Trial Balance — Account STD 11 Commerce — Question

What types of Softwares are available for Accounting purpose?

Y purchased goods for ₹ 6,000 on 1st June, 2011 from X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. On maturity, the bill was dishonoured for non-payment and Z had to pay ₹ 50 as noting charges. Two days after the dishonour of bill, Y paid ₹ 2,000 to X and requested him to draw a second bill for the balance plus ₹ 90 for the amount of interest, payable after two months. X accepted the proposal and draws the bill on Y, which was accepted by Y and was duly met on maturity. Pass Journal entries for the above transactions in the books of X.

What is a Bank Reconciliation Statement? Explain briefly any four points regarding need and importance of preparing a Bank Reconciliation Statement.

Why is Balance Sheet prepared?

The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2017

Closing Stock as on date was valued at ₹ 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola & Sons.

Prepare a “Total Debtors Account' with imaginary figures.

Explain the objects of preparing Profit and Loss Account.

Give any three advantages of Single Entry System of Accounting.

Write a note on types of Assets with one example of each.

Distinguish between Current Assets and Fixed Assets.