Bill of Exchange — Account STD 11 Commerce — Question

Give two examples of Nominal Accounts.

Distinguish between Bill of Exchange and Promissory Note on the basis of acceptance.

Name two items which are written in Minus column while starting with Overdraft balance of Cash Book.

What is meant by a Journal Proper?

''Accounting Equation (A = L + C) always holds good under all circumstances''. Explain with the help of two examples.

Name two Long-term Liabilities.

Exe Co, which purchased 50 computers from HCL made payment immediately. As a result, HCL granted it a discount of ₹ 10,000. Is the discount received Trade Discount or Cash Discount? How will you record it in the books of account?

Confidence and rust that the reported information is a reasonable representation of the actual items and events, that have occurred, depicts which qualitative characteristic of accounting information.

Give two advantages of accounting standards.

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?