Commerce Exam  >  Commerce Questions  >  Read the following hypothetical Case Study an... Start Learning for Free
Read the following hypothetical Case Study and answer the given questions:
The cash book of Ramesh showed the cash balance of ₹15,000 and a bank balance of ₹25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth ₹12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth ₹10,000. On the 14th of May, he paid the electricity bill by cheque worth ₹9,000. On the 15th of May from Rashi, he purchased goods worth ₹10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew ₹5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid ₹1,500 as salaries to his employee on 31st of May. He also had the following transactions:
• He received a telephone bill worth ₹500.
• He withdrew ₹2,500 for his personal use.
• He gave ₹500 from for the cash register to his nephew as a gift.
• Goods worth ₹2,000 were lost due to damages
The transaction on the 15th of May will be recorded in ______________.
  • a)
    Journal Proper
  • b)
    Sales Proper
  • c)
    Both a and b
  • d)
    None of these
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Read the following hypothetical Case Study and answer the given questi...
The transaction on the 15th of May will be recorded in Journal proper. Journal proper or General Journal is a simple book of chronological records of business transactions. This book of original entry (simple journal) in which miscellaneous credit transactions which do not fit in any other books are recorded. It is also called a miscellaneous journal.
View all questions of this test
Most Upvoted Answer
Read the following hypothetical Case Study and answer the given questi...
Explanation:
Transaction on the 15th of May will be recorded in Journal Proper because it involves a credit transaction related to the purchase and sale of goods.

Journal Proper:
- The Journal Proper is used to record all transactions which do not belong to any other specific journal like Sales Journal, Purchase Journal, etc.
- It is used for miscellaneous transactions that do not fall under any other specialized journal.
- Transactions like discounts, purchases on credit, sales on credit, etc., are recorded in the Journal Proper.
- In this case, the transaction on the 15th of May involves the credit purchase of goods and subsequent sale, making it appropriate for recording in the Journal Proper.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
Explore Courses for Commerce exam

Similar Commerce Doubts

Top Courses for Commerce

Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer?
Question Description
Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following hypothetical Case Study and answer the given questions:The cash book of Ramesh showed the cash balance of 15,000 and a bank balance of 25,000 as on 30th April 2019. On the 1st of May, he purchased goods from Ramesh worth 12,000 and paid it by cheque. He sold goods on 3rd of May for cash and deposited the proceeds into a bank worth 10,000. On the 14th of May, he paid the electricity bill by cheque worth 9,000. On the 15th of May from Rashi, he purchased goods worth 10,000 at a discount of 20% and sold it to Juhi at a profit of 25%. Both the transactions were on credit. On the 26th of May, he withdrew 5,000 for office use. On 29th May, he received 70% of the cash from Juhi and paid 50% of it to Rashi and deposited the remaining in the bank. He also paid 1,500 as salaries to his employee on 31st of May. He also had the following transactions:• He received a telephone bill worth 500.• He withdrew 2,500 for his personal use.• He gave 500 from for the cash register to his nephew as a gift.• Goods worth 2,000 were lost due to damagesThe transaction on the 15th of May will be recorded in ______________.a)Journal Properb)Sales Properc)Both a and bd)None of theseCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.
Explore Courses for Commerce exam

Top Courses for Commerce

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev