Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

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?

Define the following basic accounting term with example:
Profit.

Which column in a Journal is not filled at the time of Journalising?

What is Original Cost Method of providing depreciation?

What is meant by rectifying entry?

Calculate total assets if:
Capital is ₹ 2,00,000; Creditors ₹ 50,000; Revenue during the year ₹ 5,00,000; and Expenses during the year ₹ 4,00,000.

What journal entry is passed in case of purchase of goods within the state?

A Bill of Exchange for ₹ 3,000 drawn on 1st June, 2018 and payable after 3 months was discounted with a bank at 10% p.a. but was dishonoured on due date and 8 were paid as noting charges. What was the amount claimed by the bank from the Drawer?

Rent is paid by cheque. Which account will be credited and why?

Which qualitative characteristic of accounting information requires the use of common unit and common format of reporting?