Bank Reconciliation Statement — Account STD 11 Commerce — Question

Explain the meaning of the following term:
Assets.

Give the main demerit of providing depreciation by Original Cost Method.

Name any one external user of Accounting information.

Name two items which are written in Minus column while starting with Overdraft balance of Pass Book.

Give two advantages of Petty Cash Book.

Mr. Ganpati, the proprietor of a business, sold his residential house for 50 Lac. Will it be recorded in the books of accounts?

A bill is drawn on 5th February 2019 for one month after sight. Its date of acceptance is 12th February 2019. What will be the due date of the bill?

What is meant by Revenue Reserve?

What is a Simple Journal Entry?

Name the process of transferring entries from a Journal to their respective accounts in the Ledger.