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Basic Accounting Terms — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBasic Accounting Terms3 Marks
Question
What are Fictitious Assets?
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Answer

These are the Assets which cannot be realised in Cash or no further benefit can be derived from these assets. Such assets include Debit balance of P & L A/C and the expenditure not yet written off such as Advertisement Expenses etc.

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June 25
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Ignore adjustment and payment of GST.
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