P1 C10 Trial Balance — Account STD 11 Commerce — Question

Which accounting system is known as incomplete form of double entry accounting system ?

How is the drawings made during the year adjusted while calculating profit in the statement of profit under Single Entry System?

Write accounting equation.

Under which method of depreciation, no balance is maintained between depreciation and maintenance expense?

Which accounting treatment will be given for outstanding capital expenditures under equation method?

Provision for loss of theft of uninsured machinery will be made in the books of accounts soon after the theft even if there is possibility of recovery of this machinery, if police catches the thief.

At the end of the year, Purchase A/c and Sales A / c are transferred to which account?

State the errors not affecting trial balance.

What is Demurrage?