In a voucher system, which voucher is used to record credit sales? MCQ with Answer and Explanation

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In a voucher system, which voucher is used to record credit sales?

A. Debit voucher

B. Journal voucher

C. Cash voucher

D. Credit voucher

Answer: Option B

Solution (By JKSSB Mock Tests)

Credit sales involve no immediate cash, so a journal voucher (non-cash voucher) is used to record the transaction.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

In a partnership, 'Profit and Loss Appropriation Account' is a part of:

A. Trading Account

B. Double entry system, prepared after P&L Account

C. Profit and Loss Account

D. Balance Sheet

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Correct Answer: Option B

Explanation:
It is prepared after determining net profit to show its distribution among partners.

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Question #2

The 'Gross Profit' is transferred to:

A. Trading Account debit

B. Profit and Loss Account credit

C. Capital Account

D. Balance Sheet liability

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Correct Answer: Option B

Explanation:
Gross profit is credited to Profit & Loss Account.

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Question #3

Under GST, the 'Composition Scheme' is available to small taxpayers with aggregate turnover up to:

A. ₹20 lakh

B. ₹50 lakh

C. ₹10 crore

D. ₹1.5 crore

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Correct Answer: Option D

Explanation:
For goods, composition scheme limit is ₹1.5 crore (₹75 lakh for some states). For services, separate limit. The general limit for goods is ₹1.5 crore.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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