Meaning and Objectives of Accounting — Account STD 11 Commerce — Question

If the Capital of a business is ₹ 5,00,000 and Outside liabilities are ₹ 2,00,000, calculate total assets of the business.

Explain Capital briefly.

Closing Stock is valued at lower of cost or market value.

What is meant by Error of Partial Omission?

1. A had a capital of ₹ 75,000 on 1st April, 2018. He had also goods amounting to ₹ 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.
2. After a period of one month, he came to know that he had suffered a loss of ₹ 1,700. He withdrew ₹ 800 for his personal use. Find out his capital and assets of the business.

X Ltd. purchased a plant for ₹ 7,80,000 and spent ₹ 60,000 on its installation. Its scrap value is ₹ 42,000 and useful life 10 years. What will be the rate of depreciation as per straight line method?

What is endorsement?

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?

What are the two sides of an account called?

Explain the meaning of the following term:
Drawings.