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Test: Ledgers - 2 - Commerce MCQ


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15 Questions MCQ Test Accountancy Class 11 - Test: Ledgers - 2

Test: Ledgers - 2 for Commerce 2024 is part of Accountancy Class 11 preparation. The Test: Ledgers - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Ledgers - 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Ledgers - 2 below.
Solutions of Test: Ledgers - 2 questions in English are available as part of our Accountancy Class 11 for Commerce & Test: Ledgers - 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: Ledgers - 2 | 15 questions in 15 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Accountancy Class 11 for Commerce Exam | Download free PDF with solutions
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Test: Ledgers - 2 - Question 1

The credit balance of a personal account shows: 

Test: Ledgers - 2 - Question 2

 The miscellaneous expenses account is likely to have : 

Test: Ledgers - 2 - 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: 

Detailed Solution for Test: Ledgers - 2 - Question 3

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

Test: Ledgers - 2 - Question 4

Journal and ledger records transactions in 

Test: Ledgers - 2 - Question 5

Ledger book is popularly known as

Test: Ledgers - 2 - Question 6

 Which of the following is a real account?

Test: Ledgers - 2 - Question 7

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

Test: Ledgers - 2 - Question 8

 Ledger Book is popularly known as:

Test: Ledgers - 2 - Question 9

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

Detailed Solution for Test: Ledgers - 2 - Question 9

This account can have either a debit or a credit balance, depending on whether the partner has contributed additional capital (credit) or withdrawn funds (debit) from the business.

Test: Ledgers - 2 - Question 10

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

Test: Ledgers - 2 - 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 

Test: Ledgers - 2 - Question 12

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

Test: Ledgers - 2 - Question 13

Credit balance in ledger will be either:-

Test: Ledgers - 2 - 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?

Detailed Solution for Test: Ledgers - 2 - Question 14

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%

Test: Ledgers - 2 - Question 15

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

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