Meaning and Objectives of Accounting — Account STD 11 Commerce — Question

Identify the stakeholder group who would be most interested in the following:

1. The ethical or environmental activities of the firm.
2. Whether the firm has a long-term future.
3. The ability of the firm to carry on providing quality products.

Rahul sold 100 Cricket Bats to V. Sports @ ₹ 5,000 each less 25% Trade Discount plus IGST @ 12% and 2% Cash Discount if V. Sports paid the amount in 14 days of sale. V. Sports paid the amount within 14 days. What will be the amount that Rahul should credit to Sales Account?
What will be the Journal entries for the transaction in the books of Rahul?

What is Trade Discount?

What is Cash Discount?

Give difference between Book-keeping and Accounting on the basis of stage, special skills and nature of job.

If Depreciation reduces profits and value of fixed assets and thus, the capital of the owner, why do businesses charge Depreciation?

Describe the fundamental accounting equation. How are revenue and expenses related to it?

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.

A firm has stationery stock amounting to ₹ 400 as at the end of financial year. Accountant of the firm has written it off to Profit & Loss Account. Is he right in doing so?

Record the following transactions of M/s Mahipal Bros. in Proper Subsidiary Books, post them into the Ledger and take out a Trial Balance:

2017
Jan. 1	Commenced business with Cash ₹ 2,00,000
Jan. 2	Deposited into U.T.I Bank ₹ 1,75,000
Jan. 4	Purchased goods from Dilip for ₹ 40,000. Trade Discount 20%
Jan. 6	Gave a cheque to Dilip for ₹ 16,800 and discount allowed by him ₹ 200
Jan. 8	Goods bought from Nilesh for Cash ₹ 14,000
Jan. 10	Accepted a bill at 2 months for ₹ 15,000 drawn by Dilip
Jan. 11	Bought goods from Suresh ₹ 75,000
Jan. 13	Paid to Suresh a Cheque for ₹ 58,800 after receiving discount of 2%
Jan. 15	Cash sales made to Jyoti Parshad ₹ 8,000
Jan. 16	Sold goods to Mohinder for ₹ 20,000
Jan. 17	Goods returned by Mohinder for ₹ 1,500
Jan. 18	Received from Mohinder ₹ 7,900 after allowing a discount of 1.25%
Jan. 20	Goods sold to Banerjee ₹ 50,000
Jan. 21	Deposited into Bank ₹ 20,000
Jan. 25	Goods taken for personal use ₹ 2,000
Jan. 25	Purchased furniture ₹ 40,000 and Typewriter ₹ 10,000 for office use
	Payment for both the items is made by Cheque
Jan. 25	Sold goods to Anubhav ₹ 30,000
Jan. 27	Goods returned by Anubhav ₹ 5,000
Jan. 27	Received full payment from Banerjee by Cheque, sent it to Bank, Discount allowed 2%
Jan. 28	Acceptance received from Anubhav at 30 days for the amount due from him
Jan. 28	Paid for stationery ₹ 400 and for Postage ₹ 200
Jan. 31	Rent of proprietor's house paid by Cheque ₹ 2,500