Recording of Transactions - 2 — Account STD 11 Commerce — Question

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

How do we ascertain the financial position of the business?

What is Original Cost Method of providing depreciation?

The accountant of the firm found an error in the books of accounts but neither he rectified the error nor disclosed it to the management fearing that it will risk his job. Which value has been violated by the accountant?

Give fundamental accounting equation.

A Petty Cashier has an imprest of ₹ 10,000. He is reimbursed the amount spent by him every month. For the month ended 31st March 2017, he submits details of expenses amounting ₹ 9,500. He has with him unpaid expenses vouchers amounting to ₹ 3,200. How much amount should be paid to him?

On 25th March, 2017, a fire broke out in the premises of Kamal Ltd. And destroyed a part of its plant and machinery. On account of this, a sharp decline in production for the next six months is expected. The company did not disclose this fact in its annual report for the year ended 31st March, 2017. What is your opinion about this omission?

Mention two advantages of accounting.

A firm has received a large order to supply goods. Will it be recorded in the books of account of the firm? Give reason.

What is a Journal?