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

Write one limitation of accounting.

A bill for ₹ 40,000 was discounted by Ganesh with Axis Bank for ₹ 8,500. At maturity, the bill was dishonoured and bank notified it for ₹ 600. How much amount Axis Bank will deduct from the bank balance of Ganesh at the time of dishonour?

Explain Historical Cost Concept.

Give one advantage of Journal.

Explain the meaning of the following term:
Debtors.

Depreciation charged on machinery, which accounting voucher will be prepared for it?

Name the error committed by violating the rules of Accounting.

“Cash Book always shows a debit balance.” How far is this statement true and why?

Differentiate between Revenue Reserve and Capital Reserve on the basis of source.

Distinguish between Opening Stock and Closing Stock.