Theory Base of Accounting — Account STD 11 Commerce — Question

To record a purchase of an asset, why Asset Account is debited?

Do you agree that Depreciation is a permanent, continuing and gradual reduction in the book value of a fixed asset?

Give any two examples of Current Assets.

Why do only one account is posted to the Ledger from the Cash Book?

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

Which column in a Journal is not filled at the time of Journalising?

Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.

Harpreet has entered into agreement whereby he will earn ₹ 10 lakhs for the services to be provided in the next year. The income should be recognised as revenue in the next year after services have been provided.

Define the following basic accounting term with example:
Revenue.

Rent for the month of March, 2019 is not paid. Under which accounting concept it should be recorded as expense for the year ended 31st March, 2019?