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

Define a Cheque.

State with reason whether the following statements are True or False:
Sales Book is a part of the Ledger.

A company lost vital machinery in an accident on 2nd March, 2019 which will have adverse impact on its production capacity. As a result, it is likely to loose business to its competitors. The company has not disclosed this fact in its annual report for the year ended 31st March, 2019. Do you think it is complying with the Convention of Full Disclosure?

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.

A cheque of ₹ 20,000 is received from Gitika and the same is endorsed to Zubeda. How it will be recorded in Cash Book?

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.

Which column in a Journal is not filled at the time of Journalising?

What does 'Credit balance as per the Cash Book mean?

List any two functions of Accounting.

Define the term 'Purchase'.