Theory Base of Accounting — Account STD 11 Commerce — Question

Give two advantages of a Journal.

Rajan who trades in electronic goods, gifted a television to his daughter. Will it be recorded in the books of account?

When days of grace are not allowed?

An enterprise prepares its accounts under the accrual basis. Salaries arıounting to ₹ 10,000 for the month of March, 2019 were not paid. The owner did not want to account it in the books of account on the ground that the amount was not paid. The ente: prise closes its books of account on 31st March every year. Is he correct?

A bill of ₹ 5,000 is discounted with the bank for ₹ 4,750. The bill is dishonoured on maturity. The drawee pays 60% of his acceptance. What is the amount of Bad Debts?

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

What is convention of full disclosure?

“I owe you ₹ 50,000”. Is it a promissory note?

Give two objectives of preparing a Trial Balance.

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?