Rectification of Errors — Account STD 11 Commerce — Question

What are deferred revenue expenditures?

In case of errors of partial omission, will the Trial Balance agree? Why?

Classify the following as capital expenditure, revenue expenditure and deferred revenue expenditure for a cloth merchant:

1. Preliminary Expenses.
2. Purchase of Furniture.
3. Payment of Salary.
4. Expenses paid for Construction of Building.

Name the two main accounts maintained in 'Accounts from Incomplete Records'.

Ramesh has his account at Punjab National Bank, Delhi. According to his Cash Book, his bank balance on 31st March, 2019 was ₹ 72,950. He sent cheques for ₹ 90,075 to his bank for collection but cheques amounted to ₹ 43,769 were not collected by that date. Out of the cheques issued by him in payment of his debts, cheques for ₹ 29,344 were not presented for payment. Prepare Bank Reconciliation Statement.

Kapil's Trial Balance provides the following information:
Depriciation is privided @ 10% p.a. on the fixed assets. show how this will be shown in the Profit and Loss Account.

How is Returns Inward shown in the Trading Account?

Under the ‘liquidity approach' assets which are most liquid are presented at the bottom of the Balance Sheet Comment.

The accountant of a firm desires that adjustments for outstanding expenses and prepaid expenses should not be made while preparing financial statements.

1. What will be the effect on financial statements?
2. Which accounting concept will be violated?

What do you understand by Days of Grace?
OR
How many Days of Grace are added to the period of Bills of Exchange?