Trial Balance and Rectification of Errors — Account STD 11 Commerce — Question

What are Internal Liabilities?

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 ₹ _________.

A ₹ 10,000 debit balance brought down in the Cash Book of a firm means that the firin has ₹ 10,000 Cash in Hand. Do you agree?

Which of the following transactions are of financial character and will be recorded in the books?

1. Credit purchase of goods.
2. Strike by employees.
3. Goods worth ₹ 20,000 taken from the business and given by the proprietor to his friend as gift.
4. Withdrawing of money by proprietor from business for personal use.
5. Interviewing the candidates for employment.
6. Sale of household furniture for ₹ 10,000.
7. Payment of school fees of proprietor's son from proprietor's personal bank Account.
8. Make promise to send the goods.
9. Receiving an order to send the goods.
10. Loss of goods by fire.
11. Value of human resources.

What does debit balance of a Nominal Account indicates?

Proprietor of the business is treated as creditor to the extent of his capital under which Concept?

What are Representative Personal Accounts? Give one example.

What is bill at sight?

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

Give two examples of Current Liabilities.