Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

Distinguish Trade Discount from Cash Discount? (Two points)

Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.

Give an example of a Voucher.

Is the basic objective of Book-keeping to maintain systematic records or to ascertain net results of operations of financial transactions?

Rent is paid for the month of April, 2019 in March, 2019. The accounting year ended on 31st March, 2019. The accountant has shown it on the assets side of the Balance Sheet. Has he given the correct treatment? Give reasons.

What are Trade Bills?

Exe Co, which purchased 50 computers from HCL made payment immediately. As a result, HCL granted it a discount of ₹ 10,000. Is the discount received Trade Discount or Cash Discount? How will you record it in the books of account?

Mr. Dinanath who owed us 350,000 became insolvent and paid only 40% of this amount. What is term used for the amount not received?

GSC Co. purchased goods from Mohan & Co. for ₹ 50,000 plus CGST and SGST @ 6% each. As per the terms, if GSC Co. made full payment to Mohan & Co. within 15 days it will get Cash Discount of 2%. GSC Co. paid ₹ 28,000 within the stipulated time. Determine the amount of Cash Discount that GSC Co. will get.