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Published on: 03/09/2019
Recording of Transaction - I
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Questions + Answers key
Take MCQ Accountancy Test
1.
What is a transaction voucher?
2.
What is meant by a voucher?
3.
Name the two types of vouchers. (Main Classification)
4.
What is a credit note?
5.
What is debit note?
6.
What is a pay-in-slip?
7.
Prepare the accounting equation on the basis of the following transactions:
(i) Commenced business with cash Rs.50,000 and goods Rs.30,000
(ii) Paid Salary Rs.5,000
(iii) Purchased goods for cash Rs.10,000 and on credit Rs.20,000
(iv) Goods costing Rs.25,000 sold at profit of 20% on cost out of which Rs.10,000 received in cash.
8.
Voucher is prepared for
Cash received and paid
Cash/Credit sales
Cash/Credit purchase
All of the above
9.
If a transaction is properly analysed and recorded
Only two accounts will be used to record the transaction.
One account will be used to record transaction
One account balance will increase and another will decrease
Total amount debited will equals total amount credited
10.
The ledger folio column of journal is used to :
Record the date on which amount posted to a ledger account
Record the number of ledger account to which information is posted.
Record the number of amounts posted to the ledger account
Record the page number of the ledger account
11.
Double entry accounting requires that:
All transactions that create debits to asset accounts must create credits to liability or capital accounts;
A transaction that requires a debit to a liability account require a credit to an asset account;
Every transaction must be recorded with equal debits equal total credits.
12.
Purchased new machine for Rs.1,170,000 and issued cheque for the same. The account to be debited is ___________
13.
Purchased office stationary for Rs.18,000.The account to be credited is _______
14.
Collected Rs.35,000 from debtors. The account to be credited is ________
15.
Issued a cheque for Rs.8,000 to pay rent. The account to be debited is _______
1.
( )
A transaction voucher means an accounting voucher prepared for a simple transaction i.e. transaction with one credit and one debit.
2.
( )
A voucher means a written evidence of a transaction that has taken place.
3.
( )
(i) Debit vouchers
(ii) Credit vouchers
4.
Credit Note: A credit note is a document which shows that the business enterprise has given the credit to the party to whom this document is sent in respect of any business transaction other than credit purchase. When a business enterprise receives back the goods sold earlier than it makes a credit note in favour of the purchaser showing that his account has been credited in the books of business enterprise.
5.
Debit Note: A debit note is a document which shows that the business enterprise has raised debit against the party to whom this document is sent in respect of any business transaction other than the credit sale. Business enterprise may make a debit note against the supplier for an amount which is to be received from him, when the business enterprise returns some goods which are defective in nature or not as per specifications.
6.
Pay-in-slip: This document serves the purpose of providing an evidence that on particular date, a specific amount has been deposited in the bank. When a depositor deposits money in the bank account, he fills up a form provided by the bank containing the information about the date, amount to be deposited and the name of the depositor, etc. The bank clerk signs, stamps the counterfoil of the pay-in-slip and return it to the depositor.
7.
| No | Transactions | Assets(Rs) | = | Liabilities(Rs) + Capital(Rs) |
|---|---|---|---|---|
| (i) | Started with cash | 50,000 | = | + 50,000 |
| Started with goods | (+) 30,000 | = | + (+)30,000 | |
| New Equation | 80,000 | = | + 80,000 | |
| (ii) | Paid for Salary | (-) 5,000 | = | + (-) 5,000 |
| New Equation | 75,000 | = | + 75,000 | |
| (iii) | Purchases goods for cash | (+) 10,000) | = | +0 |
| (-) 10,000 | = | +0 | ||
| New Equation | 75,000 | = | + 75,000 | |
| (iii) | Purchases goods on Credit | (+) 20,000 | = | (+) 20,000 + 0 |
| New Equation | 95,000 | = | 20,000+75,000 | |
| (iv) | Sold Goods | (+ 30,000 | (+ 5,000) | |
| (-25,000) | ||||
| New Equation | 100,000 | = | 20,000+80,000 | |
| (iv) | Cash Received on Sales | (+ 10,000) | ||
| (-10,000) | ||||
| New Equation | 100,000 | = | 20,000+80,000 |
8.
(d)
All of the above
9.
(d)
Total amount debited will equals total amount credited
10.
(d)
Record the page number of the ledger account
11.
(c)
Every transaction must be recorded with equal debits equal total credits.
12.
( )
Machine
13.
( )
Cash
14.
( )
Debtors
15.
( )
Rent
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