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Recording and Posting of Cash Transactions Test 16

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Recording and Posting of Cash Transactions Test 16
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  • Question 1
    1 / -0
    Investment was sold in cash for Rs $$1,00,000$$ at par will be recorded in ____________.
    Solution
    When Investment is sold then cash is received Rs. 100000
    It will increase Cash Balance by Rs.100000
    The Journal Entry will be
    Cash a/c             Dr.    100,000 
        To Investment a/c                  100,000
    (Being Investment sold for Cash)

    therefore, it will be recorded in the cash book.
  • Question 2
    1 / -0
    Cash sales for Rs $$5,00,000$$ will be recorded in __________.
    Solution
    Cash sales will be recorded in the cash book as cash is involved in this transaction.
  • Question 3
    1 / -0
    Received cash of Rs $$2,00,000$$ from debtors for settlement of credit sales will be recorded in ______________.
    Solution
    It will be recorded in the cash book as cash is involved in the above transaction.
  • Question 4
    1 / -0
    Purchase of Machinery from Mr. X, a dealer in machinery for Rs. 100,000 is recorded in _______________.
    Solution
    The Journal Entry for above transaction is 
    Machinery a/c           Dr.        100,000
         To Mr. X                                            100,000
    (Being Machinery purchased from Mr. X for Rs. 100,000)
    As this transaction can not be recorded in sales book, Cash Book or Purchase Book. Therefore it will be recorded in the Journal Proper.
  • Question 5
    1 / -0
    On purchase of goods of the list of price Rs 10000 from Ram who allowed 10% trade discount and 5% cash discount for immediate payment _____________________.
    Solution

  • Question 6
    1 / -0
    Imprest amount = Rs. 500. What will be the amount of reimbursement if the  following expenses were incurred by the petty cashier during the month? Expenses incurred - Telephone = Rs. 150, Tiffin = Rs. 50, Small repairs = Rs. 30 General expenses = Rs. 100. 
    Solution
     Reimbursement Amount = Total Expenses Incurred + Cash Shortage (if any)
                                               = Telephone Exp + Tiffin Exp + Small Repairs + General Exp
                                               = Rs. 150 + 50 + 30 + 100 = Rs. 330
  • Question 7
    1 / -0
    Cheques received but deposited on the next day are recorded in:
    Solution
    Option A is correct.
    It is treated as cash received on the date of receipt and recorded in the cash column on receipts side. When the cheque is deposited the entry for deposit will be passed on the day of depositing the cheque into bank.
  • Question 8
    1 / -0
    Which of the following is a cash transaction?
    Solution
    The Journal Entry for the "Sold Goods" transaction will be
    Cash a/c            Dr.        
         To Sales a/c     
    (Being goods sold for cash)
    So, Sold goods implies that goods are sold for cash therefore, it is a cash transaction.
  • Question 9
    1 / -0
    Returns of goods sold for cash Rs. 500 to Ram are recorded in ______.
    Solution
    As cash is involved in this transaction therefore, it will be recorded in the cash book
  • Question 10
    1 / -0
    In petty cash book, the system followed ______________.
    Solution
    Imprest system is followed in petty cash book
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