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CBSE Class 11-commerce Answered

Bank overdraft is a liability. Do you agree?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
answered-by-expert Expert Answer

Yes, bank overdraft is a liability. Bank overdraft is a negative bank balance which refers to excess money as compared to the amount deposited, has been withdrawn from the bank. Account. The business organisation has to repay the excess money withdrawn from the bank, and hence it is a liability for the business.

Answered by | 08 Jul, 2016, 11:51: AM
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CBSE 11-commerce - Accountancy Part I
To which side of the ledger accounts are the transactions in the receipt side of the cash book posted?
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
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CBSE 11-commerce - Accountancy Part I
Record the following transactions in Simple Cash Books of Harsh Traders for the month January 2015. 1: Cash in hand Rs. 20,000. 3: Received cash on account from Raj Rs.5,000. 6: Purchased machinery Rs.8000. 9: Insurance premium paid Rs.2,500. 12: Sold goods for cash Rs.10,000. 13: Received commission Rs.2,000. 15: Purchased postal stamps Rs.500. 18: Purchased goods for cash from Omkar Brothers Rs.1,600. 23: Cash paid to Paras Rs.3,000 on account. 26: Paid rent Rs.4,500. 28: Sold old furniture Rs.3,000. 29: Deposited into bank Rs.1,800. 31: Paid salary to office staff Rs.6,000.  
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
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CBSE 11-commerce - Accountancy Part I
Record the following transactions of Mr. Kaushal in a cash book with cash and bank columns for the month October 2015. 1: Cash Balance Rs.35,000; Bank Balance Rs.22,000. 5: Paid for printing and stationery Rs.9,400. 8: Cash sales Rs.25,000. 9: Cash purchases Rs.28,000. 10: Deposited cash into bank Rs.3,000. 12: Withdrew from bank for personal use Rs.2,500. 14: Received bearer cheque from Arjun in full and final settlement Rs.7,700 and deposited same into bank. 16: Withdrew from bank for office use Rs.7,000. 18: Received cash from Sahil on account Rs.6,500. 21: Received bearer cheque from Akhil Rs.4,500. 22: Paid legal charges Rs.2,300 by cheque. 24: Paid for carriage Rs.500. 28: Cheque received from Akhil deposited into bank for collection. 31: Paid telephone bill Rs.2,000.
Asked by Topperlearning User | 04 Jul, 2016, 08:56: AM
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CBSE 11-commerce - Accountancy Part I
What is a cash book?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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CBSE 11-commerce - Accountancy Part I
What are the different types of cash book?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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CBSE 11-commerce - Accountancy Part I
Which transaction is referred to as contra entry?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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CBSE 11-commerce - Accountancy Part I
Why does cash column of cash book always shows debit balance?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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CBSE 11-commerce - Accountancy Part I
Can bank column of a cash book show credit balance?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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CBSE 11-commerce - Accountancy Part I
Which transactions are recorded in the cash book?
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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CBSE 11-commerce - Accountancy Part I
Give two examples of contra entries.
Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM
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