Depreciation — Account STD 11 Commerce — Question

Under which accounting concept provision is made for doubtful debts?

Give one example of Contingent Assets.

Is cancellation entry required when a bill is renewed?

If debit side of a Trading Account is bigger, does it mean the enterprise has earned profit or incurred a loss? Why?

Give two examples of Direct Expenses.

Give two examples of revenue expenditure.

Give two limitations of Computerised Accounting System.

Calculate value of Opening Stock from the following:

	₹		₹
Cash Sales	40,000	Credit Sales	1,65,000
Sales Return (Out of Credit Sales)	5,000	Purchases	1,24,000
Purchases Return	4,000	Carriage Inwards	8,000
Closing Stock	36,000	Rate if Griss Profit	40% on Sales

How would you treat goods given away as charity while preparing financial statements of an organisation.

Calculate credit sales from the following details:
Opening Debtors ₹ 2,30,000; Closing Debtors ₹ 3,00,000; Cash received from Debtors ₹ 7,50,000; Discount allowed to Debtors ₹ 50,000.