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Preparing CFS-Direct Method

Purchase of M...

Question

Purchase of Machinery by Mr. X, a dealer in machinery for 100000 is recorded in _______________.

A

Cash Book.

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B

Sales Book.

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C

Purchases Book.

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D

Journal Proper.

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Solution

The correct option is D Journal Proper.
As it is a cash transaction therefore it shall be recorded in cash book.

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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..

Rectify the following errors:

(a)	Furniture purchased for Rs 10,000 wrongly debited to purchases account.
(b)	Machinery purchased on credit from Raman for Rs 20,000 was recorded through purchases book.
(c)	Repairs on machinery Rs 1,400 debited to machinery account.
(d)	Repairs on overhauling of secondhand machinery purchased Rs 2,000 was debited to Repairs account.
(e)	Sale of old machinery at book value of Rs 3,000 was credited to sales account.

Q. Rectify the following errors:
(a) Furniture purchased for ₹ 10,000 wrongly debited to Purchases Account.
(b) Machinery purchased on credit from Raman for ₹ 20,000 was recorded through Purchases Book.
(c) Repairs on machinery ₹ 1,400 debited to Machinery Account.
(d) Repairs on overhauling of second hand machinery purchased ₹ 2,000 was debited to Repairs Account.
(e) Sale of old machinery at book value of ₹ 3,000 was credited to Sales Account.

Q. Select the most appropriate alternatives from those given below :

Credit purchase of machinery is recorded in the ________
a) purchase book
b) cash book
c) journal proper
d) returns outward book

Q. Sale of Machinery by Mr. X, a dealer in stationery to Mr. Y for 120000 is recorded in _______________.

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