Recording of Transactions - 1 — Account STD 11 Commerce — Question

Who is a Debtor?

Reserve is not a liability in the real sense. Do you agree with this statement?

Calculate total assets if:
Capital is ₹ 2,00,000; Creditors ₹ 50,000; Revenue during the year ₹ 5,00,000; and Expenses during the year ₹ 4,00,000.

M/s. Auto Help, Delhi purchased 500 pieces of motor cycle horns at ₹ 100 each plusIGST @ 12% from M/s G.S., Auto, Ghaziabad, (UP). Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days. M/s. Auto Help made the payment after 30 days. Determine the amount of Trade Discount and Cash Discount.

What is the rule of recording transactions in Nominal Accounts?

If the Capital is ₹ 1,00,000 and Outside Liabilities are ₹ 2,50,000, find the Total Assets.

What is a Pay-in-Slip?

List any two functions of Accounting.

What is an Opening Entry?

Name the accounts to be credited along with the amount for payment to Ajay of ₹ 4,800 by cheque in full settlement of ₹ 5,000.