MCQ Questions Chapter 4 Recording of Transactions – II Class 11 Accountancy

Please refer to MCQ Questions Chapter 4 Recording of Transactions – II Class 11 Accountancy with answers provided below. These multiple-choice questions have been developed based on the latest NCERT book for class 11 Accountancy issued for the current academic year. We have provided MCQ Questions for Class 11 Accountancy for all chapters on our website. Students should learn the objective based questions for Chapter 4 Recording of Transactions – II in Class 11 Accountancy provided below to get more marks in exams.

Chapter 4 Recording of Transactions – II MCQ Questions

Please refer to the following Chapter 4 Recording of Transactions – II MCQ Questions Class 11 Accountancy with solutions for all important topics in the chapter.

MCQ Questions Answers for Chapter 4 Recording of Transactions – II Class 11 Accountancy

Question. Interest on drawings is an _________ for a proprietor.
a) Asset
b) Income
c) Expense
d) None of them 

Question. Prepaid expense is __________.
a) A liability
b) An asset
c) An income
d) An expense

Question. Journal is a part of ____________.
a) Recording
b) Classifying
c) Summarising
d) Analysing 

Question. All the ____________ entries are ignored while posting from the cash book to the ledger.
a) Cash
b) Bank
c) Contra 
d) journal  

Question. Income tax paid should be debited to _________.
a) Income tax account
b) Proprietor’s account
c) Drawings account 

Question. Opening entry is _________.
a) The first entry of new page.
b) A journal entry which was passed during the year.
c) This carries all the balances of assets and liabilities of previous year to current year.
d) None of them.

Question. Accrued commission will be__________.
a) Debited
b) Credited
c) None of them 

Question.Outstanding salary is an example of ___________.
a) Real account
b) Nominal account
c) Personal account
d) None of them

Question. Interest on loan a/c dr. To loan a/c (______________) The correct narration for the above journal entry is:
a) Interest on loan paid.
b) Interest on loan received.
c) Interest on loan due.
d) None of them.

Question. There was a loss by fire of Rs.10,000 but company approved the claim of only Rs, 8,000,this difference of Rs. 2,000 will be debited to_________.
a) Cash account
b) Insurance claim account
c) Profit and loss account
d) Loss by fire account 

Question. When two or more transactions relating to one particular account take place on the same date, in such case when only one journal entry is passed such a journal entry is called ___________.
a) Opening entry
b) Closing entry
c) Compound journal entry
d) None of them 

Question. Used cement and bricks for office building will be credited to _______.
a) Bricks and cement account.
b) Building account.
c) Cash account.
d) Purchases account.

Question. The rule of personal account is __________.
a) Debit what comes in, credit what goes out.
b) Debit expenses and losses, credit gain and income.
c) Debit the receiver, credit the giver.
d) None of them

Question. Shyam is a registered dealer of Kerala purchasing goods from Mohan of Telangana would be an ______________.
a) Interstate transaction
b) Intrastate transaction
c) Export
d) None of them

Question. The debit balance of a personal account is ___________.
a) Accrued income.
b) Outstanding salary.
c) Unearned income.
d) None of them.

Question. Ledger posting of an opening entry depicts the ___________ balances.
a). Closing
b). Opening
c). Both the balances
d). None of them

Question. Carriage inwards and carriage outwards show ________ and _______ balances.
a). Debit and credit
b). Credit and debit
c). Credit and credit
d). Debit and debit 

Question. Fill in the following assuming GST rate is 12%. Purchases a/c dr. _______ Input IGST a/c dr. 30,000 To shyam’s a/c _________ (purchased goods from Shyam)
a) Purchases 60,000, Shyam 1,20,000
b) Purchases 2,50,000, Shyam 2,80,000
c) Purchases 2,80,000, Shyam 2,50,000

Question. Cash received from Roli as rent will be credited to ____________account.
a) Roli
b) Rent account
c) Cash account
d) None of them. 

Question. The book which contains a classified and permanent record of all the transactions of a business is called the ___________-.
a) Trial balance
b) Ledger
c) Journal
d) None of them

Question. When a firm maintains a cash book, it doesn’t need to maintain_________.
a) Journal proper.
b) Purchases book.
c) Sales book.
d) Bank and cash account in the ledger. 

