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Recording of Transactions - II (11 Accountancy)

Practise chapter-wise MCQs for Class 11 Accountancy — Recording of Transactions - II. Every question comes with the correct answer and an explanation.

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TL;DR: Practise chapter-wise MCQs for Class 11 Accountancy — Recording of Transactions - II. Every question comes with the correct answer and an explanation.

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Practise chapter-wise MCQs for Class 11 Accountancy — Recording of Transactions - II. Every question comes with the correct answer and an explanation.

Recording of Transactions - II MCQs with Answers & Explanations

Q1. When goods are returned by a customer, which of the following accounts is debited?

  1. Sales Account
  2. Sales Returns Account ✓ (correct)
  3. Purchases Account
  4. Purchases Returns Account

Explanation: Sales returns represent goods sold but now returned by the customer. This reduces sales revenue, and according to the rules of debit and credit, returns are debited.

Q2. Discount allowed to a debtor is recorded as a debit in which account?

  1. Discount Account
  2. Debtors Account
  3. Discount Allowed Account ✓ (correct)
  4. Profit and Loss Account

Explanation: Discount allowed is an expense for the business. Expenses are debited. Therefore, the Discount Allowed Account is debited.

Q3. Goods distributed as free samples are recorded by crediting which account?

  1. Drawings Account
  2. Advertising Account
  3. Sales Account
  4. Purchases Account ✓ (correct)

Explanation: Goods given as free samples are a form of promotion, but they represent goods that were originally purchased. Therefore, the Purchases Account is credited to reduce the cost of goods available for sale.

Q4. The total of the purchases book is transferred to which account in the ledger?

  1. Purchases Account ✓ (correct)
  2. Creditors Account
  3. Debtors Account
  4. Sales Account

Explanation: The Purchases Book records all credit purchases. The total of the Purchases Book at the end of the period is debited to the Purchases Account in the ledger, as purchases represent an increase in the cost of goods.

Q5. Which journal is used to record transactions that occur infrequently and are of a special nature?

  1. Cash Book
  2. Journal Proper ✓ (correct)
  3. Sales Journal
  4. Purchases Journal

Explanation: The Journal Proper is a subsidiary book used to record those transactions that cannot be recorded in any other subsidiary book, such as opening entries, closing entries, transfer entries, and dishonour of a bill.

Q6. The total of the sales returns book is transferred to which account in the ledger?

  1. Sales Account
  2. Purchases Returns Account
  3. Sales Returns Account ✓ (correct)
  4. Debtors Account

Explanation: The Sales Returns Book records goods returned by customers. The total of this book is debited to the Sales Returns Account, as it reduces the net sales revenue and represents goods coming back into the business.

Q7. Which entry is passed to rectify an error of omission where a transaction was not recorded in any book of original entry?

  1. Rectifying Entry
  2. Suspense Account Entry
  3. Compensating Entry
  4. Journal Proper Entry ✓ (correct)

Explanation: An error of omission means the transaction was not recorded at all. This is corrected by passing an entry in the Journal Proper to record the transaction as it should have been originally.

Q8. Which of the following is NOT a subsidiary book?

  1. General Ledger ✓ (correct)
  2. Cash Book
  3. Sales Returns Book
  4. Purchases Book

Explanation: The General Ledger is the main book of accounts where all the accounts are maintained, whereas subsidiary books are specialized journals used for recording specific types of transactions before they are posted to the ledger.

Q9. Goods taken by the proprietor for personal use are recorded in:

  1. Purchases Journal
  2. Journal Proper ✓ (correct)
  3. Sales Journal
  4. Drawings Account

Explanation: When goods are taken for personal use, it's a form of withdrawal. This transaction is typically recorded in the Journal Proper by debiting the Drawings Account and crediting the Purchases Account.

Q10. A bill receivable dishonoured will result in:

  1. Debit to Bills Receivable Account
  2. Credit to Debtors Account
  3. Debit to Debtors Account ✓ (correct)
  4. Credit to Bills Receivable Account

Explanation: When a bill receivable is dishonoured, the debtor again owes the money. Therefore, the debtor's account is debited to reinstate the amount owed, and the Bills Receivable account is credited.

More 11 Accountancy MCQs

  • Accounting for Partnership: Basic Concepts
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  • Reconstitution of a Partnership Firm - Admission of a Partner
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  • Dissolution of Partnership Firm

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