Introduction to Accounting — Account STD 11 Commerce — Question

What do you understand by Days of Grace?
OR
How many Days of Grace are added to the period of Bills of Exchange?

When is a Capital Account debited? When is it credited ?

Give two examples of Expense Account.

Under which principle the calibre or quality of the management is not disclosed in the balance sheet?

Name the side on which increase in Capital Account is recorded.

Give the main demerit of providing depreciation by Original Cost Method.

A transaction is recorded correctly in Journal Proper have not posted in the ledger at all, will it affect the Trial Balance? Give reason.

Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing ₹ 30,000 each at 40,000 each. Out of this ₹ 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.

Journalise the following transaction in the books of Rajni:
Geeta's acceptance of ₹ 20,000 which had been discounted with the bank for ₹ 19,500 has been returned by the Bank dishonoured. Noting charges paid by Bank ₹ 25.

Give two examples of Current Assets.