Trial Balance and Rectification of Errors — Account STD 11 Commerce — Question

What is meant by Credit Transaction?

What are the two sides of an account called?

Indicate how Accounting Equation is affected if machinery is purchased for cash?

Which balances are called 'Overdraft' of Cash Book and Pass Book?

Give the main demerit of providing depreciation by Original Cost Method.

Which basis of accounting is recognised under the Companies Act, 2013.

1. Goods destroyed by fire will be recorded in which of the following books?

1. Purchases Books.
2. Sales Book.
3. Journal.

2. Sen sent a Credit Note to Amar on account of goods sold received back. This transaction will be recorded in which of the following books?

1. Sales Books.
2. Sales Return Book.
3. Purchases Return Book.

Which transactions will:

1. Decrease the Assets and Decrease the Capital.
2. Increase the Assets and Increase the Liabilities.
3. Increase the Assets and Decrease another Asset.
4. Decrease the Assets and Decrease the Liabilities.

A liability is met by issuing a cheque. Which account will you credit and why?

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.