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AccountancyClass 11CBSE

What is Computer?

A computer is an electronic device which is capable of performing a variety of operations as directed by a set of instructions. This set of instructions is called a computer Programme.

AccountancyClass 11CBSE

Rohan and Rohit were both in need to temporary accommodation. On November 01, 2005, Rohan accepted Rohit draft fro Rs. 5,000 for 3 months and Rohit accepted Rohan draft for Rs.4,000 for 3 months. The both bills were discounted at the respected banks for Rs.4,800 and Rs.3,850. Before maturity of the bill Rohit sent Rs.1000 to Rohan for difference in accommodation bill. Rohan and Rohit met his acceptance on the due date records the transaction in the journal of Rohan and Rohit.

Books of Rohan** Journal | Date | Particulars | L.F | Debit Amt. | Credit Amt. | | --- | --- | --- | --- | --- | | 2005 Nov.01 | Rohit A/c Dr. To Bills Payable A/c (Rohan accepted bill accommodation) | | 5,000 | 5,000 | | Nov.01 | Bill Receivable A/c Dr. To Rohit’s A/c (Accommodated bill received) | | 4,000 | 4,000 | | Nov.01 | Bank A/c Dr. Discount A/c Dr. To Bill receivable A/c (Bill discounted by bank) | | 3,850 150 | 4,000 | | Feb.04 | Cash A/c Dr. To Rohit’s A/c (Cash rece

AccountancyClass 11CBSE

What do you mean by Maturity of Bill?

The term maturity refers the date on which a bill of exchange or a promissory note becomes due for payment. In arriving at the maturity date three days, known as *day of grace, must be added to the date on which the period of credit expires instrument is payable.*

AccountancyClass 11CBSE

Describe the Advantages of Bill of Exchange.

Advantages of Bill of Exchange. - **Framework for relationship:** A bill of exchange represents a device, which provides a framework for enabling the credit transaction between the seller/creditor and buyer/debtor on an agreed basis. - **Certainty of terms and conditions:** the creditor knows the time when he would receive the money so also debtor is fully aware of the date by which he has to pay the money - **Convenient means of credit:** A bill of exchange enables the buyer to buy the goods

AccountancyClass 11CBSE

Differentiate Between Bill of Exchange and Promissory Note.

| Basis | Bill of Exchange | Promissory Note | | --- | --- | --- | | Drawer | It is drawn by the creditor | It is drawn by the debtor | | Order or Promise and Parties | It contains an order to make payment. There can be three parties to it, viz. the drawer, the drawee and the payee. | It contains a promise to make payment. There are only two parties to it, viz. the drawer and the payee. | | Acceptance | It requires acceptance by the drawee or someone else on his behalf. | It does not require any

AccountancyClass 11CBSE

Create a specimen of bill of exchange and promissory note.

a) Bill of Exchange | Mamta Rs.10,000 | New Delhi April 01,2006 | | --- | --- | | Three months after date pay to me or my order, the sum of rupees Ten Thousand only, for value received. | | ** ****STAMP** Accepted (signed) Jyoti 1.4.2006 73-B, Mahipalpur New Delhi 110 037 | (Signed) Mamta 196,Karol Bagh New Delhi | | | To Jyoti 73-B, Mahipalpur New Delhi 110 037 | b) Promissory Note | Ashok Kumar Rs.30,000 | New Delhi April 01,2006 | | --- | --- | | Three months after date I promise t

AccountancyClass 11CBSE

What are the features of Promissory note?

Features of Promissory note: - It must be in writing. - It must contain an unconditional promise to pay. - The sum payable must be certain. - It must be signed by the maker. - The maker must sign it. - It must be payable to a certain person. - It should be properly stamped.

AccountancyClass 11CBSE

What is Promissory note?

A Promissory note is defined as an instrument in writing, containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument.

AccountancyClass 11CBSE

Who is Payee?

A payee is the person to whom the payment is to be made. The drawer of the bill himself will be the payee if he keeps the bill with him till the date of its payment.

AccountancyClass 11CBSE

Who is Drawee?

Drawee is the person upon whom the bill of exchange is drawn. Drawee is the purchaser or debtor of the goods upon whom the bill of exchange is drawn.

AccountancyClass 11CBSE

Who is Drawer?

Drawer is the maker of the bill of exchange. A seller/creditor that is entitled to receive money from the debtor can draw a bill of exchange upon the buyer/debtor.

AccountancyClass 11CBSE

List the features of Bill of Exchange.

Features of bills of exchange - A bill of exchange must be in writing. - It is an order to make payment. - The order to make payment is unconditional. - The maker of the bill of exchange must sign it. - The payment to be made must be certain. - The date on which payment is made must also be certain. - The bill of exchange must be payable to a certain person. - The amount mentioned in the bill of exchange is payable either on demand or on the expiry of a fixed period of time. - It must

AccountancyClass 11CBSE

What do you mean by bill of exchange?

A bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to bearer of the instrument.

AccountancyClass 11CBSE

Purchase of books has been overcast by 10,000 resulting in excess debit of Rs. 10,000 in purchase account and sales return book is undercast by Rs 10,000 resulting in short debit to sales return account is a case of a) Error of commission b) Error of omission Error of Principal Compensating Error

d) The two errors compensating each other’s effect

AccountancyClass 11CBSE

Amount spent on addition of the building is debited to maintenance and repair account. It is error of commission error of omission Error of principal None of the above

c) It is the error of principal as the additional amount on the addition of the building is of capital nature expenditure and must be debited to assets account.

AccountancyClass 11CBSE

Credit sale to Mohan Rs. 10,000, not entered in the sales book. It is an error of Error of commission Error of omission Error of Principal Compensating Error

b) Eror of Omission:- When a transaction is completely omitted from recording in the books of original record, it is an error of complete omission.

AccountancyClass 11CBSE

Raj Hans Traders paid Rs. 25,000 to Preetpal Traders, But while posting to the ledger, Preetpal’s account was debited with Rs. 2,500 only. Identify the kind of error of this case Error of commission Error of omission Error of principal Compensating error

a) Error of Commission:- These are the errors which are committed due to the wrong posting of wrong transaction, wrong totaling or balancing of the accounts, wrong casting of the subsidiary books

AccountancyClass 11CBSE

Only the balance of the ledger is considered Balance Method Total method Total-cum balance Method None of the above

a) Balance method

AccountancyClass 11CBSE

Under this method total of each side in the ledger is ascertained separately Total Method Balance Method Total-cum-balance method All of the above

a)Under total method the total amount of both the side of ledger is taken for trial balance.

AccountancyClass 11CBSE

which one of the following is not the method of preparing the trial balance. Totals Method Balances Method Total-cum-balance Method All of the Above

d) all are the methods of preparing the trial balance.

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