Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

Explain Dual Aspect Concept.

Promissory Note is prepared by the Debtor and its payment is also made by him. Do you agree?

What is the reason that cheques deposited into bank but not yet credited by bank are not recorded in the amended cash book?

Roshan purchased from Prem 500 item s@ ₹ 100 each at 20% Trade Discount plus CGST and SGST @ 6% each. He is further given 2% Cash Discount as he made payment for the purchases immediately. Determine the amount that Roshan will debit to Purchases Account.
What will be the Journal entries for the transactions in the books of Roshan?

GSC Co. purchased goods from Mohan & Co. for ₹ 50,000 plus CGST and SGST @ 6% each. As per the terms, if GSC Co. made full payment to Mohan & Co. within 15 days it will get Cash Discount of 2%. GSC Co. paid ₹ 28,000 within the stipulated time. Determine the amount of Cash Discount that GSC Co. will get.

What is Accumulated Depreciation?

Give two examples of Liability Account.

Mention two items which are not recorded in an amended Cash Book.

A debit balance always signifies a balance in the Assets Account. Is it correct?

Explain and give example of the following accounting term:
Expenses.