Theory Base of Accounting — Account STD 11 Commerce — Question

What is the rule of recording transactions in Real Accounts?

Explain Historical Cost Concept.

On 25th March, 2017, a fire broke out in the premises of Kamal Ltd. And destroyed a part of its plant and machinery. On account of this, a sharp decline in production for the next six months is expected. The company did not disclose this fact in its annual report for the year ended 31st March, 2017. What is your opinion about this omission?

What do you mean by ‘Bill at Sight'?

Who is a Debtor?

Exe Co, which purchased 50 computers from HCL made payment immediately. As a result, HCL granted it a discount of ₹ 10,000. Is the discount received Trade Discount or Cash Discount? How will you record it in the books of account?

Exe Co, which purchased 50 computers from HCL made payment immediately. As a result, HCL granted it a discount of ₹ 10,000. Is the discount received Trade Discount or Cash Discount? How will you record it in the books of account?

Which value is most important for a good accountant?

Explain Money Measurement Concept.

Give one difference between provision and reserve.