Bank Reconciliation Statement — Account STD 11 Commerce — Question

In the Cash Book of a firm, Bank Account showed a credit balance of ₹ 5,000. There were unpresented cheques amounting to ₹ 1,500. The Bank Statement showed bank charges of ₹ 700 not recorded in the Cash Book. What is the balance in the Bank Statement?

Refusal by the acceptor to pay the bill on the maturity date is called Retirement of the Bill. Comment.

Is the basic objective of Book-keeping to maintain systematic records or to ascertain net results of operations of financial transactions?

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 any two examples of Current Assets.

Define the following basic accounting term with example:
Profit.

Cash book is a principal book and not a subsidiary book. Do you agree?

What are the two sides of an Account called?

What is Narration?

Distinguish between expenses and losses.