a definite sum of money in the beginning of a period and is reimbursed for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the new period. This system is known as the imprest system of petty cash book.
  • Question 2
    1 / -0
    In case of three column cash book, contra entry is related with _____________.
    Solution
    The entry which involves both cash and bank transactions is called contra entry.
  • Question 3
    1 / -0
    A cheque is deposited with the bank is recorded as
    Solution
    A cheque is deposited with the bank implies that the bank balance will increase therefore it will be recorded in the bank column of the cash book.
    When there is bank column in the cash book then it is either Double Column Cash Book or Three Column Cash Book.
    It will be recorded on the debit side in the bank column of the Double column or Three column cash book.
  • Question 4
    1 / -0
    What is an analytical petty cash book?
    Solution
    When petty cash book formed in columnar form then it is known as Analytical Petty Cash Book.
  • Question 5
    1 / -0
    If a piece of furniture's list price is of $$28,000$$ and it is sold at 10%trade discount and 2%cash discount. The cash sale price of furniture would be ________________.
    Solution
    Trade discount on furniture = 28000*10/100
                                                   = 2800
    Sale price of furniture would be Rs 25200 (28000-2800)
    Cash Sale price after allowing cash discount 2% is Rs 24696.
    Cash discount = 25200*2/100
                             = 504
       25200 - 504 = 24696 
  • Question 6
    1 / -0
    In which of the book cash purchase is recorded?
    Solution
    The Journal Entry for Cash purchases is
    Purchases a/c    Dr.
        To Cash A/c
    (Being Goods purchased for cash)

    As it is cash purchase so, it will impact cash therefore, it will be recorded in the cash book.
  • Question 7
    1 / -0
    When using a petty cash system, the replenishment of the fund would normally include a debit to _______________.
  • Question 8
    1 / -0
    The book in which two columns are present one for cash and other for discount is ___________.
  • Question 9
    1 / -0
    Which of the following is correct about trade discount?
    Solution
    A trade discount is the amount by which a manufacturer reduce the retail price of a product when it sells to a reseller, rather than to the end customer. the reseller than charges the full retail price to its customers in order to earn a profit on the difference between the amount by which the manufacturer sold the product to it and the price at which it then sells the product to the final customer. The reseller does not necessarily resell at the suggested retail price; selling at a discount is a common practice. If the reseller wishes to gain market share or clear out excess inventory. Trade discount is issued by deduction in the first price. From accounting point of view no entries are made. It is shown by way of deduction in invoice itself.
  • Question 10
    1 / -0
    Which of the following is type of cash receipt journal + cash payment journal?
    Solution
    A cash book is a statement which records all the cash receipts and cash payments of the business transactions. Recording of cash transactions is done in cash book from the very inception. Therefore, cash book is said to be the journal of recording cash receipts and payments.
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