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
Q31. A trader entered into following transactions. As a result, total of Purchase Column in the Purchase Book will be :
(i) Goods purchased from Gaurav Rs.8,000
(ii) Goods purchased from Sudhir for Cash Rs. 10,000
(iii) Goods purchased from Kamal on credit Rs.25,000
(iv) Machinery purchased from Dinesh on credit Rs.40,000
(A) Rs.83,000
(B) Rs.73,000
(C) Rs.33,000
(D) Rs.25,000
Answer :- C
Q32. Which of the following accounts will be credited on giving cash donation?
(a) Cash A/c.
(b) Donation Ale.
(c) Purchases A/c.
(d) Discount Received A/c.
Answer :- A
Q33. Trade Discount received on purchases is recorded in the books of account as follows:
(a) Trade Discount is credited to Discount Received Account.
(b) Trade Discount is deducted from the List Price and recorded at net value.
(c) Trade Discount is debited to Discount Allowed Account.
(d) Any of (a) and (b).
Answer :- B
Q34. If a transaction is properly analysed in recorded:
(a) Only two accounts will be used to record the transaction.
(b) One account will be used to record transaction.
(c) One account balance will increase and another will decrease.
(d) Total amount debited will equals total amount credited.
Answer :- D
Q35. Anil purchased 1,000 Add Gel Roller Pens @ Rs. 50 each less Trade Discount of 20%. Purchases Account will be debited by
(a) Rs. 50,000.
(b) Rs. 40,000.
(c) Rs. 45,000.
(d) Rs. 60,000.
Answer :- C
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Q36. Normally, the following accounts are balanced :
(a) Personal A/c & Nominal A/c
(b) Real A/c & Nominal A/c
(c) Only Nominal A/c
(d) Personal A/c & Real A/c
Answer :- D
Q37. The process of transferring the transactions from the Journal to the ledger is called
(a) Journalising.
(b) Posting.
(c) Balancing.
(d) Costing.
Answer :- B
Q38. The journal entry to record purchase of equiptment for ₹ 2,00,000 cash and a balance of ₹ 8,00,000 due in 30 days include:
(a) Debit equipment for ₹ 2,00,000 and Credit cash 2,00,000
(b) Debit equipment for ₹ 10,00,000 and Credit cash ₹ 2,00,000 and creditors ₹ 8,00,000
(c) Debit equipment ₹ 2,00,000 and Credit debtors ₹ 8,00,000.
(d) Debit equipment ₹ 10,00,000 and Credit cash ₹ 10,00,000.
Answer :- B
Q39. What shall be the amount of Capital if Cash is Rs.5,000; Furniture Rs.12,000; Stock Rs.30,000 and Creditors Rs.6,000.
(a) Rs.53,000
(b) Rs.47,000
(c) Rs.41,000
Answer :- C
Q40. Main object of preparing a ‘Journal’ is:
(a) To ascertain the financial position of the business.
(b) To journalise the cash transactions
(c) To make posting in the ledger
(d) To record the business transactions first of all.
Answer :- D
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