Arts (English Medium) कक्षा ११ - CBSE Question Bank Solutions for Accountancy

Give the performa of a Bills Receivable Book

Give the performa of a Bills Payable Book

Why is it necessary to create a provision for doubtful debts at the time of preparation of final accounts?

What is meant by provision for doubtful debts? How are the relevant accounts prepared and what journal entries are recorded in final accounts? How is the amount for provision for doubtful debts calculated?

What is retirement of a bill of exchange?

Briefly explain the purpose and benefits of retiring a bill of exchange to the debtor and the creditor

What adjusting entries would you record for the following:
Manager’s commission

Distinguish between ‘provision’ and ‘reserve’

Give four examples each of ‘provision’ and ‘reserves’

Distinguish between ‘revenue reserve’ and ‘capital reserve’

Give four examples each of ‘revenue reserve’ and ‘capital reserves’

Name and explain different types of reserves in details

What adjusting entries would you record for the following:
Interest on capital

Distinguish between ‘general reserve’ and ‘specific reserve’

Explain the concept of ‘secret reserve’

Distinguish between statement of affairs and balance sheet.

What is meant by a ‘statement of affairs’? How can the profit or loss of a trader be ascertained with the help of a statement of affairs?

‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

Explain how the following may be ascertained from incomplete records:
(a) Opening capital and closing capital
(b) Credit sales and credit purchases
(c) Payments to creditors and collection from debtors
(d) Closing balance of cash.

Following information is given below prepare the statement of profit or loss: