MCQ for CA Foundation Accounting Chapter 6 ACCOUNTING FOR SPECIAL TRANSACTIONS

Sample Multiple Choice Questions (MCQ's) for CA Foundation - Paper 1 - Principal and Practice of Accounting - Chapter 6 ACCOUNTING FOR SPECIAL TRANSACTIONS - For Practice relevant for Dec 22 and May/June 23 Examinations

Q:1  XZ draws a bill on YZ for Rs 2,00,000 for 3 months on 1.1.2020. The bill is discounted with banker at a charge of Rs1,000. At maturity the bill return dishonoured. In the books of XZ, for dishonour, the bank account will be credited by:

  1. Rs199,000
  2. Rs 200,000
  3. Rs 201,000

Answer: 2

Q:2  Sale or Return Day Book and Sale or Return Ledger are known as 

  1. principal books
  2. subsidiary books
  3. memorandum books

Answer: 3

Q:3  A sent some goods costing Rs 3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs 800. At the end of the accounting period i.e. on 31st December, 2020, the remaining goods were neither returned nor were approved by him. The Inventories on approval will be shown in the balance sheet at Rs

  1. 2,000.
  2. 2,700.
  3. 2,700 less 25% of 2,700.

Answer: 2

Q:4  Which of the following statement is not true:

  1. If del-credere commission is allowed, bad debt will not be recorded in the books of consignor
  2. If del-credere commission is allowed, bad debt will be debited in consignment account
  3. Del-credere commission is provided by consignor to consignee

Answer: 2

Q:5  X of Kolkata sent out 2,000 boxes costing 100 each with the instruction that sales are to be made at cost + 45%. X draws a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be:

  1. Rs 1,74,000
  2. Rs 2,00,000
  3. Rs 2,90,000

Answer: 1

Q:6  When due date is a public holiday, then the due date will be.

  1. Succeeding business day
  2. Preceding business day
  3. Due date will not change and will remain same.

Answer: 2

Q:7  In account current, while counting the number of days, the due date is ignored and date up to which the accounts are prepared, is

  1. included
  2. excluded
  3. ignored

Answer: 1

 

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