Accounting Equations — Account STD 11 Commerce — Question

State with reason whether the following statements are True or False:
In Purchases Book, the record is in respect of cash purchases of goods.

A Bill of Exchange for ₹ 3,000 drawn on 1st June, 2018 and payable after 3 months was discounted with a bank at 10% p.a. but was dishonoured on due date and 8 were paid as noting charges. What was the amount claimed by the bank from the Drawer?

Explain Money Measurement Concept.

Explain the meaning of the following term:
Liability.

GSC Co. purchased goods from Mohan & Co. for ₹ 50,000 plus CGST and SGST @ 6% each. As per the terms, if GSC Co. made full payment to Mohan & Co. within 15 days it will get Cash Discount of 2%. GSC Co. paid ₹ 28,000 within the stipulated time. Determine the amount of Cash Discount that GSC Co. will get.

Give one point of importance of bank reconciliation statement.

What are the two basic objectives of having Accounting Standards?

What are the advantages of Accounting? (Any Two)

What is the reason that cheques deposited into bank but not yet credited by bank are not recorded in the amended cash book?

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