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CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Journal Quiz 5 - MCQExams.com
CBSE
Class 9 Elements Of Book Keeping And Accountancy
Journal
Quiz 5
_______ is used to record the details of bills receivable by the business organization.
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Purchases Book
0%
Bills Payable Book
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Bills Receivable Book
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None of the above
Explanation
Bills receivable book is used to record the bills received from debtors. When a bill is received, details of it are recorded in the bills receivable book.
Therefore, C is the correct option.
X Ltd . purchased 100 units @ Rs.10 for cash, 200 units @ Rs.20 subject to 10% trade discount and 5% cash discount against current dated cheque. The total amount of purchases is _____________.
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Rs.3,600
0%
Rs.4,600
0%
Rs.3,420
0%
Rs.4,420
Explanation
Total cash purchases = Rs.10 X 100 = Rs.1,000.
Total credit purchases before trade discount = Rs.20 X 200 = Rs.4,000.
Total credit purchases after trade discount = Credit purchases - Trade discount = Rs.(4,000 - 4,000 X 10/100) = Rs.3,600.
Total purchases = Rs. (3,600 + 1,000) = Rs.4,600.
Hence, the correct option is B.
The accounting entries for recording Rs.10,00,000 cash introduced by the owner of a business is ______________.
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Debit Cash account and Credit Capital account
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Debit Cash account and Credit Investment account
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Credit Cash account and Debit Investment in business account
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Credit Cash account and Debit Owner's account
Explanation
As cash is increasing therefore, cash account will be debited and capital will be credited.
Payment of LIC premium of the proprietor is debited to _____________.
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Capital account
0%
Drawings account
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LIC premium account
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None of these
Explanation
Payment of LIC premium is a personal expense of the owner therefore, drawings account will be debited and cash will be credited.
Which one of the following is called backbone of auditing?
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Routine checking
0%
Vouching
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Internal check
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Internal control
Supplier's account will be ________ when goods are received on credit.
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Debited
0%
Credited
0%
Closed
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None of these above
Explanation
When goods are received on credit then goods will increase so, debit the asset and liability will be credited so, creditor will credited.
The return of goods by the customer should be debited to _____________.
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Customer A/c
0%
Sales return A/c
0%
Goods A/c
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Purchase return A/c
Explanation
Goods sold to the customer can be returned by the customer due to various reasons. This has to be recorded in books of account as sales return.
The accounting entry will be as under:
Sales return A/c Dr, (Real A/c- Debit what comes in)
To Customer A/c (Person a/c- Credit the giver)
The amount of salary paid to Suresh should be debited to _____________.
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The account of Suresh
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Salaries a/c
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Cash a/c
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Bank a/c
Explanation
All expense and income accounts are classified as nominal account. Rule for nominal account describe that all expense and losses should be debited and all incomes and gains should be credited.
payment of salary to Suresh is an expense which need to be debited to salary account.
Accounting entry will be as under:
Salary Expense A/c Dr.
To Cash A/c
In case of a debt becoming bad, the amount should be credited to _______________.
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0%
Debtors Accounts
0%
Bad debts A/c
0%
Sales A/c
0%
None of these
Explanation
In the normal course of business, there are certain customer who does not pay the amount to the business despite regular follow ups. The unrecoverable amount is considered as bad debts. Bad debts is a loss to the organization and should be debited to profit & loss account by crediting the customer account.
Accounting entry will be as under:
Bad Debts A/c Dr.
To Customer (Debtor) A/c
The rent paid to land lord is to be credited to ___________.
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Land lord account
0%
Rent account
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Cash account
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Tenant account
Explanation
All expense and income accounts are classified as nominal account. Rule for nominal account describe that all expense and losses should be debited and all incomes and gains should be credited.
Payment of rent to landlord is an expense which need to be debited to rent account by crediting cash account.
Accounting entry will be as under:
Rent A/c Dr. (Nominal A/c- debit all the expense)
To Cash A/c (Real A/c- credit what goes out)
Payment of salary is recorded by ____________.
