Refer to CBSE Class 11 Accountancy Recording of Transactions - II MCQs Set H provided below available for download in Pdf. The MCQ Questions for Class 11 Accountancy with answers are aligned as per the latest syllabus and exam pattern suggested by CBSE, NCERT and KVS. Chapter 4 Recording of Transactions-II Class 11 MCQ are an important part of exams for Class 11 Accountancy and if practiced properly can help you to improve your understanding and get higher marks. Refer to more Chapter-wise MCQs for CBSE Class 11 Accountancy and also download more latest study material for all subjects
MCQ for Class 11 Accountancy Chapter 4 Recording of Transactions-II
Class 11 Accountancy students should refer to the following multiple-choice questions with answers for Chapter 4 Recording of Transactions-II in Class 11.
Chapter 4 Recording of Transactions-II MCQ Questions Class 11 Accountancy with Answers
Case Based Questions
Read the following case study and answer questions
Raj is the accountant at KYA Ltd. He has to prepare the cash book for the month of August, 2020. Following detail is available regarding the transactions for the month
Aug 1 Cash in hand ₹ 1,200; overdraft at bank ₹ 15,000.
Aug 3 Further capital introduced ₹ 20,000 out of which ₹ 16,000 deposited in the bank.
Aug 4 Purchased goods from Vrijesh Traders amounting to ₹ 3,000 and they allowed trade discount ₹ 200. The amount was paid by cheque.
Aug 4 Goods purchased for cash ₹ 4,000.
Aug 5 Sold goods to Varun on credit ₹ 5,000.
Aug 6 Received cheque from Siddhartha ₹ 2,450.Allowed him discount ₹ 50.
Aug 10 Cheque received from Siddhartha deposited into bank.
Aug 11 Settled the account of Superstar Printers ₹ 750 by paying cash ₹ 680.
Aug 12 Cash received from Varun ₹ 4,750 in full settlement of his account of ₹ 5,000.
Aug 16 An amount of ₹ 1,000 due from Kartik brothers written-off as bad debts in the previous year, now recovered.
Aug 17 Received from Kunal on behalf of Karan ₹ 200.
Aug 19 Received a cheque for ₹ 800 from Adarsh, which was endorsed to Parth on 24th August.
Aug 20 Sale of old furniture, payment received in cash for ₹ 720.
Aug 25 Cashed a cheque for ₹ 3,000.
Aug 25 Drew from bank for household expenses ₹ 1,000 and for income tax ₹ 500
Aug 28 Amit who owed ₹ 400 became bankrupt and paid 60 paise in a rupee.
Aug 28 Received repayment of a loan ₹ 3,000 and deposited out of it ₹ 2,500 into the bank.
Aug 30 Interest debited by bank ₹ 375.
Aug 30 Deposited with the bank the entire balance after retaining ₹ 2,000 at office.
Question. How will cheque received from Siddhartha on 6th August be recorded in cash book?
(a) ₹ 2,450 will be recorded on the debit side of the cash book.
(b) ₹ 2,450 will be recorded on the credit side of the cash book.
(c) It won’t be recorded in the cash book.
(d) None of the options
Answer: c
Question. Which of the following cash book will Raj prepare?
(a) Single Column Cash Book
(b) Double Column Cash Book
(c) Petty Cash Book
(d) All of the options
Answer: b
Question. How will goods sold on credit to Varun on 5th August be recorded in the cash book?
(a) ₹ 5,000 will be recorded on the debit side of the cash book.
(b) ₹ 5,000 will be recorded on the credit side of the cash book.
(c) it won’t be recorded in the cash book.
(d) None of the options
Answer: c
Question. How will drawing for household expenses of ₹ 1,000 on 25th August be recorded?
(a) Household expenses will be debited and cash book will be credited
(b) Drawings account will be debited and cash book will be credited
(c) Household expenses will be credited and cash book will be debited
(d) Drawings account will be credited and cash book will be debited
Answer: b
Question. Raj marks certain entries as C. What does that mean?
(a) C stands for contra entries and reflect transactions which include both cash and bank.
(b) C stands for contra entries and reflect transactions which are contrary to normal accounting processes.
(c) C stands for contra entries and reflect transactions which are confusing in nature.
(d) None of the options
Answer: a
Read the following case study and answer questions
INCA Ltd. a manufacturing company has now expanded its operations. Its sales are increasing rapidly and the demand for its products is also rising. It is expanding geographically to different states. Initially when the operations were small, its accountant Mr.Dheeraj maintained only a journal. But as the business expands and the number of transactions becomes large, it become cumbersome to journalise each transaction. So now a need is felt to prepare special journals or subsidiary books. So accordingly, Mr. Dheeraj instructs his subordinates to prepare various subsidiary books.
Question. If INCA Ltd. purchased furniture of ₹ 40,000 on credit, Mr. Dheeraj will record this transaction in
(a) purchase book
(b) cash book
(c) journal proper
(d) None of the options
Answer: c
Question. What reason will be a cash book prepared for?
(a) To record all cash receipts and cash payments
(b) To record cash purchases of merchandise
(c) To record cash sales
(d) None of the options
Answer: a
Question. Which of the following about the purchase book is correct?
(a) It records purchases of all types
(b) It records all credit purchases of the goods, the enterprise deals in
(c) It records all cash purchases of the goods, the enterprise deals in
(d) None of the options
Answer: b
Question. What will be the advantage of preparing these subsidiary books?
