Answer any FIVE of the following: (5x210) 1 Define a promissory note? 2 A company is following weighted average cost method for valuing its inventory. The details of its purchase and issue of raw materials during the work areas follows: 1.12.2011 opening Inventory So units value 2,200. 2.12.2011 purchased 100 units OT 47. 4.12.2011 issued 50 units. 5.12.2011 purchased 200 units + 48. What is the unit weighted average costs and the value of inventory at the end of the week? 3. Dravid of Delhi sends out goods to Sourav of Kolkata, Goods costing + 2,00,000 at cost +25%, with the instruction to sell it at invoice +20%. 4/5" of the goods are sold at stipulated selling price and commission allowable 29 on sales. What will be the profit on consignment in the books of consignor? Debit balance as per Cash Book of ABC Enterprises as on 31.3.2011 is 1.500. Cheques deposited but not cleared amounts to 100 and cheques issued but not presented of 150. The bank allowed interest amounting 50 and collected dividend 50 on behalf of ABC Enterprises. What should be Balance per pass book? 5. What are the objectives of providing depreciation? 6. List out any two situations were accounting estimates can be used? 7. What are the limitations of accounting standards