Test: Ledgers - 2


15 Questions MCQ Test Principles and Practice of Accounting | Test: Ledgers - 2


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This mock test of Test: Ledgers - 2 for Commerce helps you for every Commerce entrance exam. This contains 15 Multiple Choice Questions for Commerce Test: Ledgers - 2 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Ledgers - 2 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Ledgers - 2 exercise for a better result in the exam. You can find other Test: Ledgers - 2 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

The credit balance of a personal account shows: 

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QUESTION: 2

 The miscellaneous expenses account is likely to have : 

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QUESTION: 3

From the following information ascertain the closing balance of debtors: 
Opening balance of debtors Rs. 32,600; total sales Rs. 1,03,000; cash collected from debtors Rs. 70,000 sales return Rs.1,500; discount on purchases Rs. 1,200; cash sales Rs. 43,000; bad debts Rs. 700: 

Solution:

Debtors a/c=Debit side in so opening debtors +credit sale -(cash received +sale return + bad debts) in credit side=closing debtors

32600+60000 - (70000+1500+700) =20400

QUESTION: 4

Journal and ledger records transactions in 

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QUESTION: 5

Ledger book is popularly known as

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QUESTION: 6

 Which of the following is a real account?

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QUESTION: 7

After recording the transactions and events in journal and subsidiary books, they will be transferred to 

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QUESTION: 8

 Ledger Book is popularly known as:

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QUESTION: 9

Which of the following accounts may have a debit or a credit balance?

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QUESTION: 10

The process of transferring the debit and credit items from a Journal to their respective accounts in the ledger is termed as 

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QUESTION: 11

Goods costing Rs. 5,000 given to a worker towards wages Rs. 5,000. Market price of goods is Rs. 6,000. Journal entry will be 

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QUESTION: 12

Which of the following is known as “Principal Books of Accounts”?

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QUESTION: 13

Credit balance in ledger will be either:-

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QUESTION: 14

'A' purchased a computer having MRP of Rs. 60,000 for Rs. 45,000 and was offered a cash discount of Rs.9,000. At what percentage he got trade discount on MRP before getting cash discount?

Solution:

Market Price =Rs. 60,000
Less: Purchase Price =Rs. 45,000
Trade discount before discount =Rs. 15,000
Less: Cash Discount =Rs. 9,000
Trade discount after cash discount =Rs. 6,000
Percentage of Trade Discount= (15,000/60,000)*100
= 25%

QUESTION: 15

The next step after preparation of Ledger is the preparation of ________:

Solution:

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