SSC CGL Finance – Ledger & Subsidiary Books – Level 2 · Exam Level · Paper III Sprint

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SSC CGL Finance – Ledger & Subsidiary Books – Level 2 · Exam Level · Paper III Sprint – 15 questions, subject: Finance & Economics (Tier II Paper III). Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.

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1.  
Ramesh (supplier): opening credit balance ₹ 18,000; goods bought on credit ₹ 42,000; paid ₹ 35,000; goods returned ₹ 2,000; discount received ₹ 1,000. The balance of Ramesh's account is:

Correct Answer: C [₹ 22,000 credit]

Explanation:

Cr 60,000 − Dr 38,000 = 22,000 credit (still owed to Ramesh).

2.  
Imprest ₹ 8,000. At the end of the week the petty cashier has ₹ 1,350. The amount reimbursed is:

Correct Answer: A [₹ 6,650]

Explanation:

Reimburse = 8,000 − 1,350 = 6,650.

3.  
Opening cash ₹ 12,000; cash sales ₹ 30,000; wages paid ₹ 8,500; cash deposited into bank ₹ 20,000. Closing cash balance is:

Correct Answer: B [₹ 13,500]

Explanation:

12,000 + 30,000 − 8,500 − 20,000 = 13,500.

4.  
Opening: cash ₹ 18,000, bank ₹ 40,000. Cash deposited ₹ 15,000; cheque received and banked ₹ 12,000; rent paid by cheque ₹ 6,000; cash withdrawn from bank for office ₹ 5,000. Cash and bank together now total:

Correct Answer: D [₹ 64,000]

Explanation:

Ignore contra entries: 58,000 + 12,000 − 6,000 = 64,000.

5.  
Credit sales: 80 units @ ₹ 150 less 10% trade discount, and 50 units @ ₹ 220. The total of the Sales Book is:

Correct Answer: D [₹ 21,800]

Explanation:

10,800 + 11,000 = 21,800 (net of trade discount).

6.  
Match the followingMatch the transaction with the book of original entry:
P. Goods returned by a customer Q. Machinery bought on credit R. Bill accepted in favour of a creditor
1. Journal proper 2. Bills Payable Book 3. Sales Returns Book

Correct Answer: C [P-3, Q-1, R-2]

Explanation:

Returns inward – sales returns book; asset on credit – journal proper; acceptance – bills payable book.

7.  
Assertion–Reason
A: Contra entries are not posted to the ledger.
R: Both accounts involved in a contra entry are kept in the cash book itself.

Correct Answer: B [Both A and R are true and R explains A]

Explanation:

Cash and bank columns are the ledger accounts.

8.  
Reverse questionClosing cash ₹ 9,400; total receipts during the month ₹ 61,000; total payments ₹ 58,600. The opening cash balance was:

Correct Answer: A [₹ 7,000]

Explanation:

Opening = 9,400 − 61,000 + 58,600 = 7,000.

9.  
Bank column: opening debit balance ₹ 8,000; deposits ₹ 27,000; cheques issued ₹ 41,000. The closing bank position is:

Correct Answer: C [Overdraft of ₹ 6,000]

Explanation:

8,000 + 27,000 − 41,000 = −6,000 → credit balance (overdraft).

10.  
True/false countHow many statements are true?
I. Discount columns of a cash book are balanced like the cash columns.
II. The cash column may show a credit balance.
III. The Purchases Book total is posted to the debit of Purchases Account.
IV. Trade discount may be shown in the details column, but only the net amount is entered.

Correct Answer: B [Two]

Explanation:

III and IV are true; discount columns are only totalled; cash cannot be credit.

11.  
The Sales Book total for a month is ₹ 64,000. Postings to customers were: Anand ₹ 18,500, Bina ₹ 22,000 and Chitra (amount lost). Chitra's posting must be:

Correct Answer: A [₹ 23,500]

Explanation:

Two-Level Posting Check: 64,000 − 18,500 − 22,000 = 23,500.

12.  
Trick SpotterA cash book has many deposits and withdrawals between cash and bank. To find cash + bank together, the fastest way is:

Correct Answer: D [Ignore all contra entries and work with the rest]

Explanation:

Contra entries leave cash + bank unchanged.

13.  
Imprest ₹ 3,000. Spent: stationery ₹ 450, postage ₹ 300, conveyance ₹ 820, sundries ₹ 230. Cash with the petty cashier before reimbursement is:

Correct Answer: B [₹ 1,200]

Explanation:

Spent 1,800 → 3,000 − 1,800 = 1,200.

14.  
Two-quantity comparison
Quantity I: balance of a debtor – opening ₹ 5,000 Dr, sales ₹ 20,000, cash received ₹ 17,000, returns ₹ 1,000
Quantity II: reimbursement when imprest is ₹ 10,000 and cash left is ₹ 3,000

Correct Answer: C [Quantity I = Quantity II]

Explanation:

QI = 25,000 − 18,000 = 7,000; QII = 7,000.

15.  
The total of the discount column on the debit (receipts) side of a cash book is posted to the:

Correct Answer: C [Debit of Discount Allowed Account]

Explanation:

Receipts-side discount = discount allowed, an expense → debit.

➤ Full notes, shortcuts and every answer explained – SSC CGL 2026 Finance & Economics (Tier II Paper III) book (₹149): www.shanmugamiasacademy.in/study-materials/ssc-cgl-finance-economics

📘 SSC CGL 2026 – General Studies – Finance & Economics (Tier II Paper III)
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