Test: Journal Entries - 2


30 Questions MCQ Test Fundamentals of Accounting for CA CPT | Test: Journal Entries - 2


Description
This mock test of Test: Journal Entries - 2 for Commerce helps you for every Commerce entrance exam. This contains 30 Multiple Choice Questions for Commerce Test: Journal Entries - 2 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Journal Entries - 2 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Journal Entries - 2 exercise for a better result in the exam. You can find other Test: Journal Entries - 2 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

The process of recording transactions in different journals is called

Solution:
QUESTION: 2

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

Solution:

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.

QUESTION: 3

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

Solution:
QUESTION: 4

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

Solution:
QUESTION: 5

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

Solution:
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. 

Solution:
QUESTION: 7

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

Solution:
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?

Solution:
QUESTION: 9

Consider the following statements and identify the wrong statement.

Solution:
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:

Solution:
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.

Solution:
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:

Solution:
QUESTION: 13

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

Solution:
QUESTION: 14

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

Solution:
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. 

Solution:
QUESTION: 16

Membership fees earned is :

Solution:
QUESTION: 17

 Rent account.

Solution:
QUESTION: 18

Prepaid salary account.

Solution:
QUESTION: 19

Equipments are : 

Solution:
QUESTION: 20

Patents account.

Solution:
QUESTION: 21

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

Solution:
QUESTION: 22

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

Solution:
QUESTION: 23

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

Solution:
QUESTION: 24

Goods given as charity credited to :

Solution:
QUESTION: 25

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

Solution:
QUESTION: 26

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

Solution:
QUESTION: 27

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

Solution:

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)

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? 

Solution:
QUESTION: 29

Profit is : 

Solution:
QUESTION: 30

 Accounts receivable is :

Solution:

Related tests