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Debiting salary a/c; crediting cash a/c
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Debiting cash a/c; crediting salary a/c
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Debiting employee a/c; crediting cash a/c
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Debiting employee a/c; crediting salary a/c
Explanation
Every business transaction affects two accounts as accounting is based on double entry system of accounting. For every debit there will be a credit and vice versa.
Accounting entry for payment of salary will be:
Salary A/c Dr. (debit all the expense)
To Cash A/c (credit what goes out)
Salary is an expense and will be charged to profit & loss account.
Purchases of goods on credit from A is recorded as __________.
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0%
Debit purchases a/c; credit cash a/c
0%
Debit A a/c; credit purchases a/c
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Debit purchases a/c; credit A a/c
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Debit A a/c; credit stock a/c
Explanation
Accounting is based on double entry system of accounting. Every business transaction will affects two account i.e purchase account and Mr. A's a/c.
Accounting entry will be as under:
Particulars
Debit
Credit
Purchases A/c Dr
xxx
To Mr. A
xxx
(Being the credit purchases from A)
Rent paid to landlord should be credited to _________ account.
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0%
Landlords
0%
Rent
0%
Cash
0%
Expense
Explanation
Accounting is based on dual concept. Every transaction give two affects i.e. for every debit there will be a credit.
Rent paid to landlord, involves two account i,e. Rent and cash.
Rent is an expenses which is a nominal account
Cash is a real account.
Following the golden rules, accounting entry will be as under:
Rent A/c Dr. (Debit all expenses and losses)
To Cash A/c (Credit what goes out)
Sales made by Mahesh for cash should be debited to _____________.
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0%
Cash A/c
0%
Mahesh A/c
0%
Sales A/c
0%
Sales return A/c
Explanation
Sales (Goods) and Cash both account are classifies as real account. The rule for real account is "debit what comes in and credit what goes out'
Accounting entry for cash sales will be as under:
Cash A/c Dr, (debit what comes in)
To Sales (Goods) A/c (credit what goes out)
The cash discount allowed to a debtor should be credited to __________.
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0%
Discount account
0%
Customer account
0%
Sales account
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None of these
Explanation
Cash discount is a discount which is allowed by the business to speed up the cash collection from customers. This is an expenses to the organization and to be recorded in profit & loss account.
Accounting entry will be as under:
Cash discount a/c Dr.
To Customer A/c
Cash discount allowed to a debtor should be credited to the _________ account.
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0%
Discount
0%
Customer's
0%
Sales
0%
Cash
Explanation
Discount are of two types i.e trade discount and cash discount. Cash discount are allowed to the customer to speed up the collection of cash from the customers. To speed up the cash collection, company may allow a cash discount. Cash discount is a loss to the company and should be debited to the discount account by giving credit to customer account.
For example, Good worth Rs.5000 is sold to Ramesh with a credit period of 30 days with a cash discount clause of 1% if the payment is done within 15 days. Ramesh has settled the full amount in 14 days. The accounting entry will be as under:
Cash A/c Dr. Rs.4950
Discount A/c Dr. Rs.50
To Ramesh A/c Rs.5000
Amrit Nath Ashram has earned but not received the interest of Rs.$$25,000$$/- on securities. The journal entry is _____________.
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Interest Accured A/c Dr.$$25000$$
To Interest A/c $$25000$$
0%
Interest A/c Dr.$$25,000$$
To Interest
Accured A/c $$25000$$
0%
Securities A/c Dr. $$25000$$
To Interest A/c $$25000$$
0%
None of the above
Explanation
Accrued Income is that income which is earned or due but not received. All such accrued income should be recorded in books of account on accrual concept basis.
Accounting entry will be as under:
Interest Accrued A/c Dr. ( To be shown in asset side of Balance Sheet)
To Interest A/c ( To be shown in Profit & Loss account as income)
Goods worth Rs.2000 distributed as free sample is treated as _______.
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0%
Sales
0%
Purchase return
0%
Sales Promotion Expenses
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Business Loss
Explanation
Distribution of goods as free sample is a business expense which will give benefit to the business hence this has to be recorded as sales promotion expense.
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers
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