Computerised Accounting System — Account STD 11 Commerce — Question

Name the two main accounts maintained in 'Accounts from Incomplete Records'.

What type of liability is ‘Bill Discounted but not matured’?

Distinguish between:

1. Capital Expenditure and Revenue Expenditure

State with reason whether the following statements are True or False:
Total of the Sales Book is posted to the credit of the Sales Account.

Rahul's Trial Balance as on 31st March, 2019 has the following information:
Additional Information:

1. Salary for the month of March, 2019 is yet to be paid.
2. Electricity Bill for March, 2019 amounted to ₹ 5,200 was received on 2nd April, 2019.

Determine the amount of Salary and Electricity Expenses to be provided and show how the two amounts will be shown in the Final Accounts?

What journal entry will be passed for outstanding salary?

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.

	₹
Opening stock	50,000
Net sales	11,00,000
Net purchases	6,00,000
Direct expenses	60,000
Administration expenses	45,000
Selling and distribution expenses	65,000
Loss due to fire	20,000
Closing stock	70,000

Give the adjustment entry and the treatment in Final Accounts of the following:

1. Accrued Income.
2. Unearned Income.

“Liabilities side of the Balance Sheet always represents Credit balances.” Do you agree?

From the following information, calculate capital at the beginning: