Rectification of Errors — Account STD 11 Commerce — Question

Debit balance in the Profit and Loss Account is a profit. Comment.

Give two limitations of Computerised Accounting System.

What is Management Information System?

Arun is a trader. While preparing his final accounts on 31st March. 2018, he made a provision for doubtful debts @ 4% of the sundry debtors amounting to ₹ 42,000. During the year ended 31st March, 2019, doubtful debts amounted to ₹ 3,400. On 31st March, 2019, sundry debtors were ₹ 56,500 and the provision for doubtful debts was maintained at the same rate.
Show the entries to record the above matters in Arun's Ledger Accounts.

Where are Contingent Liabilities shown in financial statements?

When assets are listed in order of their liquidity in a Balance Sheet, which should be listed first - Buildings or Cash in hand?

If Closing Stock is given outside the Trial Balance, where is it shown in the Financial Statements or Final Accounts?

What treatment is made of prepaid expenses while preparing final accounts?

Name two types of Petty Cash Book.

Calculate Purchases:

	₹
Cost of Goods Sold	65,000
Stock in the beginning	4,000
Closing Stock	5,000