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Stationary/ Food Supplies

Which of the ...

Question

Which of the following is a book of original entry and also part of the ledger?

A

The Journal

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B

The Cash Book

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C

The Purchase Book

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D

The Sales Book

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Solution

The correct option is B The Cash Book
Cash is known as the book of original entry as well as it is part of ledger.

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Q. Cash book is a book of original entry.

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..

Q. Following transactions were recorded in the books of Darshan Traders:−

2017
March 1	Sold to Chandra Light House :−
	50 Tubelights @ ₹ 60 each Less : 20%
	20 Heaters @ ₹120 each Less : 25%
5	Purchased from Charat Ram Electric Co. :−
	25 Table Fans @ ₹ 600 each
	20 Ceiling Fans @ ₹800 each
10	Chaudhary & Sons purchased from us :−
	80 Dozen Bulbs @ ₹ 90 per Dozen
12	Purchased from Ram Lal & Sons one Typewriter for ₹ 6,000 on credit, for office use.
16	Sri Ram & Sons sold to us :−
	10 Electric Irons @ ₹ 180 each less : 10%
20	Chandra Light House returned :−
	5 Tubelights sold on March 1.
22	Sold goods to Jai Bhagwan & Co. for cash ₹ 10,000.
25	Returned to Sri Ram & Sons 2 Electric Irons purchased on March 16.

You are required to prepare (i) Purchase Book; (ii) Sales Book; (iii) Purchase Return Book, and (iv) Sales Return Book.

Q. Which of the following statements is/are true?
(i) Cash book records all cash receipts and cash payments.
(ii) Cash book records all sale and purchase transactions of goods both in cash and on credit.
(iii) Cash book records discount on cash payments
Select the correct answer from the options given below :-

Q. A Book-keeper finds that the totals of his trial balance disagree by ₹ 2,800. He temporarily debits a Suspense Account with this amount and closes the books. On an examination of the books, the following errors are discovered:-
1. The total of Purchase Return Book ₹ 710 was posted Twice.
2. Goods costing ₹ 800 were distributed as free samples but no entry was passed in the books.
3. Purchase of Machinery for ₹ 5,600 on credit was recorded in Purchase Book as ₹ 6,500.
4. Cash Sales to Ram Lal for ₹ 1,200 were recorded in Cash Book as well as in Sales Book and were posted from both.
5. Closing Stock has been overvalued by ₹ 1,500.
6. Sales Return Book was untotalled, though personal accounts were posted ₹ 1,580.
7. No entries have been made in the Cash Book for the Insurance Premium directly paid by bank ₹ 700 and interest charged on overdraft ₹ 320.
8. A sum of ₹ 200 for Drawings on the Credit Side of Cash Book was not posted to the Drawings account.
Pass entries to rectify the above errors. Close the Suspense Account already opened.

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