Basic Accounting Terms — Account STD 11 Commerce — Question

What is meant by Two-column Cash Book?

Give two examples of Capital Reserve.

Is Bank Reconciliation Statement a part of Double Entry System?

Which transactions will:

1. Decrease the Assets and Decrease the Capital.
2. Increase the Assets and Increase the Liabilities.
3. Increase the Assets and Decrease another Asset.
4. Decrease the Assets and Decrease the Liabilities.

What is Opening Entry?

Which GST is levied on intra-state sale of goods?

Profit is earned on sale of Fixed Asset. What should be the accounting treatment of this profit?

Exe Co. has purchased 50 computers from HCL and is allowed discount of ₹ 10,000 for purchase thereof. Is the discount allowed Trade Discount or a Cash Discount? How will you record it in the books of account?

What will be the effect on Trial Balance if a purchase return of ₹ 5,000 has been wrongly posted to the debit of Sales Return Account but correctly entered in the Customer's Account?

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.