Trial Balance and Rectification of Errors — Account STD 11 Commerce — Question

Differentiate between reserve and provision on the basis of charge or appropriation.

Explain the meaning of the following term:
Drawings.

What is the purpose of preparing Bank Reconciliation Statement?

Exe Co. has purchased 50 computers from HCL and is allowed discount of ₹ 10,000 for purchase thereof. Is the discount allowed Trade Discount or a Cash Discount? How will you record it in the books of account?

Where will you record “Rent unpaid" in the Cash Book?

What are the two sides of an account called?

Under which accounting concept asset is recorded at cost, even if the market price is more or less?

What is Credit?

Give two examples of Asset Account.

A wholesaler sold 55 items to a retailer at a price of ₹ 200 each, less 20% Trade Discount. The retailer subsequently returned 12 of these items. As a result of this, the retailer should be sent a credit note for how much amount?