MCQs Class 11 Accountancy Recording Of Transactions I

Check the below NCERT Accountancy Class 11 Chapter 3 MCQ Questions Recording Of Transactions I with Answers available with PDF free download. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest syllabus and examination pattern issued by CBSE, NCERT and KVS. Our teachers have provided below Accountancy Class 11 chapter 3 MCQs Questions with answers which will help students to revise and get more marks in exams

Accountancy Class 11 Chapter 3 MCQ Questions with Answers

Refer below for MCQs Accountancy Class 11 chapter 3 Recording Of Transactions I with solutions. Solve questions and compare with the answers provided below

Question. Which of the following is known as “Principal Book of Accounting”? 
(a) Ledger
(b) Journal
(c) Trial balance
(d) Balance sheet

Question 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.

Question  Anil purchased, 1,000 Add Gell Roller Pens @ Rs. 50 each less 20% Trade Discount and 3% Cash Discount if payment is made within 30 days. Anil paid Rs. 10,000 within 30 days and balance amount after 30 days period. Purchases Account will be debited and Discount Received Account will be credited respectively with 
(a) Rs. 40,000, Nil.
(b) Rs. 40,000, Rs. 300.
(c) Rs. 40,000, Rs. 1,200.
(d) Rs. 40,000, Rs. 900.

Question. The credit balance of a personal account is 
(a) Cash in hand
(b) Amount receivable
(c) Income earned
(d) Amount payable

Question. Sold goods for cash of the list price of Rs.8,000 at 10% trade discount and 3% cash discount. Posting will be made in Discount A/c : 
(a) Rs.216 on Debit side
(b) Rs.216 on Credit side
(c) Rs.240 on Debit side
(d) Rs.240 on Credit side

Question . Purchase of goods from A’ for Cash should be Credited to: 
(a) Purchase
(b) Cash
(c) X

Question  Lalit, who owed Rs. 20,000 became insolvent. 70 paise in a rupee was received from his estate. Bad Debts Account will be debited by   
(a) Rs. 20,000.
(b) Rs. 10,000.
(c) Rs. 6,000.
(d) Rs. 14,000.

Question . 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.

Question . Paid to Rahul on behalf of Sanjay Rs.12,000 will be debited to 
(a) Rahul’s Personal Account
(b) Sanjay’s Account
(c) Drawings Account
(d) Cash Account

Question . Sold goods worth list price of Rs.8,000 at 10% trade discount and 2% cash discount. 25% received at the time of transaction only. The amount posted to discount account will be : 
(a) Rs. 36 on Debit side
(b) Rs. 144 on Credit side
(c) Rs. 144 on Debit side
(d) Rs. 40 on Credit side

Question . Personal accounts are related to :   
(a) Assets and Liabilities
(b) Expenses, losses and incomes
(c) Debtors, Creditors etc.

Question . Real accounts are related to 
(a) Assets
(b) Expenses, losses and incomes
(c) Debtors, Creditors etc.

Question . Payment of Rs.6,000 as wages to workmen for installation of a machine should be debited to : 
(a) Wages A/c
(b) Repairs A/c
(c) Machinery A/c

Question . 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

Question . Gopal is our debtor for Rs. 10,000. He became insolvent and only 60 paise in a Rs. is received from him. The balance of Rs.4,000 would be entered to the : 
(a) Debit of Discount A/c
(b) Credit of Discount A/c
(c) Debit of Bad-Debts A/c
(d) Credit of Bad-Debts A/c

Question . Rs.5,000 received from Mohan whose account was written off as bad in the previous year should be credited to :   
(a) Mohan’s A/c
(b) Bad-Debts A/c
(c) Bad-Debts Recovered A/c
(d) None of these

Question . Cash received from Kajal Rs.36,000 after allowing her discount @10%. Amount debited to discount account will be : 
(α) Rs. 3,600
(b) Rs. 4,000 ‘
(c) Rs. 4,400
(d) Rs.40,000

Question  Which of the following is correct entry to record cash purchase of Rs. 3,000 from Amar? 
(a) Dr. Purchases A/c and Cr. Amar by Rs. 3,000.
(b) Dr. Amar and Cr. Purchases A/c by Rs. 3,000.
(c) Dr. Cash A/c and Cr. Purchase A/c by Rs. 3,000.
(d) Dr. Purchases A/c and Cr. Cash A/c by Rs. 3,000.

Question  X sells goods on credit to Y. He receives 10% trade discount from X and a further 5% cash discount if paid within 15 days. K bought goods with a list price of Rs. 2,00,000 from X.
Which of the following Journal entry would correctly record the sale in the books of A? 
(a) Dr. y and Cr. Sales A/c by Rs. 1,70,000.
(b) Dr. Y and Cr. Sales A/c by Rs. 1,80,000.
(c) Dr. X and Cr. Sales A/c by Rs. 1,90,000.
(d) Dr. X by Rs. 2,00,000; Cr. Sales A/c by Rs. 1,70,000 and Discount A/c by Rs. 30,000.

