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Class 11
Accountancy
Depreciation, Provisions and Reserves
give four examples each of lsquo revenue reserve...

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

Answer:

Four examples of revenue reserve are given below:

1. General Reserve
2. Retained Earnings
3. Dividend Equalization Reserve
4. Debenture redemption Reserve

Four examples of capital reserve are given below:

1. Issues of shares at premium
2. Profit or issue of shares
3. Sale of fixed assets
4. Profit on redemption of debentures.

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Popular questions of class 11 Accountancy

Mr. Sunrise started a business for buying and selling of stationery with ₹ 5,00,000 as an initial investment. Of which he paid ₹ 1,00,000 for furniture, ₹ 2,00,000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid ₹ 5,000 as their salaries. Out of the stationery bought he sold some stationery for ₹ 1,50,000 for cash and some other stationery for ₹ 1,00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of ₹ 1,50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost ₹ 30,000 worth of stationery. A part of the machinery, which cost ₹ 40,000, was sold for ₹ 45,000.

From the above, answer the following :
1. What is the amount of capital with which Mr. Sunrise started business?
2. What are the fixed assets he bought?
3. What is the value of the goods purchased?
4. Who is the creditor and state the amount payable to him?
5. What are the expenses?
6. What is the gain he earned?
7. What is the loss he incurred?
8. Who is the debtor? What is the amount receivable from him?
9. What is the total amount of expenses and losses incurred?
10. Determine if the following are assets, liabilities, revenues, expenses or none of the these: sales, debtors, creditors, salary to manager, discount to debtors, drawings by the owner.

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(e) ..................... users are groups outside the business entity, who uses the information to make decisions about the business entity.
(f) Information is said to be relevent if it is ......................
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(i) Identified and measured economic events should be recording in ............ order.

What is a journal? Give a specimen of journal showing at least five entries.

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Complete the following work sheet:
(i) If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.
(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.
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(iv) The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.
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(vii) The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ________ concept.

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

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

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Recently Viewed Questions of Class 11 Accountancy

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