Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

What are Representative Personal Accounts? Give one example.

An old machinery was sold to Manish for ₹ 56,000. Name the book in which this entry will be recorded.

If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?

What is an invoice?

What is concept of consistency?

Explain Revenue Recognition Concept.

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 does debit in an Asset Account signify?

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

Name the branch of commerce, which keeps a record of monetary transactions in a set of books.