Origin of Transactions: Source Documents of Accountancy — Account STD 11 Commerce — Question

What is meant by Revenue from Operations?

A customer of X Ltd. has discontinued his business. He used to purchase 30% of the total goods produced by X Ltd. Is it a relevant information in your opinion and should be disclosed by X Ltd.

1. A had a capital of ₹ 75,000 on 1st April, 2018. He had also goods amounting to ₹ 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.
2. After a period of one month, he came to know that he had suffered a loss of ₹ 1,700. He withdrew ₹ 800 for his personal use. Find out his capital and assets of the business.

A bill of ₹ 5,000 is discounted with the bank for ₹ 4,750. The bill is dishonoured on maturity. The drawee pays 60% of his acceptance. What is the amount of Bad Debts?

A debit balance always signifies a balance in the Assets Account. Is it correct?

If a Trial Balance does not agree, the difference must be entered in:

1. The Profit and Loss Account.
2. A Suspense Account.
3. A Nominal Account.
4. The Capital Account. Give reasons.

In the above case, if the proprietor had invested ₹ 5,000 as additional capital and withdrawn ₹ 2,000, what will be your answer?

What is a Simple Journal Entry?

Differentiate betwen Cash Basis of accounting and Accrual Basis of accounting on the basis of timing of recording of an income.

Give any two examples of Current Assets.