CBSE Class 11 Accountancy Recording of Transactions - II MCQs Set 07

Question: A note sent by buyer on return of goods is
a) Credit Note
b) Return Note
c) Debit Note
d) None of the options
Answer: c

Question: Goods sold for Cash Rs.25,000 plus 12% IGST. Sales A/c will be credited by :
a) Rs.22,000
b) Rs.25,000
c) Rs.28,000
d) None of the options
Answer: b

Question:In the Purchases Book the record is in respect of
a) cash purchases of goods dealt in.
b) credit purchases of goods dealt in.
c) all purchases of goods dealt in.
d) purchase of anything.
Answer: b

Question: …………….. is not a subsidiary book
a) Purchase Return Book
b) Purchase Book
c) Ledger
d) Sales Book
Answer: c

Question: The Sales Return Book records
a) the return of goods purchased.
b) the return of goods sold on credit,
c) the return of goods sold for cash.
d) the return of anything sold.
Answer: b

Question: Total of these transactions is posted to Purchases Account
a) Credit purchase of furniture.
b) Purchases Return.
c) Credit purchase of goods.
d) Purchase of Stationery.
Answer: c

Question: In case lesser amount is recorded in sales invoice by mistake, then a is sent
a) Debit Note
b) Credit Note
c) Cash Note
d) Debit or Credit Note
Answer: a

Question: Sale of business asset on credit is recorded in
a) Sales Book.
b) Journal Proper.
c) Special Journal.
d) Cash Book.
Answer: b

Question: What type of following accounts will have debit balance only?
a) Personal Accounts
b) Real Accounts
c) Nominal Accounts
d) All of the options
Answer: b

Question: The total of the Sales Book is posted to
a) debit of the Sales Account.
b) credit of the Sales Account.
c) debit of the Customers’ Account.
d) credit of Customers’ Accounts.
Answer: b

Question: The periodic total of Sales Return Journal is posted to the
a) Sales Account.
b) Goods Account.
c) Sales Return Account.
d) Any of the options.
Answer: c

Question: Purchase of furniture on credit should be recorded in
a) Journal
b) Purchase Book
c) Cash Book
d) Journal Proper
Answer: d

Question: When goods are lost by fire then Loss of Goods by Fire Account is debited with
a) Cost of goods sold.
b) Cost of goods sold plus Gross Profit.
c) Cost of goods sold less Gross Profit.
d) Cost of goods purchased.
Answer: d

Question: Which of the following expense is not a revenue expense?
a) Salary
b) Electricity
c) Water
d) Repair of second-hand machinery purchased
Answer: d

Question: Opening entry is recorded
a) in the beginning of the accounting year.
b) at the end of the accounting year.
c) in the middle of the accounting year.
d) anytime during the year.
Answer: a

Question: Closing entries are passed
a) in the beginning of the accounting year.
b) at the end of the accounting year.
c) in the middle of the accounting year.
d) anytime during the year,
Answer: b

Question: Goods purchased for cash are recorded in the
a) Purchases Book.
b) Cash Book.
c) Purchases Return Book.
d) Cash Book and Purchases Book.
Answer: b

Question: Trial Balance shows
a) both debit and credit balances,
b) only debit balance.
c) only credit balance.
d) either of debit or credit balance.
Answer: a

Question: Which of the following transactions is entered into the Journal Proper?
a) Cash Payment to an employee for expenses.
b) Cash purchase of goods for resale.
c) Correction of an error.
d) Credit purchase of goods for resale.
Answer: c

Question: A trader entered into following transactions. As a result, total of Purchase Column in the Purchase Book will be :
(i) Goods purchased from Gaurav Rs.8,000
(ii) Goods purchased from Sudhir for Cash Rs. 10,000
(iii) Goods purchased from Kamal on credit Rs.25,000
(iv) Machinery purchased from Dinesh on credit Rs.40,000
a) Rs.83,000
b) Rs.73,000
c) Rs.33,000
d) Rs.25,000
Answer: c

Fill In The Blanks

Question: Vipro Ltd. Purchased 50 computers from HCL and is allowed a discount of Rs.10,000 for purchase thereof. Discount allowed by HCL is – – – – discount.
Answer: trade

Question: Received Rs.10,000 for petty cash book. Balance after all the expenses is Rs.3928. __________ amount will be reimbursed according to imprest system.
Answer: Rs.6,072

Question: Hema traders purchased from Videocon India Limited 5 machines @ rupees 50,000 at less trade discount @ 10% + GST @ 12% freight charges rupees 1,000 the purchase book is debited by amount rupees ______________.
Answer: Rs 2,53,000

Question: An entry passed in journal to record the closing balances of the previous year to the current year is called – – – – entry.
Answer: opening

Question: Mukesh sold 100 tables to Suresh at the rate of Rs.5000 each less 25% trade discount plus IGST at the rate of 12% and 2% cash discount if Suresh paid the amount in 14 days of sale. Suresh paid the amount within 14 days. Sales A/c will be credited with Rs. – – – –.
Answer: 3,75,000

Question: Cash book doesn’t record _______________ transactions.
Answer: non-cash

