Tag: journal proper or general journal

Questions Related to journal proper or general journal

When obsolete assets are sold on credit, these are originally recorded in the _______________.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Sales day book

  2. Sale Account

  3. General journal

  4. Any of the above

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Correct Option: C

Investment was sold on credit for  1,00,000 at par will be recorded in _______________.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Cash book

  2. General journal

  3. Purchases return book

  4. Purchase book

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Correct Option: B

State with reasons whether the following statement is true or false:
Closing entries are recorded in journal proper.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. True

  2. False

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Correct Option: A

The prime entry for reversing a discount allowed to a customer would be in _________.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. The credit side of the Cash Book

  2. The Journal

  3. The Sales Day Book

  4. The debit side of the Cash Book

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Correct Option: B

When Sales or Return Journal is maintained, a journal entry is passed for _________________.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Goods delivered

  2. Goods returned

  3. Goods approved

  4. None of these

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Correct Option: C

'A' owned Rs. 25,000 to 'B' 'A' becomes insolvent. 'B' got A's computer valuing Rs. 11,500 in his full settlement journal entry will be passed in the books of 'B'. 

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Purchase A/c Dr. 11,500

    To A 11,500

  2. Computer Dr 11,500

    Bad-debts Dr. 13,500

    To A 25,000

  3. Computer A/c Dr. 25,000

    To A 25,000

  4. Computer A/c Dr. 11,500

    Purchases A/c Dr. 13,500

    To A 25,000

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Correct Option: B

Narration is given along with journal entry _____________.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. To signify the impact of entry on profitability

  2. To disclose the profit or loss of the transaction.

  3. To give a precise explanation

  4. To secretly understanding the inner meaning of entries

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Correct Option: C

Journal records the transaction of the firm in a _____________.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Analytical manner

  2. Chronological manner

  3. Periodical manner

  4. Summarized manner

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Correct Option: B

Which of the following account(s) will be affected while rectifying the following error?

Sales to Ram Rs.336 recorded in the books of original entry as Rs.363.

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Sales Account

  2. Ram's Account

  3. Cash Account

  4. Both Sales and Ram's Account

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Correct Option: D
Explanation:

The amount debited to Ram account is more than what should have been debited. The same goes for the amount credited to Sales account. Hence, Ram and Sales account are affected with overstated value of Rs.27.

Which of the following is entered in the journal proper?

book keeping and accountancy sub-division of journal - 2 (subsidiary books) introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Trade discount allowed

  2. Trade discount received

  3. Cash discount allowed

  4. Opening entry

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Correct Option: D
Explanation:

Journal is sub-divided into various subsidiary books  such as Sales book, Purchase book, Cash book etc., The journal becomes the residuary book in which only those transactions are recorded that cannot be recorded in any other subsidiary book. This type of journal is called Journal Proper. The following types of entries are recorded in journal proper:

a. Closing entries
b. Opening entries
c. Rectification entries
d. Adjustment entries
e. Transfer entries etc.