Explain the following terminologies : (a) Current assets (b) Liqu… - Vidyadip

Question

Explain the following terminologies :
$(a)$ Current assets
$(b)$ Liquid assets
$(c)$ Tangible assets

✓

Answer

self

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "Give Answer As Asked . (3 Marks)" from Accounting and Its Terminology→Accounting and Its Terminology — all question types→Account STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

Biju Limited has purchased a machine on $1- 4- ‘16$. By charging depreciation at $10 \%$ under reducing balance method, $Rs. 14,400$ is recorded as depreciation on $31 – 3- ‘18$, determine cost price of machine.

Write journal entry for transaction and explain its accounting treatment of individual transaction as per equation method :
$₹ 40,000$ deposited with bank.

Record the following transactions in the journal books of Priya
$2014$
March $1$ Goods of $5000$ is purchased on cash.
$4$ Goods of $8000$ is purchased from Nandan on credit.
$7$ Goods of $4000$ is sold to Jigna.
$12$ Commission received $200.$
$15$ Wages expense paid $₹ 150.$

Write short-note on: $(1)$ Prudence Concept :

From the following transactions prepare a three columnar weekly cashbook in the books of Anup Provision Stores and post them in ledger.
$2018$
July $1$ Opening cash balance $₹ 36,000;$ bank balance $₹ 1,24,000.$
$3$ Paid salary $₹ 12,000,$ electricity bill $₹ 2500$ and for news paper $₹ 350$ by cash.
$5$ Withdrawn $₹ 30,000$ from bank for shop expenses.
$7$ Given a cheque of $₹ 14,000$ to Mahavir Brothers in full settlement of the debt of $₹ 14,600.$

Classify the following accounts:
$1.$ Stock account
$2.$ Purchase account
$3.$ Tata Company account
$4.$ Debenture of Tata Company account
$5.$ Interest received on debenture account
$6.$ Office expenses account

Journalise the following transactions and post them in the ledger: 2019 July 1 Purchased goods of ₹ 45,000 on cash 3 Brought additional capital of ₹ 60,000 in the business.

Classify the following accounts:
$1.$ Kisan Vikas Patra’s account
$2.$ Salesmen’s commission account
$3.$ Machine account
$4.$ Bank fixed deposit account
$5.$ General reserve account
$6.$ Apprentice premium account

Explain classification of expenses of a non-trading concern with illustrations.

From the following transactions write the journal proper in the books of Shri Atul Awasthi.
$(1)$ Brought goods of $₹ 10,000$ and machinery of $₹ 25,000$ to start the business.
$(2)$ Cellular phone of $₹ 20,000$ purchased for business from Kabir Stores.
$(3)$
$₹ 500$ is payable to Rohit for interest.
$(4)$ Goods of $₹ 12,000$ were stolen away from the shop, for which the insurance company accepted a claim of $75 \%$ of the amount.
$(5)$ Paid $₹ 800$ for bill of family doctor, which debited to sundry expense.
$(6)$ Rent received of $₹ 4000$. Pass the entry to close the account.