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What do you mean by the term accounting

Posted by Dipanshu Saxena Status Maker 6 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Kunal Agrawal 6 years, 9 months ago

It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the.

Prashant Godara 6 years, 9 months ago

"Accounting is the art of recording , classifying and summarising in a significant manner and in terms of money ; transactions and event which are , in part at least , of a financial character, and interpreting the results thereof."

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Features of accounting ?

Posted by Soumyajit Patnaik 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Posted by Arya Patel 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Posted by Arya Patel 3 months ago

CBSE > Class 11 > Accountancy

0 answers

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CBSE > Class 11 > Accountancy

0 answers

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CBSE > Class 11 > Accountancy

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CBSE > Class 11 > Accountancy

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CBSE > Class 11 > Accountancy

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Posted by Prabhdeep Mall 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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CBSE > Class 11 > Accountancy

1 answers

Chapter 3 question number 21

Posted by Ansh Dwivedi 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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