Subsidiary Books
- 1.Purchases book records:
- A.
All cash purchases.
- B.
Ail credit purchases.
- C.
Credit purchases of goods in trade.
- D.
None of the above.
- 2.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?
- A.
Total cost of goods sold for the period.
- B.
The quantity of a particular product sold during the period.
- C.
The amount owed to a particular creditor
- D.
The portion of total current assets that consist of cash.
- 3.Passed only when
- A.
Double column cash book is prepared
- B.
Three-column cash book is prepared
- C.
Simple cash book is prepared
- D.
None of the above
- 4.The balance of the petty cash is__________
- A.
An expense
- B.
Income
- C.
An asset
- D.
Liability
- 5.A _________ is sent to a customer when he returns the goods.
- A.
Debit note
- B.
Credit note
- C.
Proforma invoice
- D.
None of the above
- 6.M/s Delhi Stationers purchase 1,000 pes of cover file @ Rs. 275 per 100. The wholesaler offered 5% sales tax on net price. Transport charges were Rs. 50. The purchase price per piece of cover file will be
- A.
Rs.2,793.13
- B.
Rs.279.31
- C.
Rs.27.93
- D.
Rs.2.9375
- 7.The purchases Journal records
- A.
All purchases.
- B.
All purchases of goods dealt in by the firm.
- C.
Credit purchases of goods dealt in by firm.
- D.
Cash purchase of goods dealt in by firm.
- 8.The petty cashier generally work on__________ system.
- A.
Accrual
- B.
Balancing
- C.
Imprest
- D.
None of the three
- 9.Cash book is a form of
- A.
Trial Balance
- B.
Journal
- C.
Ledger
- D.
All of the above
- 10.Purchase of a fixed assets on credit basis is recorded in ____________.
- A.
Cash book.
- B.
Purchases book.
- C.
Journal proper.
- D.
None of the above.
- 11.Atul purchased goods costing Rs. 50,000 at an invoice price, which is 50% above cost. On invoice price he enjoyed 15% trade discount and Rs.3,750 cash discount on cash payment of goods in lump sum at the time of purchase. The purchase price to be recorded in the books before cash discount will be
- A.
Rs.75,000
- B.
Rs.60,000
- C.
Rs.63,750
- D.
Rs.50,000
- 12.A cheque of Rs.35,000 received by M/s Nandini was endorsed to M/s Chandini on account of fullsettlement of Rs.35,500 on 1st october 2006. Chandini deposited the same into the bank on 4th October 2006,In the books of M/s Chandini, the amount to be debited on 1st October 2006 will be
- A.
Cash account Rs.35,000 and discount account Rs.500.
- B.
Bank account Rs.35,000 and discount account Rs.500.
- C.
Cash account Rs.35,500.
- D.
Bank account Rs.35,500
- 13.The total of the sales book is posted periodically to the credit of
- A.
Sales account
- B.
Cash book
- C.
Journal proper
- D.
None of the above
- 14.Total of purchase return book is posted periodically to the credit of _________.
- A.
Purchase return account
- B.
Cash book
- C.
Journal proper
- D.
None of the three
- 15.Journal Proper records ____________.
- A.
Bills receivables
- B.
Bills payables
- C.
Cash payments
- D.
Opening entry
- 16.The total of the purchase day book is posted periodically to the debit of
- A.
Purchases account
- B.
Cash book
- C.
Journal proper
- D.
None of the above
- 17.Following are the sales return of Jindal & Co. a saree dealer Date Credit Note 05.01.2006 201 Goyal & Co. Rampur returned 2 Polyster sarees @ 125 10.01.2006 202 Accepted return of goods (which were sold for cash from Garf & Co. Bhiwani, 2 Kota Sarees @ Rs.50. 17.01.2006 203 Mittal & Co. Hissar returned 2 silk sarees @ Rs.325 31.01.2006 Mohan returned one old type [email protected] Rs.500. Total of sales return book will be
- A.
Rs.900
- B.
Rs.800
- C.
Rs.1000
- D.
None of the three
- 18.Cash column in cash book has always __________.
- A.
Dr. Balance
- B.
Cr. Balance
- C.
Overdraft
- D.
Both Dr and Cr.
- 19.The total of the sales return book is posted periodically to the debit of
- A.
Sales return Account
- B.
Cash book
- C.
Journal proper
- D.
None of the above.
- 20.A started business with Rs. 10,000 cash and Rs. 2,000 furniture. Sales amounted to Rs. 50,000 including Rs. 5000 cash sale. Rs. 10,000 sales were outstanding at the end of the year. Purchases amounted to Rs. 30,000 including Rs. 10,000 cash purchase. Rs. 15,000 has been paid to creditors. Expenses paid during the year are Rs. 19,300. Cash balance at the end will be
- A.
Rs 6000
- B.
Rs 7000
- C.
Rs 5700
- D.
Rs. 5000
Questions: 9 | Attempts: 183489 | Last updated: Aug 17, 2018
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