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Test: Journal Entries - 2 - Commerce MCQ


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30 Questions MCQ Test Accountancy Class 11 - Test: Journal Entries - 2

Test: Journal Entries - 2 for Commerce 2024 is part of Accountancy Class 11 preparation. The Test: Journal Entries - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Journal Entries - 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Journal Entries - 2 below.
Solutions of Test: Journal Entries - 2 questions in English are available as part of our Accountancy Class 11 for Commerce & Test: Journal Entries - 2 solutions in Hindi for Accountancy Class 11 course. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free. Attempt Test: Journal Entries - 2 | 30 questions in 30 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Accountancy Class 11 for Commerce Exam | Download free PDF with solutions
Test: Journal Entries - 2 - Question 1

The process of recording transactions in different journals is called

Test: Journal Entries - 2 - Question 2

 Changes in the capital account of a proprietor may occur due to: 

Detailed Solution for Test: Journal Entries - 2 - Question 2

Profit earned and further capital introduced is added in capital A/c and losses is less in capital A/c. It will change capital A/c of proprietor. Thus option (d) any of the above is the right answer.

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Test: Journal Entries - 2 - Question 3

Goods are distributed as free samples worth Rs. 50,000 for advertisement purpose. Which of the following journal entry would be passed: 

Test: Journal Entries - 2 - Question 4

“Machinery sold for Rs. 30,000 on credit.” In which subsidiary book this transaction will be recorded?

Test: Journal Entries - 2 - Question 5

Which of the following transactions would have no impact on stockholders' equity?

Test: Journal Entries - 2 - Question 6

Rs. 1,500 received from Ram which were written off as bad-debts earlier. To record this receipt, cash account will be debited and _________ account will be credited. 

Test: Journal Entries - 2 - Question 7

 Rent of proprietor’s house paid from business account by cash will __________:-

Test: Journal Entries - 2 - Question 8

The debt written off as bad, subsequently collected by proprietor in his personal capacity and kept by him. What is accounting treatment for this transaction?

Test: Journal Entries - 2 - Question 9

Consider the following statements and identify the wrong statement.

Test: Journal Entries - 2 - Question 10

X Purchased land for Rs. 10,00,000. He gave a cheque of Rs. 2,00,000 and accepts a bill of Rs. 8,00,000 due after 60 days. As a result:

Detailed Solution for Test: Journal Entries - 2 - Question 10

Let's analyze the transaction step by step:

  1. X purchased land for Rs. 10,00,000.

    • This increases the assets (land) by Rs. 10,00,000.
  2. He gave a cheque of Rs. 2,00,000.

    • This reduces the assets (cash/bank) by Rs. 2,00,000.
  3. He accepts a bill of Rs. 8,00,000 due after 60 days.

    • This increases the liabilities (bills payable) by Rs. 8,00,000.

Now let's summarize the net effect on the assets and liabilities:

  • Total assets increased by Rs. 10,00,000 (land) - Rs. 2,00,000 (cash) = Rs. 8,00,000.
  • Total liabilities increased by Rs. 8,00,000.

Thus, the correct option is:

3. Total assets increased by Rs. 8,00,000 & total liabilities increased by Rs. 8,00,000

Test: Journal Entries - 2 - Question 11

Mr. X purchased a computer for Rs. 60,000 by making a down payment of Rs. 10,000 and balance Rs. 50,000 signing the agreement of bills payable due in 50 days. As a result of these transactions.

Test: Journal Entries - 2 - Question 12

X is a dealer of electrical goods (such as Refrigerator, Washing Machines, Televisions etc.) He purchased two Air Conditioners and installed in his showroom. In the books of X, the cost of air conditioner would be debited in:

Test: Journal Entries - 2 - Question 13

M/S Stationary Mart will debit purchase of stationary to _______

Test: Journal Entries - 2 - Question 14

 In case of a debt becoming bad and doubtful, the amount is credited to ___ ?

Test: Journal Entries - 2 - Question 15

A Furniture dealer during the financial year 2010-11, sold furniture of Rs. 25,000 to Mr. Sunil on cash basis. In the books of dealer _____ account will be debited and _________ account will be credited. 

Test: Journal Entries - 2 - Question 16

Membership fees earned is :

Detailed Solution for Test: Journal Entries - 2 - Question 16

• The membership fees that is received from the members is a revenue item and it is to be shown as revenue.

• Revenue receipts: This is the money received by a business organisation as a result of its normal business operations. In this way, revenue receipts affect the profit or loss of a business.

Test: Journal Entries - 2 - Question 17

 Rent account.

Test: Journal Entries - 2 - Question 18

Prepaid salary account.

Test: Journal Entries - 2 - Question 19

Equipments are : 

Test: Journal Entries - 2 - Question 20

Patents account.

Test: Journal Entries - 2 - Question 21

 A sale of goods to Ram for cash should be debited to:

Detailed Solution for Test: Journal Entries - 2 - Question 21

Debiting a Sale of Goods to Ram for Cash to Cash Account:


  • When a sale of goods is made to Ram for cash, it means that cash is being received in exchange for the goods sold.

  • The cash received in this transaction will increase the cash balance of the business.

  • Therefore, the transaction should be recorded by debiting the Cash Account.

  • Debiting the Cash Account will reflect the increase in cash balance resulting from the sale.

  • It is important to record transactions accurately to maintain the integrity of the accounting records.
Test: Journal Entries - 2 - Question 22

Journal and Subsidiary books in which transactions and events are first recorded are known as :-

Test: Journal Entries - 2 - Question 23

 In case of a debt becoming bad and doubtful, the amount is credited to ___ ?

Test: Journal Entries - 2 - Question 24

Goods given as charity credited to :

Test: Journal Entries - 2 - Question 25

 Which financial statement represents the accounting equation, assets = Liabilities + Owner’s equity: 

Detailed Solution for Test: Journal Entries - 2 - Question 25

The financial statement that represents the accounting equation
Assets=Liabilities+Owner’s Equity is:

3. Balance Sheet

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and owner's equity (or shareholder's equity for corporations) and shows how these three categories are related through the fundamental accounting equation: assets equal liabilities plus owner's equity. Therefore, the balance sheet directly represents the accounting equation.

Test: Journal Entries - 2 - Question 26

The debts written off as bad, if recovered subsequently are :

Test: Journal Entries - 2 - Question 27

In case of a debt becoming bad and doubtful, the amount is credited to _________?

Detailed Solution for Test: Journal Entries - 2 - Question 27

When a debt becomes bad and doubtful the following entry is passed:
Bad Debts A/c Dr.
To Debtors A/c
( Being bad debts written off)

Test: Journal Entries - 2 - Question 28

Provision for bad-debts as on 1.4.08 Rs. 1,000, during the year 2008-09 there were no bad-debts and debtors as on 31.3.09 were Rs. 90,000. Provision for bad-debts required @ 1% which of the following journal Entry will be passed on 31.3.09? 

Test: Journal Entries - 2 - Question 29

Profit is : 

Test: Journal Entries - 2 - Question 30

 Accounts receivable is :

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