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

Briefly explain the term 'Goods'.

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?

‘X’ commenced business on 1st April, 2013 with a capital of ₹ 6,00,000. On 31st March, 2014 his assets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital and profits earned during the year.

When days of grace are not allowed?

Which of the following transactions are of financial character and will be recorded in the books?

1. Credit purchase of goods.
2. Strike by employees.
3. Goods worth ₹ 20,000 taken from the business and given by the proprietor to his friend as gift.
4. Withdrawing of money by proprietor from business for personal use.
5. Interviewing the candidates for employment.
6. Sale of household furniture for ₹ 10,000.
7. Payment of school fees of proprietor's son from proprietor's personal bank Account.
8. Make promise to send the goods.
9. Receiving an order to send the goods.
10. Loss of goods by fire.
11. Value of human resources.

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

When is a bill called draft?

Bieflly state the rules of debiting and crediting accounts classified on the basis of Accounting Equation.

What are Nominal Accounts?

Give the rules of debit and credit of the three types of accounts.