Theory Base of Accounting — Account STD 11 Commerce — Question

Name the accounts to be credited along with the amount for payment to Ajay of ₹ 4,800 by cheque in full settlement of ₹ 5,000.

Briefly explain Expenditure.

If the Capital is ₹ 2,60,000 and Assets are ₹ 5,00,000, what is the amount of Liabilities?

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?

Explain and give example of the following accounting term:
Drawings.

What is Ledger Folio or L.F.?

Is the basic objective of Book-keeping to maintain systematic records or to ascertain net results of operations of financial transactions?

What is Depreciable Cost?

In the above case, if the proprietor had invested ₹ 5,000 as additional capital and withdrawn ₹ 2,000, what will be your answer?

Under which principle the calibre or quality of the management is not disclosed in the balance sheet?