CBSE > Class 11 > Accountancy | CBSE Board | Homework Help

Yes, double entry system is based on dual aspect concept as this concept stats that a transactiin must have two aspects- Dr. and Cr. side.. Double entry system is also tue same ...

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Enter the following transactions in purchase book 2013 March 3rd march 1st purchase from Rajendra Bros Mathura invoice number 46 56 5010 ki at rupees 540 10 sugar each bag contains 50 sugar 50kg sugar rupees 38 per kg less trade discount 10% cartage 208 GST @ 12% March to both of Bharat stores Mumbai 20 X gram each bag contains 10 kg gram rupees 45 per kg

Posted by Harshita Karwa 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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what is special purpose books?

Posted by Mayank Tiwari 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Khushii Verma 6 years, 9 months ago

Cash book , purchase book ,purchase return book ,sales book ,sales return book

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Two external users of accounting?

Posted by Mayank Tiwari 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Khushii Verma 6 years, 9 months ago

Suppliers , investor ,banks

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What is revenue recognition

Posted by Himanshu Maheshwari 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Shaina Rajput 6 years, 9 months ago

The revenue recognition principle states that revenue should be recognized and recorded when it is realized or realizable and when it is earned. In other words, companies shouldn’t wait until revenue is actually collected to record it in their books. Revenue should be recorded when the business has earned the revenue. This is a key concept in the accrual basis of accounting because revenue can be recorded without actually being received.

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When the person taking the loan from bank what is the journal entry

Posted by Harshgoyal H 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Harshgoyal H 6 years, 9 months ago

Bank Dr To bank loan

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Khushii Verma 6 years, 9 months ago

Cash a/c dr To bank loan

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Darshna Sancheti 6 years, 9 months ago

Cash A/C dr. xxx To loan from bank xxx

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Calculate Closing stock if Cash sales 1.5times of credit sales Credit sales Rs. 1,20,000 Purchase Rs. 1,40,000 Rate of gross profit 25% on cost.

Posted by Sundaram Sundaram 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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What is the difference between Revenue reserve and Capital reserve?

Posted by Shivam Singh 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Gaurav Seth 6 years, 9 months ago

<th>BASIS FOR COMPARISON</th> <th>REVENUE RESERVE</th> <th>CAPITAL RESERVE</th>

Meaning	Revenue Reserve refers to the sum of money retained in business, so as to meet out future contingencies.	Capital Reserve alludes to a fund, that is created to finance long term project or write off capital expenses.
Source	Revenue profit of the firm are the source of revenue reserves.	Capital profit of the firm are the source of capital reserve.
Aim	To meet unforeseen contingencies and improve entity's financial position.	To adhere to the statutory requirements or accounting principles.
Utilization	Based on the type of reserve it can be utilized for any or particular purpose only.	Capital reserve can be utilized for the purpose for which it is created.
Dividend	It is freely available for distribution as dividend.	It is not available for distribution as dividend.