Question. 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

Question. Paid to Jigyasa Rs.l 1,500 in full settlement of Rs. 12,000. Posting will be made in Jigyasa’s A/c : 
(a) Rs. 12,000 on Debit side
(b) Rs. 12,000 on Credit side
(c) Rs.l 1,500 on Debit side
(d) Rs.l 1,500 on Credit side

Question . 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

Question . Goods costing Rs.30,000 supplied to Mohan at a profit of 25% of sales price less Trade discount @5% will be credited to Sales A/c with : 
(a) Rs.35,625
(b) Rs.38,000
(c) Rs.37,500
(d) Rs.34,200

Question . 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

Question . Journal records the transactions of a firm in a 
(a) Periodical manner
(b) Chronological order
(c) Summarised manner
(d) Systematic order

Question . Rent of proprietor’s house paid from account on cash will 
(a) Decrease the profit
(b) Increase the profit
(c) Reduce the capital of business
(d) Reduce the cash as well as capital of the business.

Question . Nominal Accounts are related to : 
(a) Assets and Liabilities
(b) Expenses, losses and incomes
(c) Debtors, Creditors etc.

Question . Goods worth Rs.7,000 given away as charity would be credited to : 
(a) Sales A/c
(b) Purchases A/c
(c) Charity A/c
(d) Trustee A/c

Question  Journal is called  A
(a) a book of primary entry.
(b) a book of secondary entry.
(c) a book of final entry.
(d) both secondary entry and final entry.

Question  Business transactions are recorded 
(a) in chronological order.
(b) weekly.
(c) at the end of the month.
(d) All of these.

Question  Recording of transaction in a Journal is called 
(a) Posting.
(b) Journalising.
(c) Transfer.
(d) Ruling.

Question  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.

Question. Received Rs.4,900 from Garima in full settlement of Rs.5,000. Posting of Rs.100 will be made to the : 
(a) Debit side of Garima’s A/c
(b) Credit side of Garima’s A/c
(c) Debit side of Discount A/c
(d) Credit side of Discount A/c

Question  Sale of goods.to Ram for cash is debited to 
(a) Ram.
(b) Cash A/c.
(c) Sales A/c.
(d) Stock A/c.

Question  Withdrawal of cash from business by the proprietor is credited to 
(a) Drawings A/c.
(b) Capital A/c.
(c) Cash A/c.
(d) Bank A/c.

Question. Which of the following accounts always shows a debit balance : 
(a) Capital Account
(b) Sales Account
(c) Purchases Return Account
(d) None of the above

Question  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).

Question  A sole trader took goods costing Rs.. 1,000 from stock from his own use. The normal selling price of the goods is Rs. 1,500. 
Which of the following Journal entries would correctly record this?
(a) Dr. Drawings A/c and Cr. Purchases A/c by Rs. 1,000.
(b) Dr. Drawings A/c and Cr. Sales A/c by Rs. 1,500.
(c) Dr. Drawings A/c and Cr. Purchases A/c by Rs. 1,500.
(d) Dr. Sales A/c and Cr Drawings A/c by Rs. 1,000.

Question. 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

Question  Cash Discount received is recorded in the books of account as follows: 
(а) Cash Discount is credited to Discount Received Account.
(б) Cash Discount is reduced from the Invoice Price.
(c) Cash Discount is debited to Discount Allowed Account.
(d) Any of (a) and (b).

Question  Bad Debts earlier written off and now received are credited to 
(a) Bad Debts A/c.
(b) Bad Debts Recovered A/c.
(c) Miscellaneous Income A/c.
(d) Debtors A/c.

Question  Akhil, who owed Rs. 10,000 became insolvent. Rs. 0.75 in a rupee was received from his estate. Amount received and credited to Akhil’s Account will be 
(a) Rs. 7,500.
(b) Rs. 2,500.
(c) Rs. 10,000.
(d) Rs. 5,000.

Question. While posting in personal accounts from the purchases book, posting is done : 
(a) On Debit side
(b) On Credit side
(c) On Debit or Credit side
(d) None of the above

Question. Proprietor of the business withdrew goods from business for private use. It will be posted to the : 
(a) Credit of Drawings A/c
(b) Debit of Purchases A/c
(c) Credit of Purchases A/c
(d) None of the above

Question. Purchased goods from Manoj of Rs.20,000 at 20% trade discount. Posting will be made in Manoj A/c : 
(a) Debit side Rs.20,000
(b) Credit side Rs.20,000
(c) Debit side Rs. 16,000
(d) Credit side Rs. 16,000

Question. Dinesh who owed us Rs.8,000 became insolvent and paid us 60% in full settlement. Posting will be made to Dinesh A/c : 
(α) Rs.8,000 on Debit side
(b) Rs.8,000 on Credit side
(c) Rs.4,800 on Debit side
(d) Rs.4,800 on Credit side

Question. Total assets in a business are Rs.8,00,000 and total liabilities are Rs.5,00,000. The difference is called: 
(a) Income 
(b) Expenses
(c) Capital
(d) Goodwill

Question. Which of these accounts has debit balance?   
(a) Income received in advance
(b) Bank loan
(c) Prepaid insurance premium
(d) Creditors for goods

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