Introduction to Accounting — Account STD 11 Commerce — Question

Explain Capital briefly.

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?

If A had withdrawn from his business ₹ 3,000 for personal use, find out the profit in this case.

Proprietor of the business is treated as creditor to the extent of his capital under which Concept?

Mention two transactions which are recorded in Journal Proper.

R Ltd. purchased 500 Sq. Metre Land for ₹ 1.5 crore to build a factory. At the end of year, the market value of land was ₹ 1.35 crore. R Ltd. treated ₹ 15 Lakh as loss and recorded the land at ₹ 1.35 crore. Is it a correct treatment?

How an Accounting Voucher is prepared?

What are major types of Reserves?

Why are accounting standards required?

To record a purchase of an asset, why Asset Account is debited?