Recording of Transactions - 1 — Account STD 11 Commerce — Question

Give an example of a transaction which increases one liability and decreases another.

What is the objective of preparing an Account?

‘If debts written off as bad are recovered subsequently it should be credited to Debtors Account'. Do you agree?

A Bill receivable for ₹ 10,000, which had been discounted for ₹ 9,700, is dishonoured and the Bank paid ₹ 20 as noting charges.
Pass entries in the books of drawer and drawee.

What is a bank reconciliation statement?

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?

Give two basic purposes of accounting equation.

Name two Long-term Liabilities.

When is Capital Account debited?

Mr. Dinanath who owed us 350,000 became insolvent and paid only 40% of this amount. What is term used for the amount not received?