Chapter 5: Subsidiary Books Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board

Chapter 5: Subsidiary Books

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board

Answer the following question in one sentence:

1.State the meaning of ‘Contra entry’.

SOLUTION

Certain transactions affect cash accounts and bank accounts simultaneously but with the opposite effect. They are to be recorded on both sides of the cash book. Entries of this kind of transaction are known as Contra entry.


2.What is a Cash Book?

SOLUTION

A subsidiary book in which cash transactions and transactions with the banks are recorded is called Cash Book.


3.What is Subsidiary Books?

SOLUTION

The subdivision of the journal on the basis of the nature of the transaction is known as subsidiary books.


4.State the meaning of Imprest System of Petty Cash Book.

SOLUTION

By estimating the amount for petty expenses, the petty cashier is given some amount at the beginning of the period. At the end of the period, after checking the account, the petty cashier is once again given an amount equal to the expenses to start with a new period. This system is known as the Imprest System of Petty Cash Book.


5.Which transactions are recorded in Purchase Book?

SOLUTION

With an intention to earn a profit on goods, when goods are purchased on credit for manufacturing or for resale, are only recorded in the purchase book.

OR 

Goods purchased on credit from the supplier are only recorded in the Purchase Book.


6.Which sales are recorded in the Sales Book?

SOLUTION

Goods sold on credit to the customer are only recorded in Sales Book.


7.Which transactions are recorded in the Journal Proper?

SOLUTION

Transactions that cannot find a place in any particular subsidiary book are recorded in journal proper.


8.Who is a Petty Cashier?

SOLUTION

The person who is maintaining Petty Cash Book is known as Petty Cashier.


Give word/term or phrase for the following statement:

1.Person who maintains Petty Cash Book.

SOLUTION

Person who maintains Petty Cash Book. – Petty Cashier


2.A bank account which the businessman prefer to open.

SOLUTION

A bank account which the businessman prefer to open. – Current account


3.Petty Cash Book in which the payment side is ruled in suitable columns.

SOLUTION

Petty Cash Book in which the payment side is ruled in suitable columns. – Analytical petty cash book


4.Subsidiary book in which only credit purchases of goods is recorded.

SOLUTION

Subsidiary book in which only credit purchases of goods is recorded. – Purchase book


5.Subsidiary book in which return of goods sold on credit is recorded.

SOLUTION

Subsidiary book in which return of goods sold on credit is recorded. – Sales Return Book


6.The entry which is recorded on both sides of the cash book.

SOLUTION

The entry is recorded on both sides of the cash book. – Contra Entry


7.Name the account which encourages personal savings.

SOLUTION

Name the account which encourages personal savings. – Savings Account


8.A note issued by buyer to seller giving full details of goods returned.

SOLUTION

A note issued by a buyer to the seller giving full details of goods returned. – Debit Note


9.Note issued by seller on receipt of defective goods from customer.

SOLUTION

Note issued by seller on receipt of defective goods from customer. – Credit Note


10.Name the bank account on which overdraft facility is given to the Account holder.

SOLUTION

Name the bank account on which the overdraft facility is given to the Account holder. – Current Account


Select the most appropriate answer from the alternatives given below and rewrite the sentence:

1.Cash column of Cash Book can never have ______ balance.

credit

debit

zero

none of the above


2.Any entry recorded on both sides of Cash Book is known as ______ entry

opening

rectifying

transfer

contra


3.The source document for recording in Sales book is ______

Inward Invoice

Outward Invoice

Voucher

Cash Memo


4.Credit purchase of Machinery is recorded in the ______

Purchase Book

Cash Book

Journal Proper

Returns Outward Book


5.Sub-division of the journal is known as ______ book.

Subsidiary

Purchase Return

Purchase

Journal Proper


6.Additional cash introduced in business is recorded in ______

Purchase Book

Cash Book

Journal Proper

Returns Inwards Book


7.Entry for bad debts is recorded in the ______

Sales Book

Purchase Book

Cash Book

Journal Proper


8.Direct deposit made by customers into our bank is recorded in the ______ side of the Cash Book.

payments

credit

receipts

both


9.The person who draws the cheque and signs on it is the ______

drawer

drawee

payee

all of the above


10.A fixed amount is deposited for a fixed period in ______ deposit account.

Current

Savings

Fixed

Recurring


State whether the following statement is True or False with reasons:

1.Journal is a book of secondary entry.

Options

True

False

SOLUTION

This statement is False.

All the business transactions are recorded in the journal in chronological order of their occurrence. Therefore a journal is known as the book of original entry or primary entry.


2.Assets sold on credit are entered in the Sales Journal.

Options

True

False

SOLUTION

This statement is False.

In the sales journal, transactions related to credit sales of goods are recorded and in the journal, proper assets sold on credit are recorded.


3.Cash and credit purchases are entered in the Purchase Book.

Options

True

False

SOLUTION

This statement is False.

Credit purchases of goods are recorded in a purchase book while cash purchases are entered in the cash book and credit purchases of assets are entered in journal proper


4.Cash sales are entered in Sales Journal

Options

True

False

SOLUTION

This statement is False.

Credit sales of goods are entered in the sales journal and cash sales transactions are to be recorded in the cash book on the receipt side.


5.Cash Book records transactions relating to receipts and payments of cash.

Options

True

False

SOLUTION

This statement is True.

The purpose of preparing a cash book, a subsidiary book, is to record cash transactions of business relating to receipts and payments of cash.


Do you agree with the following statement:

1.Trade discount is recorded in Cash Book.

Agree

Disagree


2.Petty Cash Book is a book having a record of big payments.

Agree

Disagree


3.Cash received is entered on the debit side of Cash Book.

Agree

Disagree


4.Transactions recorded on both debit and credit side of Cash Book is known as Contra Entry.

Agree

Disagree


5.Credit purchase of machinery is entered in Purchase Journal.

Agree

Disagree


Complete the following sentence:

1.Cash Book is a ______ Journal.

SOLUTION

Cash Book is a subsidiary Journal.


2.In Journal Proper, only ______ discount is recorded.

SOLUTION

In Journal Proper, only cash discount is recorded.


3.Return of goods purchased on credit to the suppliers will be entered in ______ Journal.

SOLUTION

Return of goods purchased on credit to the suppliers will be entered in purchase return journal.


4.Assets sold on credit are entered in ______

SOLUTION

Assets sold on credit are entered in journal proper.


5.Double column Cash Book records transactions relating to cash and ______

SOLUTION

Double column cash book records transactions relating to cash and bank.


6.Petty Cash Book is used for recording ______ expenses.

SOLUTION

Petty cash books are used for recording petty expenses.


7.Cash Book does not record the ______ Transactions.

SOLUTION

Cash books do not record credit transactions.


8.Credit balance shown by a bank column in Cash Book is ______

SOLUTION

Credit balance shown by a bank column in cash book is bank.


9.Credit purchases of goods are recorded in ______

SOLUTION

Credit purchases of goods are recorded in purchase book.


10.In Purchase Book goods purchased on ______ are recorded.

SOLUTION

In Purchase Book goods purchased on credit are recorded.


Balbharati Solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapterwise List - Free

Chapter 1: Introduction to Book - Keeping and Accountancy

Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping

Chapter 3: Journal

Chapter 4: Ledger

Chapter 5: Subsidiary Books

Chapter 6: Bank Reconciliation Statement

Chapter 7: Depreciation

Chapter 8: Rectification of Errors

Chapter 9: Final Accounts of a Proprietary Concern

Chapter 10: Single Entry System


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