Self Studies
Self Studies
Self Studies
Self Studies
Selfstudy
Selfstudy

Recording and Posting of Cash Transactions Test 6

Result Self Studies

Recording and Posting of Cash Transactions Test 6
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    The closing balance of the petty cash book is_______.
    Solution
    The closing balance of petty cash book is considered as Asset. 
    Petty Cash is a current asset account; it is part of a company's cash.

    Petty cash Book is just like a cash book , its just that this book maintains petty cash expenses separately as against the normal cash book . 
    Therefore, balance of petty cash book is an asset & an not income. Its used for paying out petty expenses.
  • Question 2
    1 / -0
    Rent for the month of May received in advance in the month of April will appear on__________________.
    Solution
    Rent for the month of May received in advance in the month of April will appear on Cash Book.
    As cash is received in the form of rent money, therefore, it will be recorded on the debit side of the cash book. Debit side of the cash book is also known as the receipt side.
  • Question 3
    1 / -0
    _________column of cash book is never balanced.
    Solution
    In a Triple column cash book, we have cash, bank and discount columns. The discount column on the debit side is the discount allowed which is an expense. Whereas the discount column on the credit side is the discount received which is an income. 
    Thus, the discounts columns are never balanced as they both have a different nature. However, cash and bank columns are always balanced.
    Thus, the correct option is A.
  • Question 4
    1 / -0
    In petty cash book________column records receipts.
    Solution
    In petty cash book extreme left hand column records receipts.
  • Question 5
    1 / -0
    Rent outstanding for the month of February will appear_________.
    Solution
    When there is rent outstanding for the month of February then this implies that no cash is paid or received as a rent in the month of February therefore, no entry in the cash book.
    Cash Book records only those entries which have a effect on the cash or bank balanace.
  • Question 6
    1 / -0
    Cheques received but not banked is generally shown in__________column of Cash Book.
    Solution
    If the cheque is not deposited into the bank then it is assumed as cash therefore, it will be recorded in the cash column of the cash book.
    But if the same cheque is deposited into the bank on the same day then it will be recorded in the Bank Column of the Cash Book. 
  • Question 7
    1 / -0
    In cash book with discount column, total of discount column of credit side of the cash book is posted to the________.
    Solution
    One more type of cash book is triple column cash book. Three columns are cash, bank and discount column where cash discount allowed and cash discount received are recorded in discount column. 
    Total of cash discount received is to be posted to the credit of discount received account.
  • Question 8
    1 / -0
    Goods worth Rs. 45,000 sold to Tarun for cash will be recorded in_________.
    Solution
    Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with the cash or bank balances at the beginning of the period. Generally, it is made on monthly basis. 

    This is very popular book and is maintained by all organisations, big or small, profit or not-for-profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry. 

    When a cash book is maintained, transactions  of cash are not recorded in the journal, and no separate account for cash or bank is required in the ledger. 

    For example, goods worth Rs. 45,000 sold to Tarun for cash will be recorded in the cash book.
  • Question 9
    1 / -0
    Goods worth Rs.15,000 purchased from Tarun for cash will be recorded in________.
    Solution
    The Journal Entry that should be entered in books :-
    (i) Purchase A/c Dr.      15000
         To Cash A/c                              15000
    (Being goods purchased for cash)
    Hence, This will be shown in credit side of cash book.
    By Purchase A/c     15000
  • Question 10
    1 / -0
    Rent for the month of April paid in advance in the month of March will be shown_____.
    Solution
    When Rent for the month of April is paid in advance in the month of March will be shown in the cash book.
    As cash is paid, therefore, it will be recorded in the payment side of the cash book. The payment side of cash means the credit side of the cash book.
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now