A cheque of 3500 received from P. K. Jain a customer, endorsed in favour of P. C. Jain, a supplier. It is to be recorded in _________.

Three Column Cash Book.

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Journal Proper.

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Bills Receivable Book.

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None of the above.

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Solution

The correct option is B Journal Proper.
The Journal Entry is
P.C Jain a/c Dr. 3500
To P.K. Jain a/c 3500
This type of transaction is recorded in journal proper.

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Similar questions

Q. lf a cheque received is further endorsed, it must be entered on both sides of the Cash Book.

State whether the following statements are TRUE or FALSE :

1. Total of payments side can be greater than total of receipts side in case of bank column.
2. Purchase of asset or stationery on credit is recorded in purchase book.
3. When goods are returned by buyer to seller, buyer sends a debit note.
4. Cheque received and deposited into bank on the same day is a contra entry.
5. Simple petty cash book is not very popular.
6. Interest on overdraft charged by bank is recorded in the cash column.
7. It is not necessary to record dishonor of cheques in the cash book.
8. Cheque book facility is available for fixed deposit account.
9. Businessman generally operates savings bank account.
10. A cash book is both a journal as well as ledger.
11. Cash book is a book of original entry.
12. Cash discount allowed is recorded on the debit side of cash book
13. Credit transactions are never recorded in cash book.
14. Endorsed cheques are always recorded on the payment side in the bank column.
15. A person who endorses the cheque is known as endorser.

Q. A subsidiary book which is used to record all those business transactions which do not find any place in the purchase book, sales book, return books, cash book, bills receivable and payable book, etc. is called journal proper..

A cheque of Rs 5,000 was issued to the supplier but it was recorded as Rs 500 in the bank column of the cash book. Due to this error the cash book will ___.

Q. On 31st March, 2019 the bank column of the Cash Book of Mr. Rajesh showed a debit balance of ₹ 5,200. On examining the Pass Book you find that:
(i) Cheques of ₹ 20,000 were sent to bank for collection; Out of these cheques of ₹ 4,000 and of ₹ 5,000 were credited respectively on 5th April and 6th April respectively and the remaining cheques were credited before 31st March.
(ii) A cheque for ₹ 7,500 received from a customer although entered in the bank column of the Cash Book, was omitted to be paid into the bank.
(iii) Cheques drawn for ₹ 25,000 were not presented for payment.
(iv) Credit side of the bank column of the Cash Book was overcast by ₹ 100.
(v) A B/P for ₹ 3,600 has been paid by the bank, but not yet recorded in the Cash Book.
(vi) No entry has been made in the Cash Book to record the dishonour on 28th March 2019, of a cheque for ₹ 5,400 received from a customer.
(vii) A cheque for ₹ 2,500 issued to a creditor was wrongly entered in the cash column of the Cash Book.
(viii) In the Cash Book, bank charges of ₹ 200 were entered twice while another bank charge of ₹ 500 was not recorded at all.
You are required to show the necessary corrections in the Cash Book and to prepare a statement reconciling the amended cash balance with that shown in bank Pass Book.

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A cheque of 3500 received from P. K. Jain a customer, endorsed in favour of P. C. Jain, a supplier. It is to be recorded in _________.

The correct option is B Journal Proper.The Journal Entry is P.C Jain a/c Dr. 3500 To P.K. Jain a/c 3500This type of transaction is recorded in journal proper.

The correct option is B Journal Proper.
The Journal Entry is
P.C Jain a/c Dr. 3500
To P.K. Jain a/c 3500
This type of transaction is recorded in journal proper.