Question. __________ balance of a personal account indicates the amount which is owing to the firm by a person.
a) Debit
b) credit
c) both
d) none 

Question. Received a cheque from Mohan but not deposited into the bank will be debited to______________.
a) Bank a/c
b) Cash a/c
c) Cheque in hand a/c
d) None of them

Question. Purchased goods list price of 80,000 @ 10% trade discount and 2% cash discount.25% of amount paid immediately. The amount posted to cash account will be __________.
a) 16,740
b) 17,640
c) 18,640
d) None of them 

Question. A trial balance can be prepared with the help of ______________
a). Journal
b). Ledger Balances
c). Financial statements
d). None of them

Question. Goods costing Rs.40,000 sold at a profit of 20% on sales @ 10% trade discount. Sales will be credited by Rs.__________.
a) 50,000
b) 40,000
c) 45,000
d) 43,200 

Question. Premium paid on the life insurance policy of the proprietor will be debited to __________.
a) Insurance premium.
b) Drawings
c) Cash account
d) None of them. 

Fill In The Blanks

Question. Shankar is declared insolvent. Received from his official receiver 60% in a rupee on a debt of Rs.15,000. – – – A/c will be Debited with Rs. – – – –.

Question. A brief description of the transaction written after the entry is called – – – – –.

Question. Following balances appeared in the books of Rishabh on 1 January 2019: Furniture Rs. 40,000; Creditors Rs. 30,000. Cash Rs.6,000; Bank Rs. 10,000; Debtors Rs.45,000; Bills Payable Rs. 5,000; Stock Rs. 44,000; Capital account will be credited with Rs. – – – –. 

Question. Discount received from creditors is shown on the – – – – side of creditors’ A/c.

Question. Purchased goods from Vijay of Rs. 40,000 plus IGST @ 18% at 10% trade discount and 3% cash discount. Half the amount paid at the time of purchase. Purchases A/c will be debited with Rs. – – – –.

Question. Pawan, a trader in electronic goods, gifted a refrigerator to his daughter. – – – – A/c will be debited and – – – – A/c will be credited.

Question. GST paid by the purchaser of goods and/or services is – – – –.

Question. If the proprietor withdraws goods for personal use the account to be credited is – – – –. 

Question. Wages paid for the erection of machinery will be debited to – – – –A/c.

Question. Accrued income is an – – – – for the firm.

Question. Salaries paid to Gopal will be debited to – – – – – A/c.

Question. The process of transferring the entries from the books of original entry to ledger is called – – – –.

Question. Bought computer for Rs.10,000 plus CGST and SGST @ 6% each against cheque. – – – – A/c will be credited with Rs. – – – –.

Question. Sometimes we receive an income but a portion of this income relates to the next accounting period. Such portion of the income is called – – – – Income.

Question. A cheque received from John for Rs.9900 against a debt of Rs. 10,000 in full settlement was dishonoured. On dishonour discount allowed A/c will be – – – – with Rs. – – – –. 

Question. Goods withdrawn by the proprietor for personal use Rs.5000. The goods were purchased paying IGST @ 18%. In the journal entry IGST A/c will be – – – – with Rs. 900. 

Question. Ledger is a book of – – – – entry.

Question. A book in which transactions are recorded for the first time in chronological order is called – – – –– – – .

Question. Ashutosh purchased a machine for Rs.2,40,000 for business. He gave a cheque of Rs. 2,40,000 from his savings account. – – – – A/c will be credited in the journal entry. 

Question. Sold goods to Kamal costing Rs.10,000 at 30% above cost less trade discount 10%.Sales account will be credited with Rs. – – – –.  

Question. Outstanding expenses is a – – – – for the firm.

Question. An account is opened in the name of the proprietor, he is represented by – – – – A/c. 

True /False

Question.Trial Balance is a summary of all debit & credit balances of accounts on a particular day in a firm.

Question. The process of recording transactions in journal is known as Journalising.

Question. Purchased goods for Rs. 20,000 in cash at 5% cash discount. Discount A/c will be debited by Rs.1,000.

Question.Journal is the basis for recording of transactions in Ledger.

Question. In an opening entry if the amount of liabilities is less than the amount of assets debited, then the difference is debited to Asset A/c.

Question. The process of transferring transactions from journal to ledger is known as posting.

Question. In case of inter -state sale of goods, Input SGST A/c is credited.

Question. Plant & Machinery A/c Dr. 1,25,000
To Cash A/c 1,00,000
To Mohan 25,000
The journal entry given above is an example of compound entry.

Question. Machinery purchased for Rs. 1,00,000 & 10,000 spent on its installation. Machinery A/c will be debited with Rs. 1,10,000.

Question. Purchased goods costing Rs.10,000 at 10% above the cost price,10% trade discount & 5% cash discount. CGST & SGST Isis levied @6% each. Amount of cash discount will be Rs. 450.

