Voucher Rejection Entry Quiz
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Questions and Answers

If a company's goods of Rs. 5000 were stolen by a thief, how would the journal entry be made?

  • Dr→Theft Loss (Indirect Expenses) 5000 Cr→Goods Sold (Revenue Account) 5000
  • Dr→Loss By Theft (Indirect Expenses) 5000 Cr→Goods Stolen By Theft (Purchase Account) 5000 (correct)
  • Dr→Goods Sold By Theft (Purchase Account) 5000 Cr→Loss By Theft (Indirect Expenses) 5000
  • Dr→Goods Stolen By Theft (Purchase Account) 5000 Cr→Loss By Theft (Indirect Expenses) 5000

    • What would be the correct journal entry if a company's advertising expenses of Rs. 2000 were actually the distribution of goods as a sample?

  • Dr→Goods Distributed As Sample (Purchase Account) 2000 Cr→Sales Revenue 2000
  • Dr→Goods Distributed As Sample (Purchase Account) 2000 Cr→Advertisement (Indirect Expenses) 2000
  • Dr→Advertisement (Indirect Expenses) 2000 Cr→Goods Distributed As Sample (Purchase Account) 2000 (correct)
  • Dr→Sales Revenue 2000 Cr→Goods Distributed As Sample (Purchase Account) 2000

    • If goods worth Rs. 3000 were donated as charity, how would this transaction be recorded?

  • Dr→Donation Expense (Indirect Expenses) 3000 Cr→Assets Sold (Revenue Account) 3000
  • Dr→Assets Sold (Revenue Account) 3000 Cr→Loss By Charity (Indirect Expenses) 3000
  • Dr→Loss By Charity (Indirect Expenses) 3000 Cr→Goods Donated As Charity (Purchase Account) 3000 (correct)
  • Dr→Goods Donated As Charity (Purchase Account) 3000 Cr→Loss By Charity (Indirect Expenses) 3000

    • If goods worth Rs. 8000 were damaged by flood and rain, with an insurance claim accepted for Rs. 6000, how would this transaction be accounted for?

    <p>Dr→Insurance Company (Sundry Debtors) 6000 Dr→Loss By Flood Rain (Indirect Expenses) 2000 Cr→Goods Damaged By Flood Rain (Purchase Account) 8000</p> Signup and view all the answers

    What would be the journal entry if wages of Rs.1200 were left unpaid?

    <p>Dr→Wages (Direct Expenses) 1200 Cr→Unpaid Wages (Current Liabilities) 1200</p> Signup and view all the answers

    If sundry expenses of Rs.2000 were unpaid, how would this transaction be entered in the journal?

    <p>Dr→Sundry Expenses (Indirect Expenses) 2000 Cr→Unpaid Sundry Expenses (Current Liabilities) 2000</p> Signup and view all the answers

    If commission worth Rs.500 was unreceived, how would this situation be reflected in the company's journal?

    <p>Dr→Unreceived Commission (Current Assets) 500 Cr→Commission Income (Indirect Income) 500</p> Signup and view all the answers

    What would be the correct journal entry if a company paid a brokerage of Rs.5000 in advance?

    <p>Dr → Advance Paid Brokerage(Current Assets)5000 Cr -&gt; Brokerage Expense(Indirect Expenses)</p> Signup and view all the answers

    Goods of Rs. 4000 were sold to Gopal Traders by cash.

    <p>True</p> Signup and view all the answers

    Interest of Rs. 5000 was received by cash from Dhiraj Corporation.

    <p>False</p> Signup and view all the answers

    Machinery worth Rs. 8000 was sold to Krish Elevators by cash.

    <p>True</p> Signup and view all the answers

    Goods worth Rs. 18000 were purchased from Shania Mirja.

    <p>False</p> Signup and view all the answers

    Damaged goods worth Rs. 1500 were returned by Shania Mirja and an amount of Rs. 16500 was received by SBI cheque from Shania Mirja.

    <p>True</p> Signup and view all the answers

    A Physical Stock Voucher is used to hide any differences between the stock entered in the software and the physical stock in the godown.

    <p>True</p> Signup and view all the answers

    In the given example, M/S National Traders purchased a Xiaomi Mi CC9 Pro Mobile on November 1st.

    <p>False</p> Signup and view all the answers

    The GST rate for the Nikon D5600 Camera purchased by M/S National Traders is 18%.

    <p>True</p> Signup and view all the answers

    In the transaction with Efftronics Systems Pvt Ltd, M/S National Traders issued a Delivery Note Voucher on November 1st.

    <p>True</p> Signup and view all the answers

    If a company returns goods to a supplier due to defects, this transaction would be recorded as a Purchase Return Voucher.

    <p>True</p> Signup and view all the answers

    When calculating capital, purchases are subtracted from sales to determine the net capital.

    <p>False</p> Signup and view all the answers

    In a receipt voucher, the name of the recipient is always mentioned in the debit side.

    <p>False</p> Signup and view all the answers

    If goods worth Rs. 2000 were returned by Mohini Creation, the entry would be: Dr-> Sale Return Goods, Cr-> Prajakta Fashion.

    <p>False</p> Signup and view all the answers

    Receiving dividends of Rs. 7000 by cash would result in the entry: Dr-> Cash, Cr-> Dividend Income.

    <p>True</p> Signup and view all the answers

    If goods worth Rs. 10000 were sold to Roobina Creation for cash, the entry would be: Dr-> Cash, Cr-> Sold Goods.

    <p>False</p> Signup and view all the answers

    When receiving commission of Rs. 3000 in cash from Harsh, the entry would be: Dr-> Commission Income, Cr-> Cash.

    <p>False</p> Signup and view all the answers

    A receipt voucher always mentions the reason or account from which money is received on the credit side.

    <p>True</p> Signup and view all the answers

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