Depreciation — Account STD 11 Commerce — Question

Modern Ltd. sold goods for ₹ 60,000 to Mr. Ashok at a profit of 20% on sale. These goods are still in the godown of Modern Ltd. at the buyer's risk at the close of financial year. What treatment will be made for these goods by Modern Ltd.

Why is closing stock valued at lower of cost or realisable value?

A transaction is recorded correctly in Journal Proper have not posted in the ledger at all, will it affect the Trial Balance? Give reason.

What journal entry will be passed for outstanding salary?

What is meant by Unearned Income?

Which method of Depreciation assumes that an asset should be depreciated more in the earlier years and less in the later years of use?

Name any two items that are debited to the Trading Account.

It is possible to prepare a trial balance and check the arithmetical accuracy of books of accounts under single entry system?

Cost of obtaining licence to carry out business is a Capital Expenditure or Revenue Expenditure?

Cash Book balance was ₹ 1,790 (Dr.) when compared with the Bank Statement, unpresented cheques were ₹ 1,040 and deposits but not credited were ₹ 820. What was the balance in the Bank Statement?