Financial Statements - 1 — Account STD 11 Commerce — Question

How are computers useful in processing the accounting data?

Y owes X ₹ 4,000. On 1st January, 2019, Y accepts a 3 months bill for ₹ 3,900 in satisfaction of his full claim. On the same date, it was endorsed by X to Z in satisfaction of his claim of ₹ 3,980. The bill is dishonoured on the due date. Give the Journal entries in the books of X.

Explain the objects of preparing Profit and Loss Account.

Give four points of distinction between Trading Account & Profit and Loss Account.

Distinguish between a ‘ready-to-use’ and ‘tailored’ accounting software.

Record the following transactions in Double Columns Cash Book and balance the book on 31st March, 2019:

2019			₹
March 1	Cash in Hand		12,750
	Cash at Bank		72,400
March 4	Received from Asha cash ₹ 1,200 and a cheque for ₹ 3,200, allowed discount ₹ 400
March 7	Paid salary to staff by cheque		25,600
March 9	Withdrawn cash from bank for office use		21,900
March 12	Interest paid by bank on bank balance		1,200
March 16	Purchased furniture in cash		16,500
March 21	Paid Mohan & Co. by cheque, discount received ₹ 100		10,900
March 24	Proprietor withdrew from office cash for his personal use		11,600
March 29	Sold goods to Manoj for cash		14,800
March 31	Deposited office cash into bank		21,200

Give four points of distinction between Trading Account & Profit and Loss Account.

Give rectifying entries for the following:

1. ₹ 5,400 received from Mr. A was posted to the debit of his account.
2. The total of Sales Return Book overcasted by ₹ 800.
3. ₹ 2,740 paid for repairs to motor car was debited to Motor Car Account as ₹ 1,740.
4. Returned goods to Shyam ₹ 1,500 were passed through Returns Inward Book.

Mention three characteristics of Single Entry System.