Tag: triple column cash book

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Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

On 30-9-2015 overdraft as per pass book of S. Ltd was Rs. 32,400.The bank had directly collected dividend of other companies Rs. 1,750 and interest Rs. 1,200. As standing instruction bank had paid bills of Rs. 2,454. Cheque deposited for Rs. 8,929.60 was not credited in pass book. Balance as per cash book should be _____________.

  1. overdraft of Rs.23,966.40

  2. overdraft of Rs.46,733.60

  3. overdraft of Rs.40,833.60

  4. overdraft of Rs.18,066.40
Reveal answer Fill a bubble to check yourself
A Correct answer
Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

Over draft as per cash book of B & Co. was Rs 30,000. A comparison of passbook and cashbook revealed the following:

  • The credit side of bank column of cash book was undercast by Rs 100
  • Interest on bank loan Rs 2,000 and bank charges of Rs 575 were not recorded in cash book.
Overdraft balance as per pass book should be ____________.

  1. Rs 32,675

  2. Rs 27,325

  3. Rs 28,675

  4. Rs 28,475
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Starting with cash book overdraft (30,000): Add undercast (100); add bank charges/interest (2,000 + 575 = 2,575). Total: 30,000 + 100 + 2,575 = 32,675.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

Which of the following would record a customer's cheque returned dishonoured?

  1. Purchases Return Book

  2. Sales Return Book

  3. Journal

  4. Cash Book
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

When a cheque is dishonoured, the bank reverses the entry. The company must record this in the cash book by reversing the previous receipt (crediting the bank column).

Multiple choice elements of accounts ledger and posting three column cash book three columnar cash book triple column cash book

Ledger book is popularly known as ______________.

  1. Secondary book of accounts

  2. Principal book of accounts

  3. Subsidiary book of accounts

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The ledger is referred to as the principal book of accounts because it contains all the accounts (real, personal, and nominal) where transactions from the journal are summarized.

Multiple choice elements of accounts ledger and posting three column cash book three columnar cash book triple column cash book

Narration is not necessary in ledger.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Narration 

A short explanation of each transaction is written under each entry which is called narration. 

Narration is not required in ledger, whereas it is required in a Journal. 
It is the brief explanation that provides the details of Journal entry and helps understand the account debited or credited. Journal entries are posted to the ledger accounts. 
Thus,narration is not necessary in ledger.

Multiple choice elements of accounts ledger and posting three column cash book three columnar cash book triple column cash book

Balance of petty cash book is posted to ledger ______________.

  1. In the cash account

  2. In the bank A/c

  3. Nowhere

  4. Either (a) or (b).
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A petty cash book is a ledger kept with the petty cash fund to record amounts that are added to or subtracted from its balance. Petty cash should be part of an overall business accounting system that documents how your business moves funds between one account and another and how it spends its money.

Multiple choice elements of accounts ledger and posting three column cash book three columnar cash book triple column cash book

In the absence of proper agreement, representative of the deceased partner is entitled to the Dead partner's share in the following items _______. 

  1. profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.

  2. capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.

  3. capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.

  4. capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In the absence of a specific agreement, the representative of a deceased partner is entitled to the capital balance, share of profits up to the date of death, share of goodwill, share in the joint life policy, and share in revalued assets and liabilities.