Recording of Transactions - 2 — Account STD 11 Commerce — Question

On 1st Jan., 2015, Mr. Vadera was appointed as Marketing Manager of the firm with a salary of ₹ 50,000 per month. State whether this event will be recorded in the books of accounts.

In which Column (Plus or Minus) you will write the following while preparing Bank Reconciliation Statement from the Cash Book overdraft balance.

1. Cheques deposited but dishonoured.
2. The receipt side of Cash book overcast.
3. Interest on overdraft.
4. Direct amount deposited by the customer into bank.

How an Accounting Voucher is prepared?

State with reasons that Capital and Drawings Accounts look like impersonal accounts but they are always used like personal accounts.

Ram & Co. purchased a machinery for ₹ 21,000 on 1st April, 2019. The estimated life of the machinery is 10 years, after which its residual value will be ₹ 1,000 only. Find the amount of Annual Depreciation according to the Fixed Instalment Method. Ignore GST.

If capital of a business is ₹ 1,40,000 and liabilities are of ₹ 80,000, calculate the total assets of the business.

What is Debit?

Name the branch of commerce, which keeps a record of monetary transactions in a sec of books.

What do you mean by ‘Bill at Sight'?

What is business entity Concept?