Theory Base of Accounting — Account STD 11 Commerce — Question

M/s. Vaish Traders, Delhi purchased 500 Parker Pens @ ₹ 200 each less Trade Discount @ 15% from Luxor Pens Ltd., Delhi. CGST and SGST was levied @ 6% each. Further, Cash Discount was allowed @ 5% as the payment was made within specified time. What will be the amount of trade discount and cash discount?

X draws a bill on Y for ₹ 60,000 for mutual accomodation. X discounted the bill for ₹ 57,000 and remitted ₹ 19,000 to Y. What amount will be sent by X to Y' on due date?

Sale has been made in the year ended 31st March, 2018 but the amount has not been realised. Revenue should be recognised as earned in the year ended 31st March, 2018.

Which value is most important for a good accountant?

Is 'Cash Memo' a source document or an accounting voucher?

On 1st April, 2019 X Ltd. acquired a machine for ₹ 6,00,000. Installation expenses were ₹ 40,000. Residual value after 5 years ₹ 1,00,000. On 1st Oct. 2019 it incurred repair expenses of ₹ 20,000. What will be the annual depreciation under straight line method?

What is a bill of exchange?

Give an exarnple of two sided error.

What are Assets?

Name any two external users of accounting inforrnation?