Recording of Transactions - 1 — Account STD 11 Commerce — Question

Give one advantage of Journal.

What is meant by balancing an account?

What is meant by Reserves?

Which transaction decreases one asset and increases another asset?

What journal entry is passed in case of purchase of goods within the state?

What do you mean by ‘Bill at Sight'?

Which basis of accounting is recognised under the Companies Act, 2013.

A Bill of Exchange drawn on 1st July, 2018 for ₹ 5,900 for 3 months was dishonoured on due date and a sum of ₹ 20 was incurred as noting charges. The bill was renewed for another 3 months with 12% interest per annum. Find out the amount of the renewed bill.

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