Bank Reconciliation Statement — Account STD 11 Commerce — Question

What is meant by Noting of Bill of Exchange?

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.

State what is the end product of Financial Accounting.

What adjustment is made of outstanding expenses while preparing final accounts?

Operating Profit earned by Heer Mehta in 2005-06 was ₹ 3,50,000. Its non-operating incomes were ₹ 75,000 and non operating expenses were ₹ 1,87,500. Calculate Profit earned during the year.

If ‘Adjusted Purchases' and 'Closing Stock’ are given in the Trial Balance, will you transfer 'Closing Stock’ to Trading Account? Give reason.

Assets and Liabilities of a particular accounting period are shown in the Balance Sheet. Do you agree?

Give a formula to calculate the 'Cost of Goods Sold'.

Goods worth ₹ 1,00,000 were burnt by fire and a claim of ₹ 60,000 has been accepted by the Insurance Company. How it will be recorded in final accounts?

Rahul of Chennai sold goods to Reva of Chennai of ₹ 10,000. Whether he will charge CGST and SGST or IGST? Why?