Recording of Transactions Test

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Recording of Transactions Test - 1

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Weekly Quiz Competition

Question 1
1 / -0

If total assets of a business are Rs. 550000 and outside liabilities are Rs.250000 Calculate owners equity

A
Rs.100000

B
Rs.200000

C
Rs.300000

D
Rs.500000

Solution

The basic accounting equation is :-

Assets = capital+ Liabilities

550000= Capital+ 250000

Capital = 550000-250000

Capital= 300000
Question 2
1 / -0

If the capital is Rs.300000, cash is Rs.200000, Machinery is 300000. What is the amount of liabilities

A
Rs.800000

B
Rs.500000

C
Rs.700000

D
Rs.200000

Solution

Total assets = Cash + Machinery

Total assets= 200000+300000

Total Assets= 500000

Now basic accounting equation ;

Assets = Capital + liabilities

500000=300000+ Liabilities

Liabilities= 500000-300000

Liabilities= 200000
Question 3
1 / -0

Capital and Revenue items are not distinguished under the :

A
Accrual Basis of Accounting

B
Cash Basis of Accounting

C
Double Entry System

D
None of these

Solution

Yes on the cash basis of accounting revenue and capital item can not be differentiated.
Question 4
1 / -0

A started business and invests Rs. 50000 on 1st April 2010. On 31st March 2011, his assets are Rs.65000 and liabilities Rs.6000. Find the amount of capital on 31st March 2011 and profit

A
Rs.50000, Rs.12000

B
Rs.59000, Rs.9000

C
Rs.65000, Rs.18000

D
Rs.55000, Rs. 15000

Solution

Closing Assets= Closing Capital+ Closing Liabilities

65000= Closing Capital+6000

Closing Capital= 65000-6000

Closing Capital = 59000

Now, Profit = closing capital+ Drawings -opening capital- addtional capital

Since there is no additional capital and drawing so,

Profit= 59000-50000

Profit = 9000
Question 5
1 / -0

Payment to creditors in cash will affect

A
Only capital side of the equation

B
Only assets side of the equation

C
Asset and Liability both

D
Only liability side of the equation

Solution

Payment to creditor will decrease cash from assets and also the creditor balance from liability goes down . which means assets and liability decreases.
Question 6
1 / -0

The assets of a business on 31st March 2012 are Rs. 60000 and its capital is Rs. 45000. What are its liabilities

A
Rs.15000

B
Rs.55000

C
Rs.105000

D
Rs.25000

Solution

The basic accounting equation is:-

Assets = Capital + Liabilities

60000= 45000+ Liabilities

Liabilities = 60000-45000

Liabilities= 15000
Question 7
1 / -0

The International Accounting Standards Committee (IASC) came into existence on :

A
On 29 June 1973

B
On 30 June 1976

C
On 31 March 1977

D
On 15 April 1975

Solution

IASC Was come into force on 29 june 1973.It was responsible for developing accounting standard and Uses and application of these standards.
Question 8
1 / -0

Which of the following is not correct?

When : Assets = Liabilities + Capital

A
30,000 = 5,000 + 25,000

B
15,000 = 7,000 + 8,000

C
20,000 = 8,000 + 12,000

D
25,000 = 10,000 + 10,000

Solution

Total assets= Capital + Liabilities

25000= 10000+10000

25000 Not equal to 20000.

Hence This is not correct.
Question 9
1 / -0

Rohit is a sole proprietor has the following balances: Premises- Rs.55000, Cash at bank- Rs.6500, Inventory – Rs.12500 and creditors- Rs.14000. Find out the amount of capital.

A
Rs.35000

B
Rs.15000

C
Rs.31000

D
Rs.60000

Solution

Assets = Premises+ cash at bank + inventories

Assets = 55000+6500+12500

Assets = Rs. 74000

Creditors are liabilities.

Assets = Liabilities + Capital

74000= 14000+ Capital

Capital = 74000-14000

Capital = 60000Rs.
Question 10
1 / -0

The liabilities of the firm are Rs. 3000; the capital of the proprietor is Rs.7000. The total assets are

A
Rs.3000

B
Rs.7000

C
Rs.4000

D
Rs.10000

Solution

The basic accounting equation is:-

Assets = Capital+ Liabilities

Assets = 7000+3000

Assets = 10000

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Re-Attempt Weekly Quiz Competition

Recording of Transactions Test - 1

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Recording of Transactions Test - 1

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Question 1

Rs.100000

Rs.200000

Rs.300000

Rs.500000

Solution

Question 2

Rs.800000

Rs.500000

Rs.700000

Rs.200000

Solution

Question 3

Accrual Basis of Accounting

Cash Basis of Accounting

Double Entry System

None of these

Solution

Question 4

Rs.50000, Rs.12000

Rs.59000, Rs.9000

Rs.65000, Rs.18000

Rs.55000, Rs. 15000

Solution

Question 5

Only capital side of the equation

Only assets side of the equation

Asset and Liability both

Only liability side of the equation

Solution

Question 6

Rs.15000

Rs.55000

Rs.105000

Rs.25000

Solution

Question 7

On 29 June 1973

On 30 June 1976

On 31 March 1977

On 15 April 1975

Solution

Question 8

30,000 = 5,000 + 25,000

15,000 = 7,000 + 8,000

20,000 = 8,000 + 12,000

25,000 = 10,000 + 10,000

Solution

Question 9

Rs.35000

Rs.15000

Rs.31000

Rs.60000

Solution

Question 10

Rs.3000

Rs.7000

Rs.4000

Rs.10000

Solution

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