Origin of Transactions: Source Documents of Accountancy — Account STD 11 Commerce — Question

Under which accounting concept asset is recorded at cost, even if the market price is more or less?

Give one advantage of Ledger.

What is the rule for Expenses Account?

X drew a bill for ₹ 10,000 on Y on 7th March, 2019 for 2 months. X discounted this bill with Bank on 10th March, 2019 at 12% p.a. On maturity, the bill was dishonoured and bank paid ₹ 175 as noting charges. How much amount bank will deduct from the bank balance of X at the time of dishonour?

Is Bank Reconciliation Statement a part of Double Entry System?

What is dual aspect concept?

Give the four reasons of the popularity of double entry system. Ans. Reasons of the popularity of double entry system.

What does debit balance of a Nominal Account indicates?

Which method of Depreciation assumes that an asset should be depreciated more in the earlier years and less in the later years of use?

Goods withdrawn by the proprietor for his personal use has not been recorded in the books of accounts. Which accounting concept has been violated?