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

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.

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

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.

What is a promissory note?

What are Vouchers?

X drew a bill for ₹ 10,000 on Y on 7th March, 2019 for 2 months. X discounted this bill with Bank on 10th March, 2019 at 12% p.a. On maturity, the bill was dishonoured and bank paid ₹ 175 as noting charges. How much amount bank will deduct from the bank balance of X at the time of dishonour?

Write two advantages of accrual basis of accounting.

When an account is said to have a credit balance?

What is a sales book?

What is meant by Noting of Bill of Exchange?