Introduction to Accounting — Account STD 11 Commerce — Question

What entry (debit or credit) would you make to:

1. Increase in revenue.
2. Decrease in expense.
3. Record drawings.
4. Record the fresh capital introduced by the owner.

Radha draws a bill on Lalita for ₹ 50,000. She wants to endorse it to Visakha in. settlement of ₹ 62,000 at 4% discount with the help of Lalita's acceptance and balance in cash. How much cash Radha will pay to Visakha?

What are Vouchers?

What is the purpose of preparing Bank Reconciliation Statement?

Give an example of recording in wrong Subsidiary Book.

What is a Cheque?

Name the error committed by violating the rules of Accounting.

While preparing Bank Reconciliation Statement from the debit balance of the Pass Book indicate whether the following items will be written in Plus or Minus Column.

1. Insurance premium paid by the bank.
2. Interest and dividend collected by the bank.
3. Payment of ‘Bills Payable' by the bank on behalf of the customer.
4. Interest allowed by the bank.
5. Cheques deposited into the bank but not yet cleared.

To record a purchase of an asset, why Asset Account is debited?

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