Recording of Transactions Test

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Recording of Transactions Test - 3

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Question 1
1 / -0

Calculate the amount of cash if: other assets( Except Cash) = Rs.10,000 liabilities= Rs.10,000 Total Capital= Rs.5000

A
Rs.1000

B
Rs.10000

C
Rs.3000

D
Rs.5000

Solution

Total Assets = Capital + liabilities

Total Assets = 5000+ 10000

Total Assets = Rs. 15000

Total Assets = Other Assets + Cash

15000 = 10,000 + Cash

Cash= 15000- 10000

Cash =Rs. 5000
Question 2
1 / -0

Institute of Chartered Accountants of India (ICAI) had constituted the Accounting Standard Board (ASB) in :

A
In April 1977

B
In June 1973

C
In March 1977

D
In None of these

Solution

ICAI had constituted ASB on 21April ,1977.
Question 3
1 / -0

Match the following options are as follows:

a. Personal account

b. Nominal Account

c. Real Account

i. Furniture Account

ii. ICICI Bank Account

iii. Salary paid

A
a(iii), b(i), c(ii)

B
a(i), b(ii), c(iii)

C
a(ii), b(iii), c(i)

D
a(ii), b(i), c(iii)

Solution

Nominal account are for expenses and incomes which means salary paid is related to nominal account.

Real account are related to assets which means furniture is related to real account.

Personal account are in the name of person which means ICICI bank is related to personal account.
Question 4
1 / -0

A business had net assets at 1 January and 31December 2012 of Rs.75,600 and Rs.73,800 respectively. During the year, the proprietor introduced additional capital of Rs. 17700 and withdrew cash and goods to the value of Rs.16300.What profit or loss was made by the business in 2012

A
Rs.3200 Loss

B
Rs.3000 Profit

C
Rs.3000 Loss

D
Rs.3200 Profit

Solution

Profit/ Loss= Closing Capital + Drawing - opening Capital - Additional capital

Profit/Loss =73800+16300- 75600-17700

Profit/Loss = 90100-93300

Profit/loss = -3200

Which means there is a loss of Rs. 3200 .
Question 5
1 / -0

Which of the following equation is not correct?

A
Liabilities = Assets - Capital

B
Capital = Assets - Liabilities

C
Assets = Capital + Liabilities

D
Total Assets=Capital -Creditors

Solution

The basic accounting Equation is,

Assets = Capital + Liabilities
Question 6
1 / -0

Calculate Return Inward Journal (Book) from the following transactions of M/s Bansal Electronics for November 2010:

(a) M/s Gupta Traders returned the goods Rs.1,500

(b) Goods returned from M/s Harish Traders Rs.800

(c) M/s Rahul Traders returned the goods not as per specifications amounting to Rs. 1200

(d) Goods returned from Sushil Traders Rs.1,000. Options are as follows

A
Rs.4000

B
Rs.5500

C
Rs.5000

D
Rs.4500

Solution

Return inward book records all entry of credit sale return of goods.

So, Goods Returned are = Rs. 1500+ 800+ 1200+ 1000

= Rs. 4500
Question 7
1 / -0

If assets = Rs. 60000 and liabilities = Rs.25000, What is the capital in the business?

A
Rs.95000

B
Rs.35000

C
Rs.85000

D
Rs.25000

Solution

The basic accounting equation says:-

Assets = Liabilities + capital

60000 =25000+ Capital

Capital = 60000-25000

Capital =Rs. 35000
Question 8
1 / -0

Goods costing Rs. 20000 have sold for cash at 25 % profit. By what amount cash will increase

A
Rs.25000

B
Rs.15000

C
Rs.20500

D
Rs.15500

Solution

Sale amount = Cost + Profit

Sale = 200000+ 25℅ of Cost

sale = 200000+50000

Sale = 250000

All sale is in cash. So Cash Balance will increase by Rs. 250000.
Question 9
1 / -0

If total assets of a business are Rs.150000 and capital is Rs.130000.Calculate outside liabilities

A
Rs.20000

B
Rs.30000

C
Rs.15000

D
Rs.25000

Solution

The basic accounting Equation is:-

Assets = Capital + Liabilities

150000= 130000+ Liabilities

Liabilities= 150000-130000

Liabilities= 20000
Question 10
1 / -0

From the following information find the capital : Total assets Rs. 600000, creditors Rs.100000, Loan from bank Rs. 150000

A
Rs.250000

B
Rs.450000

C
Rs.150000

D
Rs.350000

Solution

Liabilities = Creditors + Loan from bank

Liabilities= 100000+150000

liabilities = 250000

Now, Basic Accounting equation is;

Assets = Capital + Liabilities

600000= Capital +250000

Capital= 350000

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Recording of Transactions Test - 3

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Recording of Transactions Test - 3

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Question 1

Rs.1000

Rs.10000

Rs.3000

Rs.5000

Solution

Question 2

In April 1977

In June 1973

In March 1977

In None of these

Solution

Question 3

a(iii), b(i), c(ii)

a(i), b(ii), c(iii)

a(ii), b(iii), c(i)

a(ii), b(i), c(iii)

Solution

Question 4

Rs.3200 Loss

Rs.3000 Profit

Rs.3000 Loss

Rs.3200 Profit

Solution

Question 5

Liabilities = Assets - Capital

Capital = Assets - Liabilities

Assets = Capital + Liabilities

Total Assets=Capital -Creditors

Solution

Question 6

Rs.4000

Rs.5500

Rs.5000

Rs.4500

Solution

Question 7

Rs.95000

Rs.35000

Rs.85000

Rs.25000

Solution

Question 8

Rs.25000

Rs.15000

Rs.20500

Rs.15500

Solution

Question 9

Rs.20000

Rs.30000

Rs.15000

Rs.25000

Solution

Question 10

Rs.250000

Rs.450000

Rs.150000

Rs.350000

Solution

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