Journal — Account STD 11 Commerce — Question

What is the nature of the balance in the Petty Cash Book?

On 13th June, 2019 A draws a bill on B for ₹ 50,000 payable after 60 days. What will be the due date of the bill?

Distinguish between expenses and losses.

A customer of X Ltd. has discontinued his business. He used to purchase 30% of the total goods produced by X Ltd. Is it a relevant information in your opinion and should be disclosed by X Ltd.

Which type of accounting information shows profit earned or loss incurred?

While preparing Bank Reconciliation Statement from the balance of Cash Book indicate whether the following items will be written in Plus or Minus column.

1. Cheques issued but not yet presented for payment.
2. Cheques paid into the bank but not yet cleared.
3. Dividend collected by the bank on customer's investments.
4. Payment of club fee by the bank according to the standing instructions.
5. Direct payment into the bank by a customer.
6. Any wrong entry on the debit side of the Pass Book.
7. Dishonour of the cheques deposited into the bank.

Amit has incurred an expense of ₹ 5,000 towards repairs. However, the amount is yet to be paid. How will it be shown in the accounting equation?

Give an example of a transaction where an asset and owner's capital will increase.

What is cost concept?

What is a Compound Voucher?