CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - Ii Quiz 7 - MCQExams.com

Inclusion of purchase of plant & machinery in purchase day book will lead to ...
  • Under valuation of closing stock
  • Over statement of gross profit
  • Under statement of gross profit
  • All the three
Excess of total of debit side of cash book over credit side of cash book shows....
  • Excess of income over expenditure
  • Cash in hand
  • Discrepancy in cash book
  • Cheques awaiting clearance by bank
Sale of Goods Act does not apply to ______
  • North eastern region
  • Jammu and Kashmir
  • Union territories
  • New formed States after 1974
Provision for income tax will be initially recorded in .......
  • Sales journal
  • Purchase journal
  • General journal
  • Directly in profit and loss A/c
Annual white-washing expenditure of Rs. 12,000 is a
  • Capital expenditure
  • Revenue expenditure
  • Deferred revenue expenditure
  • None
While checking the accounts of ABC the following discrepancies were noticed, even though the trial balance was made to balance by putting the difference to suspense A/c.
(a) Sales day book for the month of June $$06$$ was found overcast by Rs. $$7,000$$
(b) A credit purchase of Rs. $$3,000$$ was omitted to be recorded in the days book
(c) Rs. $$4,300$$ received from A credited A's Rs. $$5,300$$
(d) Purchase of office equipment worth Rs. $$5,000$$ included in trading purchases.
From the details what would have been the difference in trial balance which was made to balance by opening suspense A/c.
  • Debit side short by Rs. $$11,000$$
  • Credit side short by Rs. $$11,000$$
  • Debit side more by Rs. $$10,000$$
  • Credit side more by Rs. $$10,000$$
Contra entries are passed when ___________.
  • Subsidiary books are not maintained
  • Petty cash book is opened
  • Two column Cash book is prepared
  • When accounts are prepared on single entry system basis
ABC Ltd. Issued a credit note of Rs. 2,000 to BCD Associates on 26th MarchThis transaction will be recorded in
  • Sales day book
  • Sales returns day book
  • Creditors ledger
  • Purchase A/c
From the following details calculate the total purchases.
Cash purchases Rs. 35,000
Creditor as on 1-04-09 Rs. 20,000, Purchase returns Rs. 20,000, Payment made to trade creditors Rs. 1,00,000, Creditors balance as on 31-03-10 Rs. 35,000.
  • Rs. 140,000
  • Rs. 170,000
  • Rs. 150,000
  • Rs. 160,000
If the seller handover the keys of the godown where the goods are kept to the buyer this mode of delivery amounts to __________.
  • Actual delivery
  • Symbolic delivery
  • Constructive delivery
  • Notional delivery
If the unpaid seller is paid proportionate price of a part of goods sold he __________.
  • can refuse delivery of part goods
  • cannot refuse delivery of part goods
  • must refuse delivery of part goods
  • can refuse part payment
From the following details calculate the total sales.Cash sales Rs. 25,Debtors as on 1-4-13 Rs. 25,000, sales return Rs. 5,000, Payment received from debtors Rs. 60,000, Debtors balance as on 31-3-14 Rs. 40,000
  • Rs. 120,000
  • Rs. 105,000
  • Rs. 130,000
  • Rs. 125,000
ABS Associates issued a debit note of Rs. 4,000 to D & Sons on 21st MatchThis will be recorded in
  • Purchase A/c
  • Sales day book
  • Purchase returns day book
  • Cash book
A statement from A that he intents to sell his car is ____________.
  • a valid proposal
  • an invitation to offer
  • merely a statement not amounting to proposal
  • a valid offer
Sale of by products is credited to
  • Manufacturing A/c
  • Trading A/c
  • Profit and loss A/c
  • Profit and Loss appropriation A/c
Opening stock Rs.30,000, purchase Rs. 1,00,000, sales Rs. 150,000, gross profit 20% of total sales, find closing stock
  • Rs.20,000
  • Rs.10,000
  • Rs.15,000
  • Rs.25,000
The excess of selling price over cost of goods sold is termed as _____________.
  • net margin
  • gross margin
  • gross profit
  • net profit
Adjusted selling price method of inventory valuation is also known as __________.
  • retail price method
  • historical cost method
  • current cost method
  • none
ABC Ltd. sends good worth Rs.$$100,000$$ to PQR on sale on approval basis on $$1st March 09$$. Out of these goods worth Rs.$$30,000$$ were rejected by PQR and in respect of goods worth Rs.$$25,000$$ customer is yet to exercise his option to accept or reject the goods. How much should be accounted for as sales during the financial year ending on $$31st March 09.$$
  • $$Rs.45,000$$
  • $$Rs.55,000$$
  • $$Rs.70,000$$
  • $$Rs.75,000$$
In case the unpaid seller exercise the right of stoppage of goods in transit, the cost of such delivery is borne by ____________.
  • buyer
  • seller
  • transporter
  • party at default
Cash in hand with the petty cashier is shown as....
  • Assets
  • Liabilities
  • Expense
  • Revenue
A Credit Purchase of Rs.$$15,000$$ has wrongly been posted to the debit side of sales return a/c. The trial balance would.....
  • be short by Rs.$$15,000$$ on credit side
  • be more by Rs.$$15,000$$ on debit side
  • not be affected
  • be short by Rs.$$10,000$$ on credit side
H offered to sell 100 tons of Oil to K. This, offer is not valid as
  • There is lack of consideration
  • Offer is ambiguous
  • Trading in oil is not allowed
  • All the three
An Account sales contains some information except
  • Sales made
  • Expenses incurred by the consignee
  • Commission
  • Other business income of the consignee
The balance in the Petty Cash Book represents income.
  • True
  • False
Rs. 14,000 being LIC premium of proprietor paid by the firm, which a/c will be debited.
  • Income-tax a/c
  • Drawing a/c
  • Profit and loss a/c
  • None
Which of these are not to be recorded in cash book.
  • Goods worth Rs.5,000 sold on three months credit.
  • Interest paid Rs.3,000
  • Cash received from the client
  • Cheque dishonoured
Cash book starts with ______
  • cash/bank balance in hand
  • no balance
  • opening stock
  • debtors a/c
X intends to earn a 20% profit margin on selling price, what should be the mark up on cost price to get the desired profit margin
  • 20%
  • 33%
  • 25%
  • 30%
Adjusted purchases means ____________.
  • purchases adjusted for closing stock and opening stock
  • purchases adjusted for taxes, rebates and goods in transit
  • purchases adjusted for closing stock and returns
  • purchases adjusted for outstanding bills, prepaid etc.
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers