Test # 02

RISE PREMIER SCHOOL OF ACCOUNTANCY
Batch # 52, 53
Subject: Introduction to Accounting Total marks: 30
Teacher: Mr. Naveed Ansari Time allowed: 25 Minutes
Test # 02
Date: 2nd September, 2024
Syllabus: Journal entries
Name: _________________________________ Rise ID: ______________
Choose the correct answers.
1. Started business by paying Rs 50,000 into his business account.
What is the accounting entry required to record this?
(a) Dr Capital 50,000 (b) Dr Bank 50,000
Cr Bank 50,000 Cr Capital 50,000
(c) Dr Bank 50,000 (d) Dr Drawings 50,000

Cr Drawings 50,000 Cr Bank 50,000
2. Owner withdrew cash of Rs 24,000 from business for his personal use.
What is the double entry of this transaction?
(a) Dr Cash 24,000 (b) Dr Drawings 24,000
Cr Drawings 24,000 Cr Cash 24,000
(c) Dr Cash 50,000 (d) Dr Capital 50,000

Cr Capital 50,000 Cr Cash 50,000
3. What is the double entry required to record the purchase of machinery on cash?
(a) Dr Cash (b) Dr Machinery
Cr Machinery Cr Cash
(c) Dr Cash (d) Dr Asset

Cr Asset Cr Cash
4. Sold goods of Rs 20,000 on credit. What is the double entry of this transaction?
(a) Dr Debtor 20,000 (b) Dr Sale 20,000
Cr Sale 20,000 Cr Cash 20,000
(c) Dr Cash 20,000 (d) None of these

Cr Sale 20,000
5. Bought goods of Rs 25,000 on credit. What is the double entry of this transaction?
(a) Dr Cash 25,000 (b) Dr Purchase 25,000
Cr Purchase 25,000 Cr Cash 25,000
(c) Dr Purchase 25,000 (d) Dr Creditor 25,000

Cr Creditor 25,000 Cr Purchase 25,000
facebook.com/riseschool.pk riseschool.edu.pk/ twitter.com/riseschool.edu

Testing system Online classrooms Mobile application for RISE notifications
6. Customer returned goods to business of Rs 5,000 which he bought on credit. What is the required entry?
(a) Dr Sale return 5,000 (b) Dr Cash 5,000
Cr Cash 5,000 Cr Sale return 5,000
(c) Dr Sale return 5,000 (d) Dr Debtor 5,000

Cr Debtor 5,000 Cr Sale return 5,000
7. Bought Equipment of Rs 50,000 by cheque. What is the required entry?

(a) Dr Asset 50,000 (b) Dr Equipment 50,000
Cr Bank 50,000 Cr Bank 50,000
(c) Dr Equipment 50,000 (d) Dr Asset 50,000

Cr Cash 50,000 Cr Cash 50,000
8. Owner withdrew Furniture of Rs 15,000 from business for his personal use. What is the required entry?
(a) Dr Capital 15,000 (b) Dr Furniture 15,000
Cr Furniture 15,000 Cr Drawings 15,000
(c) Dr Drawings 15,000 (d) Dr Drawings 15,000

Cr Furniture 15,000 Cr Capital 15,000
9. Cash purchase of Rs 7,000. What is the required entry?

(a) Dr Purchase 7,000 (b) Dr Cash 7,000
Cr Cash 7,000 Cr Purchase 7,000
(c) Dr Cash 7,000 (d) Dr Purchase 7,000

Cr Sale 7,000 Cr Creditor 7,000
10. Paid cash to creditors Rs 10,000. What is the required entry?

(a) Dr Cash 10,000 (b) Dr Creditor 10,000
Cr Creditor 10,000 Cr Cash 10,000
(c) Dr Purchase 10,000 (d) Dr Creditor 10,000

Cr Creditor 10,000 Cr Purchase return 10,000
11. Started business with Rs 75,000 in cash and 25,000 in the bank.
What is the required entry?
(a) Dr Cash & Bank 100,000 (b) Dr Asset 100,000
Cr Capital 100,000 Cr Capital 100,000
(c) Dr Cash 75,000 (d) Dr Cash 25,000
Dr Bank 25,000 Dr Bank 75,000

12. Goods returned by business to creditor of Rs 12,000. What is the required entry?
(a) Dr Sale return 12,000 (b) Dr Creditor 12,000
Cr Creditor 12,000 Cr Purchase return 12,000
(c) Dr Sale return 12,000 (d) Dr Debtor 12,000

Cr Debtor 12,000 Cr Sale return 12,000
13. Owner withdrew cash of Rs 15,000 and cheque of Rs 5,000 from business. What is the required entry?
(a) Dr Drawings 20,000 (b) Dr Drawings 20,000
Cr Cash & Bank 20,000 Cr Assets 20,000
(c) Dr Drawings 15,000 (d) Dr Drawings 5,000
Cr Cash 15,000 Cr Cash 5,000
Dr Drawings 5,000 Dr Drawings 15,000
Cr Bank 5,000 Cr Bank 15,000
14. Bought Land of Rs 500,000 on cash. What is the required entry?

(a) Dr Cash 500,000 (b) Dr Land 500,000
Cr Land 500,000 Cr Cash 500,000
(c) Dr Non-current asset 500,000 (d) Dr Fixed Asset 500,000

Cr Cash 500,000 Cr Cash 500,000
15. Received cash from debtor Rs 8,000. What is the required entry?
(a) Dr Debtor 8,000 (b) Dr Cash 8,000
Cr Cash 8,000 Cr Debtor 8,000
(c) Dr Cash 8,000 (d) Dr Debtor 8,000

Cr Asset 8,000 Cr Sale 8,000


Test # 02

Uploaded by

Copyright:

Available Formats

Test # 02

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Test # 02

Uploaded by

Copyright:

Available Formats

RISE PREMIER SCHOOL OF ACCOUNTANCY

(c) Dr Bank 50,000 (d) Dr Drawings 50,000

(c) Dr Cash 50,000 (d) Dr Capital 50,000

(c) Dr Cash (d) Dr Asset

(c) Dr Cash 20,000 (d) None of these

(c) Dr Purchase 25,000 (d) Dr Creditor 25,000

facebook.com/riseschool.pk riseschool.edu.pk/ twitter.com/riseschool.edu

(c) Dr Sale return 5,000 (d) Dr Debtor 5,000

7. Bought Equipment of Rs 50,000 by cheque. What is the required entry?

(c) Dr Equipment 50,000 (d) Dr Asset 50,000

(c) Dr Drawings 15,000 (d) Dr Drawings 15,000

9. Cash purchase of Rs 7,000. What is the required entry?

(c) Dr Cash 7,000 (d) Dr Purchase 7,000

10. Paid cash to creditors Rs 10,000. What is the required entry?

(c) Dr Purchase 10,000 (d) Dr Creditor 10,000

facebook.com/riseschool.pk riseschool.edu.pk/ twitter.com/riseschool.edu

(c) Dr Sale return 12,000 (d) Dr Debtor 12,000

14. Bought Land of Rs 500,000 on cash. What is the required entry?

(c) Dr Non-current asset 500,000 (d) Dr Fixed Asset 500,000

(c) Dr Cash 8,000 (d) Dr Debtor 8,000

facebook.com/riseschool.pk riseschool.edu.pk/ twitter.com/riseschool.edu

You might also like