5. Journal Entries 2
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Before you appear for this test make sure you have studied the following sub-topics under chapter Meaning and Scope of Accounting.
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Information
♦ Understand meaning and significance of Double Entry System.
♦ Familiarize with the term ‘account’ and understand the classification of accounts into personal, real and nominal.
♦ Note the utility of such classification and sub-classifications.
♦ Understand how debits and credits are determined from transactions and events.
♦ Observe the points to be taken care of while recording a transaction in the journal.
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Question 1 of 50
1. Question
1 pointsRavi started his business with a capital of ₹1,00,000. What is the correct journal entry?
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Question 2 of 50
2. Question
1 pointsGoods worth ₹50,000 are purchased on credit from Mehta Traders. Which accounts are affected?
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Question 3 of 50
3. Question
1 pointsA cheque of ₹20,000 is received from a customer. How will it be recorded?
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Question 4 of 50
4. Question
1 pointsWhat is the effect of paying ₹5,000 for rent on the accounting equation?
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Question 5 of 50
5. Question
1 pointsIf the profit earned by a business is ₹1,50,000, what will be the effect on the balance sheet?
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Question 6 of 50
6. Question
1 pointsGoods are purchased for ₹1,00,000 with 10% trade discount and 18% GST. What is the amount payable?
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Question 7 of 50
7. Question
1 pointsWhich of the following represents the correct order of the accounting cycle?
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Question 8 of 50
8. Question
1 pointsArvind owes ₹50,000 to the business and pays off ₹49,000 in full settlement. How is this recorded?
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Question 9 of 50
9. Question
1 pointsWhat is the journal entry for goods sold to Suresh on credit for ₹80,000?
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Question 10 of 50
10. Question
1 pointsIf closing stock is ₹30,000, how is it shown in the final accounts?
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Question 11 of 50
11. Question
1 pointsWhat is the effect on the accounting equation when cash is withdrawn from the bank for business use?
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Question 12 of 50
12. Question
1 pointsWhich of the following is true if a company pays dividends to its shareholders?
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Question 13 of 50
13. Question
1 pointsA company purchased machinery for ₹2,00,000. The journal entry would be:
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Question 14 of 50
14. Question
1 pointsWhat is the effect of a purchase return on the accounting equation?
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Question 15 of 50
15. Question
1 pointsHow is bad debt recorded in the books of accounts?
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Question 16 of 50
16. Question
1 pointsWhat is the treatment of closing stock in the final accounts?
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Question 17 of 50
17. Question
1 pointsWhich account is credited when a loan is repaid?
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Question 18 of 50
18. Question
1 pointsWhen goods are purchased on credit, which accounts are affected?
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Question 19 of 50
19. Question
1 pointsWhat is the accounting treatment when cash is received from a debtor?
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Question 20 of 50
20. Question
1 pointsWhich account is credited when goods are returned by a customer?
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Question 21 of 50
21. Question
1 pointsHow is discount allowed recorded in the books of accounts?
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Question 22 of 50
22. Question
1 pointsIf the cost of goods sold is ₹3,00,000 and sales are ₹4,00,000, what is the gross profit?
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Question 23 of 50
23. Question
1 pointsWhich of the following is treated as an expense?
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Question 24 of 50
24. Question
1 pointsWhat is the treatment of goodwill in the balance sheet?
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Question 25 of 50
25. Question
1 pointsWhich of the following is recorded on the credit side of a Profit and Loss Account?
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Question 26 of 50
26. Question
1 pointsWhat is the correct journal entry for paying ₹20,000 for office rent?
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Question 27 of 50
27. Question
1 pointsIf a firm receives a loan of ₹5,00,000 from the bank, what is the correct journal entry?
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Question 28 of 50
28. Question
1 pointsWhat is the effect on assets if cash sales are made for ₹1,50,000?
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Question 29 of 50
29. Question
1 pointsWhat is the journal entry for goods returned by a customer?
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Question 30 of 50
30. Question
1 pointsIf rent is paid in advance, how is it recorded in the accounts?
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Question 31 of 50
31. Question
1 pointsGoods purchased for ₹2,00,000 with 12% GST. What is the total amount payable?
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Question 32 of 50
32. Question
1 pointsWhat is the correct journal entry for goods sold on credit for ₹50,000 with 18% GST?
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Question 33 of 50
33. Question
1 pointsWhich accounts are affected when paying interest on a loan?
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Question 34 of 50
34. Question
1 pointsWhat is the journal entry for purchasing furniture on credit?
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Question 35 of 50
35. Question
1 pointsWhich accounts are affected when cash is withdrawn by the owner for personal use?
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Question 36 of 50
36. Question
1 pointsWhat is the effect on liabilities when a loan is repaid?
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Question 37 of 50
37. Question
1 pointsHow is interest received on a bank deposit recorded?
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Question 38 of 50
38. Question
1 pointsWhat is the journal entry for goods returned to a supplier?
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Question 39 of 50
39. Question
1 pointsWhat is the effect on the accounting equation when a creditor is paid off?
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Question 40 of 50
40. Question
1 pointsIf a business purchases a vehicle worth ₹5,00,000 on credit, what is the journal entry?
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Question 41 of 50
41. Question
1 pointsWhat is the treatment of prepaid expenses in the balance sheet?
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Question 42 of 50
42. Question
1 pointsWhat is the correct journal entry for receiving rent income?
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Question 43 of 50
43. Question
1 pointsIf closing stock is understated, what is the effect on profit?
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Question 44 of 50
44. Question
1 pointsHow are bad debts written off recorded?
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Question 45 of 50
45. Question
1 pointsWhich account is debited when the business pays insurance premium?
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Question 46 of 50
46. Question
1 pointsWhat is the effect on the accounting equation when equipment is purchased for cash?
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Question 47 of 50
47. Question
1 pointsWhat is the correct journal entry for paying creditors ₹40,000?
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Question 48 of 50
48. Question
1 pointsIf a business makes a cash purchase of ₹30,000 with 5% trade discount, how is it recorded?
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Question 49 of 50
49. Question
1 pointsWhat is the effect on equity when dividends are declared?
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Question 50 of 50
50. Question
1 pointsHow is interest on drawings recorded in the books of accounts?
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