Provisions and Reserves — Account STD 11 Commerce — Question

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

A furniture of book value of ₹ 15,000 was sold for ₹ 6,000 and new furniture was purchased for ₹ 20,000. Furniture Account is debited with ₹ _________.

On 25th March, 2017, a fire broke out in the premises of Kamal Ltd. And destroyed a part of its plant and machinery. On account of this, a sharp decline in production for the next six months is expected. The company did not disclose this fact in its annual report for the year ended 31st March, 2017. What is your opinion about this omission?

Do you think that a transaction can break the Accounting Equation?

Hari gifted a set of six. T-Shirts (made in his Garments factory) to one of his friend. In which accounts this transaction should be debited and credited?

How is Trade Discount recorded in the books of account?

Does a Promissory Note require acceptance?

Name two items which are written in Minus Column while starting with Credit balance of Pass Book.

What is the full form of IFRS?