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

‘X’ commenced business on 1st April, 2013 with a capital of ₹ 6,00,000. On 31st March, 2014 his assets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital and profits earned during the year.

M/s. Auto Aid, Delhi purchased 500 pieces of car horns @ ₹ 200 each less 10% Trade Discount plus IGST @ 12% from M/s Auto Horns, Chandigarh. What is the invoice value?

Give transaction that:
Increase an asset and decrease another asset.

Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing ₹ 30,000 each at 40,000 each. Out of this ₹ 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.

State with reason whether the following statements are True or False:
Total of the Sales Book is posted to the credit of the Sales Account.

Mr. Vishwanath established a Travel Agency. Over the years the Travel Agency earned high reputation. Mr. Vishwanath considers the value of goodwill of his Travel Agency at ₹ 50 lac. He wants to record the value of the goodwill in the books of accounts. Can he do so?

Journalise the following in the books of Harish.
Harish sends Hari's acceptance for ₹ 26,000 to Babu to meet his acceptance for the like amount in favour of Babu.

Refusal by the acceptor to pay the bill on the maturity date is called Retirement of the Bill. Comment.

What are Assets?

What are Internal Liabilities?