Theory Base of Accounting — Account STD 11 Commerce — Question

Explain the following term:
Debtors.

Distinguish between Loss and Expense.

In which Column (Plus or Minus) you will write the following while preparing Bank Reconciliation Statement from the Cash Book overdraft balance?

1. Cheques drawn but not cleared.
2. Interest on bank overdraft.
3. Cheques paid into the bank but not collected.
4. Interest on investments collected by the bank.

What is a Trial Balance?

What is a Real Account?

Salary of ₹ 2,100 paid was posted as ₹ 2,000 in Salary A/c and Advertisement of ₹ 7,700 was posted as ₹ 7,800. Identify the type of error.

A bill for ₹ 40,000 was discounted by Ganesh with Axis Bank for ₹ 8,500. At maturity, the bill was dishonoured and bank notified it for ₹ 600. How much amount Axis Bank will deduct from the bank balance of Ganesh at the time of dishonour?

On 1st April, 2015, Grand Ltd. purchased a machinery for ₹ 3,00,000 and incurred ₹ 21,000 towards freight and insurance, ₹ 3,000 towards carriage inwards and ₹ 6,000 towards installation charges. It has estimated that the machinery will have a scrap value of ₹ 30,000 at the end of the useful life which is four years. What will be the annual depreciation and the value of machinery after four years according to the Straight Line Method? Ignore GST.

Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing ₹ 30,000 each at 40,000 each. Out of this ₹ 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.

Eicher Ltd. intentionally made excess provision for doubtful debts. What term will be used for excess provision?