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What is the concept of drawer and drawee

Posted by Dhrubajyoti Sarkar 7 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 7 years, 2 months ago

Drawer: Drawer is the person who makes the bill of exchange and is the person who has given credit to the person on whom the bill of exchange is drawn.
Drawee: Drawee is the person on whom the bill of exchange is drawn for acceptance. He is the purchaser of the goods/services to whom the credit has been granted by the drawer.

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Q. 11. Bajaj Ltd. which depreciates its machines@ 10% p.a. on the written down value method, provides you the following information: [6] Machinery A/c as on 1.1.2010 ₹ 5,00,000 Provision for Depreciation A/c as on 1.1.2010 ₹ 1,35,000 No depreciation is charged in the year of sale of machinery but full charge is being made for ₹the years during which the machinery is purchased. On 1.7.2011, a new machinery was purchased for ₹ 80,000 and an old machinery purchased on 1.7.2008 for ₹ 60,000 was discarded but could not be sold immediately. However, it was expected to realise ₹ 10,000. Prepare (i) Machinery Account, (ii) Provision for Depreciation Account, and (iii) Machinery Disposal Account for the years 2010 and 2011.

Posted by Sahil Singh 2 years, 1 month ago

CBSE > Class 11 > Accountancy

0 answers

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Does gst applied on installation of machinery

Posted by Harsh Tater 7 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

D J 7 years, 2 months ago

why

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Maanvi Chouhan? 7 years, 2 months ago

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ANSWER

Pathak promissory note for Rs 1200 endrosed in favour of gupta returned dishonoured. Gupta paid Rs.30 as noting charge .Swamy pays gupta by cheque and accepts from pathak another bill for the amount due along with interest Rs.80 (pass journal in books of swamy)

Posted by Aman Saloniya 7 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

What is window dressing

Posted by Saksham Bhandya 7 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

Aditya Sharma 7 years, 2 months ago

Window Dressing means manipulation of accounts, so that the financial Statements will show favourable position of business

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Yogita Ingle 7 years, 2 months ago

Window dressing refers to actions taken or not taken prior to issuing financial statements in order to improve the appearance of the financial statements.

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What is better to do???out if tally,. ERP,. Sap Plz guide me teachers

Posted by Lovely Dhawan 7 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

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On 1 April 2010 plant and machinery was purchase for 120000 new machine was purchased on 1 October 2010 for 50000 and on the 1st July 2011 for 25000 on 5 January 2013 machine of original value 20000 which was including in the machine purchase on 1 April 2010 was sold for 600 prepare the plant and machinery account for the three year after providing depreciation @ 10% on straight line method account are closed on 31st March every year

Posted by Pankaj Gupta 7 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Aditya Sharma 7 years, 2 months ago

Mycbseguide doesn't support images... If you want you can message your WhatsApp no. So that I can forward the solution...?

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Que 20 of ch. Single entry system

Posted by Ravi Kumar 7 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

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Which accounts is not prepared while preparing trail balance

Posted by Indushekhar Singh 7 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Aditya Sharma 7 years, 3 months ago

Each and Every Accounts are prepared while preparing trial Balance.... Some, accounts are automatically balanced before Posting them to trial balance

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ANSWER

Benefits of gst

Posted by Param Singhal 7 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Indushekhar Singh 7 years, 3 months ago

1.One nation one tax 2.Reduction in black marketing

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What is double account system

Posted by Ayushi Kumari 7 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Aditya Sharma 7 years, 3 months ago

Double Account System, also called Double Entry System; means a financial transaction affects at least two Accounts in opposite. In other words, when one Account is credited then other account need to be debited, because of dual aspect principle...

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Ashtrix Official 7 years, 3 months ago

Double account system means we have do debit and credit both.

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Ledgers accounts

Posted by Khushhali Thakur 7 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Aditya Sharma 7 years, 3 months ago

Ledger Classification means after journalising the transaction in journal and subsidiary books... The transaction of similar nature are then posted in a separate book called Ledger (ledger accounts contains all the financial transactions related to a particular Account)

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Indushekhar Singh 7 years, 3 months ago

It is a second step in accounting process which means classification of a/c

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What are quick assets?????

Posted by Aryan Gamer 7 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Lovely Dhawan 7 years, 2 months ago

Which can be quickly converted into cash

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Indushekhar Singh 7 years, 3 months ago

The asset which can be changed into cash between a accounting year. It is also called current asset.

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ANSWER

What is AS6

Posted by Shivam Jaiswal 7 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Aditya Sharma 7 years, 3 months ago

It is an acronym for Accounting standard 6, and nothing else, its not in class XI syllabus

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D J 7 years, 3 months ago

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Why are the rules of debit and credits are same for bohot capital ana liabilities.

Posted by Shanu Kumari 7 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Aditya Sharma 7 years, 3 months ago

In Simple Language, Capital is also the liability of business, that need to be repaid to the proprietor at the end of every financial year...

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Yogita Ingle 7 years, 3 months ago

Every business acquires funds from internal as well as from external sources. According to the business entity concept, the amount borrowed from the external sources together with the internal sources like, capital invested by the proprietor, is termed as liability to the business. Business entity concept treats business and business owner separately. Capital of the owner is treated as liability to the business because the business has to repay the amount of capital to the owner, in case of closure of the business. As liability incurred is credited, in the same way, fresh capital introduced and net profit increases the owner’s capital, and so, capital is credited. On the other hand, if liability is paid, it reduces liability, and so, it is debited. Similarly, drawings from capital and net loss reduce the capital, and so, capital is debited. Thus the rules of debit and credit are same for both liability and capital.

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Goods sold by Dinesh of Gujarat to Ekta of Rajasthan costing Rs.1,50,000 at a profit of 331/2% on cost.

Posted by Hasrat Iqbal 7 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Sakshi Sharma ??️??️??️ 7 years, 3 months ago

Cost of goods sold = ₹1,12,360 Gross profit = ₹37,640

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Ncert solution

Posted by Ashish Agrawal 7 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Himani ?? 7 years, 3 months ago

Kyon sa chapter ???

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'Commission recieved' in accounting equation? ??

Posted by Nelvita Sharon 7 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Keshav Bindal 7 years, 3 months ago

Add in Cash and Capital

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Define capital recipt

Posted by Mirza Nayab Beg 7 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Aryan Gamer 7 years, 3 months ago

Capital receipts are receipts of non reccuring nature

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Yogita Ingle 7 years, 3 months ago

Capital receipts are the income received by the company which is non-recurring in nature. They are part of the financing and investing activities rather than operating activities. The capital receipts either reduces an asset or increases a liability. Capital Receipts do not frequently occur, as it is non-recurring and irregular.

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give me a comprehensive project's case study with 40 transaction

Posted by Dhruv Garg 7 years, 3 months ago

CBSE > Class 11 > Accountancy