Recording of Transactions - 1 — Account STD 11 Commerce — Question

When a bill of exchange is not paid on its due date, it is called ____________.

Outstanding rent will be debited to __________ A/c.

Everything a firm owns, it also owes out to somebody. This co-incidence is explained by the .................. concept.

The management of a firm is remarkably incompetent, but the firm's accountant cannot take this into account while preparing books of accounts because of ................ concept.

State the account to bre debites or credited in the following situation:
Books of Drawer:-
When noting charges are paid by the bank at the time of dishonour of the bill, the drawee credits ____________ account.

Complete the following work sheet:
A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.

State the account to bre debites or credited in the following situation:
Books of Drawer:-
When a bill is dishonoured and the noting charges are paid by the endorsee, the account to be credited is _____________.

Due date of a bill of exchange drawn on 27th December 2015 for 2 months will be _____________.

If acceptance received from Shakshi was endorsed by us to Ruchika then on its dishonour it will be credited in our books to the account of ____________.

The party which is entitled to receive the payment of bill of exchange is known as ____________.