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What do you mean by financial …

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What do you mean by financial accounting? Explain it's one main function

Posted by Shubham Jha 6 years, 6 months ago

CBSE > Class 11 > Accountancy

2 answers

Saloni Jain 6 years, 6 months ago

Financial accounting- is that branch of accounting which is concerned with recording of business transaction which is financial in nature in a systematic order. Its main one function is that it helps in ascertaining the profit earned or loss incurred during a particular accounting period and it also helps in determining the financial position of business.

Yogita Ingle 6 years, 6 months ago

Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.

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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

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

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Posted by Garima Gaur 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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Posted by Ansh Dwivedi 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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Posted by Alok Bhartiya 1 year, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

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CBSE > Class 11 > Accountancy

1 answers

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CBSE > Class 11 > Accountancy

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CBSE > Class 11 > Accountancy

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Posted by Arun Arun 1 year, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

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Posted by Soumyajit Patnaik 1 year, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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