Accounting for Bills Exchange — Account STD 11 Commerce — Question

What is a Purchases Book?

Write the various Assets in order of liquidity in a Balance Sheet.

On 31st March, 2019. Bank Account in the books of Ramesh shows a credit balance of ₹ 36,000. On the same date, outstanding cheques amounted to ₹ 14,000 and outstanding deposits a mounted to ₹ 20,000. A cheque for ₹ 5,000 received from a debtor, was subsequently dishonoured. The receipt had been correctly recorded but no entry has yet been made in the books for the dishonour. On the basis of the above information, determine the balance as per the Bank Statement.

Give three examples of two-sided errors and two examples of one-sided errors.

Following information was taken from an Income Statement:
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Return ₹ 1,000; Gross Profit ₹ 6,000; Purchases ₹ 10,000; and Purchases Return ₹ 900.
Calculate Closing Stock and the Cost of Goods Sold.

Mayank does not keep proper records of his business, he gives you the following information:

	₹
Opening Capital	1,00,000
Closing Capital	1,25,000
Drawings during the year	30,000
Capital added during the year	37,500

Calculate the profit or loss for the year.

Give one feature of a Computer.

A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock was ₹ 40,000; Purchases were ₹ 1,10,000 and the Stock on 31st March, 2018 was ₹ 30,000. What was the value of Sales?

Cash sales of a business in a year were ​₹ 85,000, the Cost of Goods Sold (including direct expenses) was ₹ 97,000 and Gross Profit as shown by the Trading Account for the year was ₹ 1,29,000. Calculate Credit Sales during the year.