Rectification of Errors — Account STD 11 Commerce — Question

A bill of ₹ 5,000 is discounted with the bank for ₹ 4,750. The bill is dishonoured on maturity. The drawee pays 60% of his acceptance. What is the amount of Bad Debts?

“Profit and Loss Account is a point statement whereas a Balance Sheet is a period statement.” Do you agree?

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

Explain the term Date of Maturity.

How can Closing Capital be ascertained from incomplete records?

What is Balance Sheet?

1. Goods destroyed by fire will be recorded in which of the following books?

1. Purchases Books.
2. Sales Book.
3. Journal.

2. Sen sent a Credit Note to Amar on account of goods sold received back. This transaction will be recorded in which of the following books?

1. Sales Books.
2. Sales Return Book.
3. Purchases Return Book.

Give two examples of revenue expenditure.

Which balance of the bank column in the Cash Book signifies bank overdraft?

Debit balance in the Profit and Loss Account is a profit. Comment.