Computerised Accounting System — Account STD 11 Commerce — Question

To which side of the Ledger Account are the transactions on the receipts side of the Cash Book posted?

What is a Purchases Return Book?

What is meant by Error of Omission?

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?

Give the adjustment entry and the treatment in Final Accounts of the following:

1. Accrued Income.
2. Unearned Income.

A Bill of Exchange drawn on 1st July, 2018 for ₹ 5,900 for 3 months was dishonoured on due date and a sum of ₹ 20 was incurred as noting charges. The bill was renewed for another 3 months with 12% interest per annum. Find out the amount of the renewed bill.

What are the different options available to the receiver of a Bill of Exchange?

A transaction is recorded correctly in Journal Proper have not posted in the ledger at all, will it affect the Trial Balance? Give reason.

What are deferred revenue expenditures?

Give two methods of providing Depreciation.