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

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

Give transaction that:
Increase an asset and decrease another asset.

Name the error committed by violating the rules of Accounting.

Indicate how Accounting Equation is affected if machinery is purchased for cash?

Rent is paid for the month of April, 2019 in March, 2019. The accounting year ended on 31st March, 2019. The accountant has shown it on the assets side of the Balance Sheet. Has he given the correct treatment? Give reasons.

Give two examples of Tangible Assets.

Under which method the value of an asset can never be completely extinguished?

Define Drawings with example.

What do you understand by Cash Basis of Accounting?

Increase in an Asset Account is recorded on its debit side. Give reason.