Recording of Transactions-I MCQ
Please refer to Chapter 2 Recording of Transactions-I MCQ Class 11 Accountancy with answers below. These multiple-choice questions have been prepared based on the latest NCERT book for Class 11 Accountancy. Students should refer to MCQ Questions for Class 11 Accountancy with Answers to score more marks in Grade 11 Accountancy exams. Students should read the chapter Recording of Transactions I and then attempt the following objective questions.
Recording of Transactions-I MCQ
Q121. Cash memo is prepared when goods are sold
(a) on credit.
(b) on cash.
(c) Both (a) and (b).
(d) None of these.
Answer :- B
Q122. Loss of goods by fire should be credited to :
(a) Sales A/c
(b) Loss A/c
(c) Profit & Loss A/c
(d) Purchase A/c
Answer :- D
Q123. Journal records the transactions of a firm in a
(a) Periodical manner
(b) Chronological order
(c) Summarised manner
(d) Systematic order
Answer :- B
Q124. Journal is the book of ……………
(a) Original entry
(b) Secondary entry
(c) Only cash transaction
(d) Credit Transaction
Answer :- A
Q125. The total of Purchase Return Column of Purchases Return book will be posted to the :
(a) Debit of Purchases A/c
(b) Credit of Purchases A/c
(c) Debit side of Purchases Return A/c
(d) Credit side of Purchases Return A/c
Answer :- D
Q126. Goods costing Rs.20,000 is sold at a profit of 20% on cost and trade discount is allowed @ 10% and cash discount of 10% is also allowed. Half the payment was received at the time of sale. What is the amount of cash received at the time of sale?
(a) Rs. 9,720
(b) Rs. 10,800
(c) Rs. 11,880
(d) Rs. 10,820
Answer :- A
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