Theory Base of Accounting — Account STD 11 Commerce — Question

On 13th June, 2019 A draws a bill on B for ₹ 50,000 payable after 60 days. What will be the due date of the bill?

Explain Capital briefly.

Ram & Co. purchased a machinery for ₹ 21,000 on 1st April, 2019. The estimated life of the machinery is 10 years, after which its residual value will be ₹ 1,000 only. Find the amount of Annual Depreciation according to the Fixed Instalment Method. Ignore GST.

What is signified by a credit bank balance?

A bill for ₹ 40,000 was discounted by Ganesh with Axis Bank for ₹ 8,500. At maturity, the bill was dishonoured and bank notified it for ₹ 600. How much amount Axis Bank will deduct from the bank balance of Ganesh at the time of dishonour?

What are Nominal Accounts?

Miss Priti. an electronic goods dealer, gifted a washing machine valued ₹ 325,000 to her friend Suruchi. Will it be recorded in the books of accounts?

Give two examples of Intangible Assets.

M/s. Vaish Traders, Delhi purchased 500 Parker Pens @ ₹ 200 each less Trade Discount @ 15% from Luxor Pens Ltd., Delhi. CGST and SGST was levied @ 6% each. Further, Cash Discount was allowed @ 5% as the payment was made within specified time. What will be the amount of trade discount and cash discount?

Name two items which are written in plus column while starting with Overdraft balance of Pass Book.