Friday , October 23 2020

Journal, Ledger and Trial Balance

Word journal is derived from French word “Jour” which means day, Thats’ why it is callled “Day Book”. Business transactions are recorded in journal chronologically. Whereas, in business all accounts have their separate page is called ledger. Finally, Trial Balance is very useful in business. It shows the arithmetical accuracy of Ledger and Debit and credit balance are recorded in trial balance.

FOLLOWING ARE MCQs RELATED TO JOURNAL, LEDGER & TRIAL BALANCE

1)  Sales to Mohsin on account should be debited to:

(A)  Cash A/C

(B)  Sales A/C

(C)  Mohsin

(D)  Account Receivable

Answer

Option C

2) Amount of interest paid to Ali should be debited to:

(A)  Ali A/C

(B)  Interest A/C

(C)  Cash A/C

(D)  A/C Payable

Answer

Option B

3)  Amount invested by the proprietor in the business should be credit to:

(A)  Cash

(B)  Drawing

(C)  A/c payable

(D) Capital

Answer

Option D

4)  Goods returned to supplier should be debited to:

(A)  Sales return

(B)  Return outward

(C) Return inward

(D)  Supplier’s Account

Answer

Option D

5)  Customer goods returned should be credited to:

(A)  Customer’s A/C

(B)  Return inward

(C)  Return outward A/C

(D)  Purchases A/C

Answer

Option B

6)  Goods returned from Khubaib should be credited to:

(A)  Purchase Return

(B)  Return outward

(C)  Cash A/C

(D)  Khubaib A/C

Answer

Option D

7)  A journal entry that requires more than two accounts is called:

(A)  Double entry

(B)  Compound entry

(C)  Combined entry

(D)  Single entry

Answer

Option B

8)  Cash discount allowed to a debtor should be debited to:

(A)  Debtor’s A/C

(B)  Discount A/C

(C)  Creditor’s A/c

(D)  Cash A/C

Answer

Option B

9)  Cash discount received from supplier should debited to:

(A)  Debtor’s A/c

(B)  Cash Discount

(C)  Cash A/C

(D)  Supplier A/C

Answer

Option D

10)  Title of account is given in:

(A)  Journal

(B)  Title of Account

(C)  Ledger

(D)  Transaction

Answer

Option C

11)  Firstly transaction is written in:

(A)  Ledger

(B)  Account

(C)  Journal

(D)  Trial Balance

Answer

Option C

12)  A transaction is recorded on the same day it take plade so journal is also called.

(A)  An entry book

(B)  Ledger book

(C)  A day book

(D)  History book

Answer

Option C

13)  Loss of goods by fire should be credited to:

(A)  Loss by fire

(B)  Sales A/C

(C)  Capital

(D)  Purchases A/c

Answer

Option D

14)  Furniture purchased for personal use by a partner should be debited to:

(A)  Furniture A/C

(B)  Partner’s capital A/C

(C)  Private use A/C

(D)  Partner’s Drawings A/C

Answer

Option D

15)  Salaries paid to clerks should be debited:

(A)  Salary A/c

(B)  Clerk A/C

(C)  Cash A/C

(D)  General exp: A/C

Answer

Option A

 

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