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Define Accounting ?

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Define Accounting ?

Posted by Akshay Lal 5 years, 4 months ago

CBSE > Class 11 > Accountancy

3 answers

Tanya Tiwari 5 years, 4 months ago

Hey do you help me in accounts

Tanya Tiwari 5 years, 4 months ago

Accounting refers to collecting summarising analysing and reporting the information of business transactions in monatry terms monatry means money

Gaurav Seth 5 years, 4 months ago

<font color="#0000ff">Accounting</font>: Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.
Accounting is used to maintain a systematic record of all the financial transactions in a book of accounts.
For this, all the transactions are recorded in chronological order in Journal and then posted to principle book i.e. Ledger.

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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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