Question: Bought machinery for Rs. 28,000 and paid freight Rs. 1,000, carriage Rs. 200 and installation charges Rs. 800. In journal entry Machinery A/ will be debited with Rs. – – – –.
Answer: 30,000

Question: An entry in which more than one account is debited or credited is called – – – – entry.
Answer: compound

Question: Cheque received from Amit for rupees 20,000 was dishonoured; the bank column will be _____________________.
Answer: credited

Question: The book in which accounts are maintained is called – – – –.
Answer: Ledger

Question: When a firm avails a bank service it has to pay charges for service called ______________.
Answer: bank charges

Question: The process of recording the transactions in journal is called – – – –.
Answer: Journalising

True / False :

Question: M/S Sudarshan maintains petty cash book. The imprest amount is Rs.5,000. If the cash balance in hand is Rs.1,300, Rs.2,700 will be reimbursed to make for imprest amount.
Answer: True

Question: While passing an opening entry, all assets are debited individually & liabilities are individually credited.
Answer: True

Question: Mr. A sold 35 items to Mr. B@ Rs.100 each less 20% trade discount. Mr. B returned 15 of the above items. As a result of this a credit note should be sent to Mr. B of Rs.1,200.
Answer: True

Question: The proprietor Aman started business with cash Rs.1, 00,000, Stock Rs.70,000, building Rs.10,00,000. So Rs.11, 70,000 will be recorded as capital in credit side of cash book.
Answer: False

Question: Journalising is the process in which we record the transactions in a ledger.
Answer: False

Question: Ledger is a permanent record of all transactions.
Answer: True

Question: Prepaid Rent is a Representative Personal A/c.
Answer: True

Question: The goods returned to Mr.X, 2 table fans @ Rs.1000 each less trade discount 15 will be shown in sale return book.
Answer: False

Question: Brief description of a transaction in a journal entry is known as narration.
Answer: True

Question: . M/S Parveen traders purchased 20 kg sugar@ of Rs.100 each from us. Trade discount is applicable @5% and IGST @ 12%.The entry will be recorded in the sales book of our books of accounts as –
Sales Column 1,900
Output IGST 228
Answer: True

Question: Following are the balances of ledger accounts of M/S Aman Traders on 1st April.
Cash in Hand Rs. 5,000
Cash at Bank Rs.10,000
Bill Receivable Rs. 7,000
Bills Payable Rs. 3,000
The entry of the above balances will be recorded in Journal proper as opening entry and balance will be treated as capital reserve.
Answer: False

Match The Following

Question: Match with the correct GST type
I Intra-state sale of goods              a) CGST, SGST, IGST
II Inter-state sale of goods                  b) CGST and SGST
                            c) IGST and CGST
                          d) IGST
Answer: I- b ; II -d

Question: Match with the correct entry type
I Entry made at beginning of the year                a) Adjustment entry
II Settlement of advance paid or received            b) Opening entry
                         c) Transfer entry
Answer: I- b ; II -a

Question: Match with the correct value
I Discount allowed on ₹1,00,000 sale with 10% trade and 2% cash discount            a) ₹1800
II Cash account debited with                           b) ₹88,200
                                         c) ₹11,800
                                      d) ₹90,000
Answer: I- a ; II -b

Question: Match with the correct option
I Balance in petty cash book                a) Liability
II Credit balance in bank column of cash book              b) Profit
                          c) Asset
Answer: I- c ; II -a

Question: Match with the correct subsidiary book
I Credit purchase of furniture for office use                       a) Purchases Book
II Credit sale of goods                 b) Journal proper
III Goods returned by debtors                  c) Sales Return Book
                            d) Sales Book
Answer: I- b ; II -d ; III -c

Question: Match with the correct option
I Received post-dated cheque from Deepak             a) Cash book
II Paid salary to Mr. Ram              b) Journal proper
                        c) Sales book
Answer: I- b ; II -a

Question: Match with the correct option
I Dr or Cr balance                a) Only cash column of cash book
II Only Dr balance               b) Neither cash nor bank column
                         c) Only bank column of cash book
Answer: I- c ; II -a

Question: Match with correct value from adjustment
I 11-month salary paid at ₹1,000/month              a) ₹1,000
II Rent paid ₹13,000 till July; rent ₹1,000/month           b) ₹2,000
                          c) ₹3,000
                          d) ₹4,000
Answer: I- a ; II -c

Question: Match with the suitable option
I Drawing more than balance from bank          a) Contra Entry
II Withdrawal of cash from bank          b) Opening Entry
                        c) Overdraft
Answer: I- c ; II -a

Question: Match with the correct GST input
I Salary paid ₹1,00,000 @6% CGST+SGST     a) ₹6,000
II Rent paid ₹1,00,000 @6% CGST+SGST    b) ₹12,000
                       c) None of the options
Answer: I- c ; II -b

Question: Match with the correct option
I Cash withdrawn for personal use                 a) Salary A/C
II Paid salary to Mr. Ram                 b) Ram A/C
                         c) Drawings A/C
                           d) Cash A/C
Answer: I- c ; II -a