Accounts from Incomplete Records — Account STD 11 Commerce — Question

The debts written off as bad, if recovered subsequently, are credited to the Debtor's Account. Is it correct? Why?

“Profit and Loss Account is a point statement whereas a Balance Sheet is a period statement.” Do you agree?

What is the necessity of doing adjustments? Give four adjustment entries with their explanations.

The bank has given a wrong credit of ₹ 10,000. The accountant of the firm recorded it in the books of account by crediting the amount to ‘Miscellaneous Income'. Give your opinion with reason, is he correct in doing so?

Salaries paid would be charged to which account- Trading A/c or Profit and Loss A/c?

Assets and Liabilities of a particular accounting period are shown in the Balance Sheet. Do you agree?

What is the principle of valuation of inventory?

Mr. Khanna is the owner of a Theatre. He spent ₹ 5,00,000 for increasing the seating capacity of the Theatre. Where will it be shown and why?

What is the adjustment entry passed for Accrued Commission of ₹ 10,000? CGST and SGST are levied @ 9% each.

Operating Profit earned by Heer Mehta in 2005-06 was ₹ 3,50,000. Its non-operating incomes were ₹ 75,000 and non operating expenses were ₹ 1,87,500. Calculate Profit earned during the year.