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WorksheetsREVISION : ACCOUNTING FOR CASH & ACCOUNTING FOR RECEIVABLES
Total questions: 11
Worksheet time: 22mins
If the final balance in the bank statement is RM3,500 Dr, unpresented cheques equal RM200 and deposit in transit total RM400, the final balance in the business's bank account is:
RM3,700 Dr
RM3,700 Cr
RM3,300 Cr
RM3,300 Dr
A payment of RM6,500 by cheque was wrongly recorded on the debit side of the cash book. The correct adjustment is
Cash book,
Dr Cash Cr payment overstated
Cash book,
Dr payment understated Cr Cash
Bank Rec. item, Add to bank balance
Bank Rec. item, less from cash book bal.
Received cheque RM150 recorded by the business but not recorded in the bank statement, what adjustment need to be made?
cash book +150
cash book -150
bank statement +150
bank statement -150
Paid interest RM150 recorded by the bank but not recorded in the business, what adjustment need to be made?
cash book +150
cash book -150
bank statement +150
bank statement -150
The balance of cash at bank shown in the cash book is RM1,200. The bank statement balance shown RM1,440.
Which can explain the difference?
payment to a supplier, RM120, entered wrong side of the cash book
bank charges, RM240, not in the cash book
cheques to suppliers, RM240, not yet presented to the bank
receipts from customers, RM240, banked but not yet entered in the bank statement
Using the percentage-of-receivables basis, the uncollectible accounts is estimated to be RM33,000. If the balance for the Allowance for Doubtful Accounts is a RM5,000 debit before adjustment, what is the amount of bad debt expense for the period?
RM5,000
RM28,000
RM33,000
RM38,000
A company estimates that RM20,000 of its RM500,000 of account receivable will be uncollectible. Its Allowance for Doubtful Accounts presently has a credit balance of RM8,000. The adjusting entry will include a _____________ to the Allowance for Doubtful Accounts.
debit of RM12,000
credit of RM12,000
debit of RM28,000
credit of RM28,000
A company estimates that RM20,000 of its RM500,000 of accounts receivable will be uncollectible. Its Allowance for Doubtful Accounts presently has a debit balance of RM3,000. The adjusting entry will include a ____________ to Allowance for Doubtful Accounts.
debit of RM3000
credit of RM3000
debit of RM23,000
credit of RM23,000
The business provides for doubtful debts each year at 2% of the accounts receivable balance at the end of the financial year. The balance of the Accounts Receivable Control account is RM45,000. What is the amount of Allowance for Doubtful Debts?
RM900
RM9000
RM450
RM90
Accounts Receivables :
2019 : RM2800;
2020 : RM3100
Allowance for doubtful debts :
2019 : RM280
2020: RM310
What is Net Realizable value for Accounts Receivables should appear in the Statement of Financial Position for 2020?
RM2520
RM2790
RM2510
RM3410
1 Jan Allowance for doubtful debts RM500
31 Dec Allowance for doubtful debts RM400
How should the decrease in the allowance be treated in the Profit and Loss account?
add RM400 to expenses
add RM500 to expenses
deduct the RM100 increase in allowance from expenses
add the RM100 decrease in allowance to Gross Profit
