Adjustments in Preparation of Financial Statements — Account STD 11 Commerce — Question

‘T' form presentation of financial statements is known as 'Horizontal form' or ‘Vertical form'?

Name any two items that are credited to the Trading Account.

From the following, calculate Gross Profit and Cost of Goods Sold:
Net Sales during the year ₹ 6,00,000;
Gross Profit: 25% on Cost.

Provision for discount on debtors is made before making provision for doubtful debts. Do you agree?

Goods were sold to Jogi for ₹ 4,000 and to Yogi for ₹ 3,000. The transactions were recorded properly in the Sales Book, but ₹ 3,000 was posted to Jogi, while ₹ 4,000 was posted to Yogi. Identify the type of error.

Define AIS.

Name any two Application Softwares.

Give any two examples of Capital Expenditure.

A wholesaler sold 55 items to a retailer at a price of ₹ 200 each, less 20% Trade Discount. The retailer subsequently returned 12 of these items. As a result of this, the retailer should be sent a credit note for how much amount?

Ascertain the value of Opening Stock from the following:

	₹		₹
Purchase	1,20,000	Closing Stock	30,000
Sales	1,90,000	Carriage Inwards	7,000
Return Inward	10,000	Rate of Gross Profit on Sales	40%
Return Outward	4,000