Theory Base of Accounting — Account STD 11 Commerce — Question

What does debit balance of a Personal Account indicates?

Write one limitation of accounting.

What are the parties to a bill of exchange?

What is Accumulated Depreciation?

Name the external user of accounting information from whom the firm purchases goods on credit.

Give the full form of IGST.

Capital Reserve may or may not involve any receipts of cash. Do you agree?

Rahul sold 100 Cricket Bats to V. Sports @ ₹ 5,000 each less 25% Trade Discount plus IGST @ 12% and 2% Cash Discount if V. Sports paid the amount in 14 days of sale. V. Sports paid the amount within 14 days. What will be the amount that Rahul should credit to Sales Account?

Differentiate between reserve and provision on the basis of charge or appropriation.

Name the side on which increase in Capital Account is recorded.