(a) Quick, efficient and accurate recording of business transactions
(b) Time consuming
(c) They prove economical and make division of labour possible in accounting work
(d) Both (a) and (c)
Answer: d
Question. Sales book does not record cash sales of merchandise.
(a) True
(b) False
(c) Can’t say
(d) Partially true
Answer: a
Read the following case study and answer questions
Khandelwal & Sons is a manufacturing firm. Following information about it is available
Assets Cash in hand ₹ 1,00,000; Cash at bank ₹ 1,10,000; Debtors (Karun ₹ 90,000; Geeta ₹ 50,000); Stock ₹ 3,20,000 and Machinery ₹ 4,00,000.
Liabilities Creditors: Avinash & Co. ₹ 70,000.
The following transactions took place during the month of January, 2021.
Jan 2 Deposited into bank ₹ 30,000.
Jan 4 Purchased from Raghav goods of the list price of ₹ 70,000 at 10% trade discount.
Jan 5 Returned to Raghav goods worth ₹ 8,000.
Jan 7 Issued a cheque to Raghav in full settlement of their account after deducting cash discount @ 5%.
Jan 10 Sold to Dishant goods worth ₹ 80,000.
Jan 12 Received cash ₹ 60,000 and cheque ₹ 8,000 from Dishant. The cheque was sent to bank on the same day. Discount allowed ₹ 1,000.
Jan 14 Purchased machinery from Ronak & Co. on credit for ₹ 50,000.
Jan 16 Khandelwal withdrew goods for his personal use ₹ 20,000.
Jan 18 Sold to Anuj goods valued ₹ 32,000.
Jan 19 Issued cheque to Ronak & Co. ₹ 50,000.
Jan 20 Returned by Anuj goods worth ₹ 4,000.
Jan 21 Purchased goods from Gaurav for ₹ 80,000. Trade discount 10%.
Jan 22 Accepted a bill drawn by Gaurav for ₹ 72,000 at 1 month.
Jan 27 Received from Anuj ₹ 20,000. Discount allowed ₹ 100
Jan 27 Goods purchased for cash ₹ 60,000.
Jan 28 Withdrew from bank ₹ 40,000.
Jan 29 Paid salaries by cheque ₹ 10,000.
Jan 30 Paid rent ₹ 5,600.
Jan 31 Received commission in cash ₹ 3,200.
Question. Purchase of goods from Raghav on 4th January will be recorded on that date in
(a) Cash book
(b) Purchase book
(c) Journal proper
(d) None of the options
Answer: b
Question. What amount is finally paid to Raghav on 7th January?
(a) ₹ 62,000
(b) ₹ 63,000
(c) ₹ 55,000
(d) ₹ 52,250
Answer: d
Question. What will be the balance in sales book as on 31st January?
(a) ₹ 80,000
(b) ₹ 32,000
(c) ₹ 1,12,000
(d) ₹ 1,08,000
Answer: c
Question. What will be the balance in sales return book and purchase return book respectively on 31st January?
(a) ₹ 4,000; ₹ 8,000
(b) ₹ 8,000; ₹ 4,000
(c) ₹ 8,000; ₹ 16,000
(d) None of the options
Answer: a
Question. Which of the following entry represents contra entry?
(a) Purchases from Raghav on 4th January.
(b) Goods sold to Anuj on 18th January.
(c) Amount withdrawn from bank on 28th January.
(d) None of the options
Answer: c
Read the following case study and answer questions
Karim & Co., a saree dealer has the following transactions for the month of January.
Jan 4 Returned to Mohan Mills, Kerala,10 polyester sarees @ ₹ 1,600 each. (−) Trade discount @ 10% (Debit note no. 101).
Jan 8 Srimala Mills, Kota accepted the returns of goods (which were purchased for cash) from us, 8 Kota sarees @ ₹ 640 each (Debit note no. 102).
Jan 12 Returned to Sonica Mills, Bombay, 12 silk sarees @ ₹ 1,040 each. (−) Trade discount @ 10% (Debit note no. 103).
Jan 30 Returned one typewriter (being defective) @ ₹ 7,200 to Vishaka & Co.
Question. Which of the following statements regarding a debit note is correct?
(a) A debit note is a source document that is prepared when goods are returned to a supplier.
(b) On finding that goods supplied are not as per the terms of the order placed, the defective goods are returned to the supplier of the goods and a note is prepared to debit the supplier.
(c) When an additional sum is recoverable from a customer, such a note is prepared to debit the customer with the additional dues.
(d) All of the options
Answer: d
Question. In which of the following books, will the return of Kota Sarees on 8th January be recorded?
(a) Purchase returns book
(b) Journal
(c) Cash book
(d) None of the options
Answer: c
Question. In which of the following books, willthe return of typewriter on 30th January be recorded?
(a) Purchase returns book
(b) Journal proper
(c) Cash book
(d) None of the options
Answer: b
Question. What will the total amount recorded in the purchase returns book relating to the returns to Mohan Mills on 4th January?
(a) ₹ 16,000
(b) ₹ 14,400
(c) ₹ 17,600
(d) None of these
Answer: b
Question. What will be the total amount reflected in purchase returns book as on 31st January?
(a) ₹ 25,632
(b) ₹ 14,400
(c) ₹ 11,232
(d) ₹ 28,480
Answer: a
CBSE Class 12 Accountancy Accounting for Not for Profit Organisation MCQs Set B |
MCQs for Chapter 4 Recording of Transactions-II Accountancy Class 11
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