Accounting Terms — Account STD 11 Commerce — Question

Indicate how Accounting Equation is affected if cash is received against services rendered?

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

State with reason whether the following statements are True or False:
In Purchases Book, the record is in respect of cash purchases of goods.

Give one limitation of Journal.

What is the rule of recording transactions in Nominal Accounts?

Hari gifted a set of six. T-Shirts (made in his Garments factory) to one of his friend. In which accounts this transaction should be debited and credited?

Is Journal a book of original entry?

Give two examples of Nominal Accounts.

Give two demerits of providing depreciation by Written Down Value Method.

If the Capital is ₹ 2,60,000 and Assets are ₹ 5,00,000, what is the amount of Liabilities?