Download App

Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 11 Mark
Question
“Every debit must have a corresponding credit.” Discuss.
✓

Answer

Yes because in every transaction credit and debit both are equal.
For example - rajesh bought a pen of ₹ 50.
He get a pen in return of cash.
So purchases is debited and cash is credited as he recieves pen and the debit is the receiver and cash is credited as credit is the giver and he gives cash.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Recording of Transactions - 1→Recording of Transactions - 1 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Calculate the due date of a bill of exchange written on July 13, 2017 for 30 days.
→
If the Capital is ₹ 1,00,000 and Outside Liabilities are ₹ 2,50,000, find the Total Assets.
→
Name two items which are written in Minus column while starting with Overdraft balance of Cash Book.
→
How is profit or loss of a particular period is ascertained?
→
When an asset is purchased in cash or an expense is incurred in cash, cash is credited. Why?
→
Mention two causes of differences in the Cash Book and Pass Book balances.
→
Give the four reasons of the popularity of double entry system. Ans. Reasons of the popularity of double entry system.
→
Name the side on which increase in capital is recorded.
→
Write one distinction between bill of exchange and promissory note.
→
Which GST is levied on intra-state sale of goods?
→