Accounting Equations — Account STD 11 Commerce — Question

Name the side on which increase in capital is recorded.

Give one point of importance of bank reconciliation statement.

What are the two accounting systems to record financial transactions in the books of account?

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

What is signified by a debit bank balance?

Which of the following transactions are of financial character and will be recorded in the books?

1. Credit purchase of goods.
2. Strike by employees.
3. Goods worth ₹ 20,000 taken from the business and given by the proprietor to his friend as gift.
4. Withdrawing of money by proprietor from business for personal use.
5. Interviewing the candidates for employment.
6. Sale of household furniture for ₹ 10,000.
7. Payment of school fees of proprietor's son from proprietor's personal bank Account.
8. Make promise to send the goods.
9. Receiving an order to send the goods.
10. Loss of goods by fire.
11. Value of human resources.

A customer of X Ltd. has discontinued his business. He used to purchase 30% of the total goods produced by X Ltd. Is it a relevant information in your opinion and should be disclosed by X Ltd.

What do you understand by Cash Basis of Accounting?

Which balances are called 'Overdraft' of Cash Book and Pass Book?

State the nature of information required by Investors.