Question. Commission received Rs. 20,000 out of which Rs. 8,000 relates to next year. Rs. 8,000 will be credited to Accrued Commission A/c.

Question. Goods costing Rs.20,000 sold at 10% more than the invoice price & 5% trade discount. CGST & SGST is levied at 6% each. The amount of CGST will be Rs 1,254.

Question. In case of trade discount, cash discount and GST on purchase of goods, trade discount is deducted first & than GST is levied.

Question. If wages are paid for installation of Machinery, then wages A/c will be debited.

QuestionInput CGST A/c always shows a credit balance.

Question. Ledger is the book of original entry.

Question. Rent paid Rs.5,000 per month, two months’ rent is paid in advance. Prepaid Rent A/c will be debited by Rs.10,000.

Question. Closing balance of Rs. 40,000 on the credit side of Cash A/c indicates debit balance of cash. 

Match The Following

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. The books in which a transaction is recorded for the first time from a source document are called	a. Narration
2. Each entry will be followed by a brief description which is known as	b. Books of original entry
	c. Books of final entry

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Goods withdrawn for personal use is	a. Charity
2. Goods distributed as free samples is	b. Drawings
	c. Advertisement

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. In case of a small business, transactions are recorded in a book	a. Subsidiary
2. If the size of business increases, transactions are recorded in	b. Ledger
	c. Trial balance
	d. Journal

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Ledger folio is recorded in	a. Trial balance
2. Journal folio is recorded in	b. Financial statement
	c. Journal
	d. Ledger

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. All accounts are open on separate pages in a book called as	a. Journal
2. The book prepared with debit and credit balances of ledger accounts	b. Trial balance
	c. Ledger

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Capital account shows which balance	a. Debit balance
2. 2.Bank account shows which balance	b. Credit balance

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. The process of recording entries in the ledger is called	a. Posting
2. the process of recording entries in the books of original entry is called	b. Journalising

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. The book that is called the book of final entry is	a. Ledger
2. Ledger folio is recorded in	b. Journal

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. For the firm interest on capital given to the partner is treated as	a. Income
2. For the firm interest on drawing taken from the partner is treated as	b. Expense
	c. Asset

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Salary paid to Mohan will be debited to	a. Cash account
2. Amount paid to Mohan will be debited to	b. Mohan account
	c. Salary account

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. The account that will be credited if bad debts are recovered	a. Bad debts
2. The account that will be debited if amount is not received from debtors	b. Customer’s account
	c. Bad debts recovered

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. When the cheque is deposited in bank on same day, which account is debited	a. Cheque in hand account
2.When the cheque is retained and not deposited in bank which account is debited	b. Bank account
	c. Customer’s account

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Y sold goods of rupees 1,00,000 to X. While preparing X account which account would be posted to debit side in the books of Y	a. Purchase account
2. Account which records both cash and credit purchases	b. Sales account

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Received rupees 8000 from x in full settlement of his account of rupees 8100 .The entry pass in this will reflect which type of discount	a. Cash discount
2. Which is the discount which is offered in the course of business but could not be recorded	b. Trade discount

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. The total of sales book is transferred to sales account by the words	a. To sundries as per sales book
2. The total of sales return book is transferred to sales return account by the words	b. By sundries as per sales book
	c. To sundries as per return inward book
	d. To sundries as per return outward book

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Purchase account is shown on	a. Credit side of trial balance
2. Sales account is shown on	b. Debit side of trial balance

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. X sold goods to Y for rupees 10,000 at 10% trade discount and 2% cash discount, what will be credited to sales account.	a. 5400
2. X sold goods to Y for rupees 10,000 at 10% trade discount and 2% cash discount. 40% amount is paid immediately what amount will be debited to Y	b. 8820
	c. 9000
	d. 3528

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. Rent outstanding is an example of	a. Natural personal account
2. Debtors is an example of	b. Artificial personal account
	c. Representative personal account

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. If x has withdrawn some goods for his personal use, which type of account would be debited	a. Real account
2. if x has withdrawn cash from bank which type of account would be debited	b. personal account
	c. nominal account

Question. Match items in List I with terms in List II using the codes given below the lists

List –I	List –II
1. X bought a machine for rupees 1,00,000 and paid rupees 5000 as installation charges and rupees 3000 for assembling it, what would be the amount debited to machine account	a.108000
2. In the above example cash A/c would be credited with	b. 100000
	c. 105000
	d. None of the above

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