Accounting Procedures Rules of Debit and Credit — Account STD 11 Commerce — Question

Give two points regarding nature of accounting standards.

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

The accountant of the firm found an error in the books of accounts but neither he rectified the error nor disclosed it to the management fearing that it will risk his job. Which value has been violated by the accountant?

A bill for ₹ 75,000 is discounted with the bank for ₹ 72,000. The bill is dishonoured at maturity. The drawee pays 40% in full settlement. What is the arnount of Bad Debts?

What journal entry is passed in case of purchase of goods from outside the state?

Goods costing ₹ 10,000 have been sold for cash at 25% profit. How will the transaction be shown in the Accounting Equation?

Vikas's Cash Book showed an overdrawn Cash Book balance of ₹ 20,200 on 31st March, 2019. He received a bank statement showing an overdrawn balance of ₹ 20,310 on 31st March, 2019. The reason for the difference is that bank charged ₹ 310 and allowed interest ₹ 200 has not been recorded in the Cash Book. What entries should Vikas pass to update his Cash Book?

When is Capital Account debited?

Which account should be debited, if wages are paid for installation of a machine?

Are there any accounts which are not considered while preparing Trial Balance by Balance Method?