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In which book of original entry, will you record the following transactions?
Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?
- a)Total cost of goods sold for the period.
- b)The quantity of a particular product sold during the period.
- c)The amount owed to a particular creditor.
- d)The portion of total current assets that consist of cash.
Correct answer is option 'B'. Can you explain this answer?
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In which book of original entry, will you record the following transac...
Book of Original Entry:
The transactions mentioned in the question will be recorded in the Sales Journal, which is a book of original entry specifically used for recording sales transactions.
Subsidiary Ledgers vs General Ledger:
Subsidiary ledgers contain detailed information about specific accounts, while the general ledger provides summarized information. In this case, the following types of information are found in subsidiary ledgers but not in the general ledger:
The portion of total current assets that consist of cash. This information is not typically found in subsidiary ledgers as it is a summarized figure that can be obtained from the general ledger. The general ledger will have a separate account for cash, which will show the total amount of cash in the current assets section.
Therefore, the correct answer is Option B: The quantity of a particular product sold during the period.
The transactions mentioned in the question will be recorded in the Sales Journal, which is a book of original entry specifically used for recording sales transactions.
Subsidiary Ledgers vs General Ledger:
Subsidiary ledgers contain detailed information about specific accounts, while the general ledger provides summarized information. In this case, the following types of information are found in subsidiary ledgers but not in the general ledger:
- Total cost of goods sold for the period. This information is recorded in the subsidiary ledger for the inventory account, which tracks the cost of goods sold and inventory balances.
- The quantity of a particular product sold during the period. The subsidiary ledger for the inventory account also tracks the quantity of products sold.
- The amount owed to a particular creditor. This information is recorded in the subsidiary ledger for accounts payable, which tracks the amounts owed to individual creditors.
The portion of total current assets that consist of cash. This information is not typically found in subsidiary ledgers as it is a summarized figure that can be obtained from the general ledger. The general ledger will have a separate account for cash, which will show the total amount of cash in the current assets section.
Therefore, the correct answer is Option B: The quantity of a particular product sold during the period.
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In which book of original entry, will you record the following transac...
A subledger is a ledger containing all of a detailed subset of transaction.The total of the transaction in the subledger roll up into the general ledger.For example, a subledger may contain all accounts receivable, or accounts payable,or fixed asset transaction.
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In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer?
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In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer?.
In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In which book of original entry, will you record the following transactions?Q.Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?a)Total cost of goods sold for the period.b)The quantity of a particular product sold during the period.c)The amount owed to a particular creditor.d)The portion of total current assets that consist of cash.Correct answer is option 'B'. Can you explain this answer?.
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