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

When an account is said to have a debit balance?

What is Original Cost Method of providing depreciation?

What are major types of Reserves?

Name the error committed by violating the rules of Accounting.

While preparing Bank Reconciliation Statement from the balance of Cash Book indicate whether the following items will be written in Plus or Minus column.

1. Cheques issued but not yet presented for payment.
2. Cheques paid into the bank but not yet cleared.
3. Dividend collected by the bank on customer's investments.
4. Payment of club fee by the bank according to the standing instructions.
5. Direct payment into the bank by a customer.
6. Any wrong entry on the debit side of the Pass Book.
7. Dishonour of the cheques deposited into the bank.

Give one advantage of Journal.

What does debit balance of a Personal Account indicates?

Name three Current Liabilities.

Explain the meaning of the following term:
Debtors.

Recording the transactions and events correctly and preparing financial statements are the only objectives of accounting. Do you agree?