Hybrid Exam - 2

When Debtor Shehan settled Rs. 10 000, a 5% discount was allowed. The relevant double entry for

this is,

• Debtor account Dr 10 000

  Discount given account Cr 500

  Cash account Cr 95 00

• Discount given Dr 500

  Cash book Dr 9 500

  Shehan’s account Cr 10 000

• Cash account Dr 10 000

  Shehan’s account Cr 10 000

• Cash book Dr 10 000

  Discount given Cr 500

  Debtors account Cr 9 500

Sahara’s business received a cheque from debtors of Rs. 20 000 subjected to a 10% discount. The

double entry relevant to this transaction is,

• Bank account Dr 18 000

  Discount given account Cr 2000

  Debtors account Cr 20 000

• Bank account Dr 20 000

  Discount received account Dr 2 000

  Debtors Cr 18 000

• Debtor account Dr 20 000

  Discount given account Cr 2 000

  Cash account Cr 18 000

• Discount allowed account Dr 2 000

  Cash account Dr 18 000

  Debtors account Cr 20 000

Sanaka’s business paid Rs. 7 200 in cash to the creditors and the discount received was Rs. 800.

The double entry relevant to this transaction is,

• Creditors account Dr 7 200

  Discount received account Dr 800

  Cash account Cr 8 000

• Cash account Dr 8 000

  Discount received account Dr 800

  Creditors account Cr 7 200

• Creditors account Dr 8 000

  Discount received account Cr 800

  Cash account Cr 7 200

• Discount received account Dr 800

  Cash account Dr 7 200

  Creditors account Cr 8 000

Paid creditor Akith of the SMAK business Rs. 8 500 through a cheque. The discount given by

Akith was Rs. 5 00. The double entry relevant to this transaction is,

• Creditors account Dr 9 000

  Discount received account Cr 500

  Bank account Cr 8 500

• Cash account Dr 9 000

  Discount received account Cr 5 00

  Creditors account Cr 8 500

• Creditors account Dr 9 000

  Discount received account Cr 500    

  Cash account Cr 8 500

• Discount received account Dr 5 00

  Cash account Dr 8 500

  Creditors account Cr 8 000

    The correct answer when column (A) is matched with column (B) is,

• B, D, A & C

• C, D, B & A

• C, A, D & B

• D, C, B & A

How to record the following transaction in the cash book. Select the answers in the correct order.

• 1-Debited,2-Credited,3-Debited,4-Debited,5-Credited,6-Credited,7-Not Recorded,8-Credited,9-Debited,10-Debited

• 1-Debited,2-Credited,3-Credited,4-Debited,5-Debited,6-Credited,7-Debited,8-Credited,9-Debited,10-Not Recorded

• 1-Not Recorded,2-Credited,3-Debited,4-Debited,5-Debited,6-Credited,7-Not Recorde,8-Credited,9-Debited,10-Credited

• 1-Debited,2-Credited,3-Debited,4-Debited,5-Debited,6-Credited,7-Not Recorded,8-Credited,9-Debited,10-Not Recorded

Dulanjanis’s business had a petty cash balance of Rs. 750 on 2023/01/31. On this day Rs. 1 250

was given by the main cashier for reimbursement. Accordingly, the petty cash expenses of this

business for January and the imprest of this business in correct order are,

• Rs.2,000 & Rs.1,250

• Rs.1,250 & Rs.2,000

• Rs.750 & Rs.1,250

• Rs.500 & Rs.1,250

The petty cash officer had the balance of Rs.1,200 as at 01.01.2024. Total petty cash expense for January was 3,800. The balance as at 31.01.2024 was Rs.400. What is the petty cash reimbursement for the dated 01.01.2024?

• Rs.400

• Rs.3,800

• Rs.4,200

• Rs.3,000

Select the answer in the correct order which states that the below statements are true or false

            i.   The cash book plays a dual role as a ledger account and as a prime entry book

          ii.   Cash discounts are given at the time of purchase and trade discounts are available at the time of

loan settlement.

        iii.   The cash and credit transactions are recorded in the cash book

        iv.   Trade discounts are recorded in accounts.

v. The accounts must be balanced to identify the balance of the account

• i-True, ii-True, iii-False, iv-False, v-False

• i-True, ii-False, iii-True, iv-False, v-False

• i-True, ii-False, iii-False, iv-False, v-True

• i-True, ii-True, iii-False, iv-True, v-True

The balance of petty cash – in the hand of the petty cashier was Rs.800 as at 29^th February 2024 of Lalani’s business. The balance of analysis columns of the petty cash book for February are shown below.

Transport Expenses            Rs.1,200

Stationary Expenses           Rs.2,600

Refreshment Expenses       Rs.1,400

Paid to Dananasooriya       Rs.4,000

The value of petty cash imprest of this business for February 2024 and the total value of ledger account column as at 28 February in correct order,

• Rs.10,000 & Rs.4,000

• Rs.9,200 & Rs.9,200

• Rs.9,200 & Rs.4,000

• Rs.10,000 & Rs.9,200