Recording of Transactions - 2 — Account STD 11 Commerce — Question

Distinguish between a bill of Exchange and a Promissory Note.

Name three Current Liabilities.

What is a Compound Voucher?

Journalise the following in the books of X:
Y's acceptance for ₹ 2,00,000 which was discounted by X from the bank has been dishonoured, noting charges paid by bank being ₹ 100.

Accounting records business transactions and events which are of financial nature. Do you consider it a limitation of accounting?

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

Which transaction decreases one asset and increases another asset?

State the Type of Accounts.

The position of a businessman on 30th June 1994 was as follows :
Cash ₹ 5,000; Debtors ₹ 20,000; Machinery ₹ 60,000; Stock ₹ 25,000; Capital ₹ 75,000. Calculate his liabilities.

Gurpreet purchased 1,000sq. yards land to build a factory and paid ₹ 15 lakhs towards its cost including registration charges. At the end of the financial year, the value of the land came down to ₹ 13 lakhs. Gurpreet recorded the land at ₹ 13 lakhs and bocked a loss of ₹ 2 lakhs. Is he correct in treating the fall in value as a loss?