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Ram and Shyam are two friends who both have just attended their first class of accountancy. The friends were intrigued by the different branches of accounting and their widespread application. Ram personally liked the branch of accounting in which fund flow statement and budgetary control is used and that branch helps in planning and controlling of operations. As the concept of accounting was further explored, they began discussing the different users of accounting. Ram said that he finds it interesting that even the employees demand information relating to business. Shyam said he finds more interesting the fact that even competitors want information on the relative strengths and weaknesses of the enterprise and for making comparisons, Shyam further said that even accounting helps owners to compare one year’s costs, expenses, and sales with those of other years. However, they were quite shocked by the fact that the management-worker relations were not taken into consideration in the accounting. Meanwhile, Ram and Shyam had an argument at the end of the discussion. Ram was saying that accounting is an art whereas Shyam was saying that accounting is a science. Their teacher came in and said something to them which made them stop the argument. Q1. What might their teacher have said to solve their argument? Q2. Shyam talked about which type of users of accounting ? Q3. Which limitation of accounting is being talked about by them? Q4. Which advantage of accounting is being talked about by Shyam in the last part of the first para? Q5. Which branch of accounting is liked by Ram?

    • Posted by Maan Yadav 2 years, 11 months ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Mohd Farman 2 years, 11 months ago

    Both are correct

    5Thank You

    ANSWER
    Accountancy Case Study 1 Ram and Shyam are two friends who both have just attended their first class of accountancy. The friends were intrigued by the different branches of accounting and their widespread application. Ram personally liked the branch of accounting in which fund flow statement and budgetary control is used and that branch helps in planning and controlling of operations. As the concept of accounting was further explored, they began discussing the different users of accounting. Ram said that he finds it interesting that even the employees demand information relating to business. Shyam said he finds more interesting the fact that even competitors want information on the relative strengths and weaknesses of the enterprise and for making comparisons, Shyam further said that even accounting helps owners to compare one year’s costs, expenses, and sales with those of other years. However, they were quite shocked by the fact that the management-worker relations were not taken into consideration in the accounting. Meanwhile, Ram and Shyam had an argument at the end of the discussion. Ram was saying that accounting is an art whereas Shyam was saying that accounting is a science. Their teacher came in and said something to them which made them stop the argument. Q1. What might their teacher have said to solve their argument? Q2. Shyam talked about which type of users of accounting ? Q3. Which limitation of accounting is being talked about by them? Q4. Which advantage of accounting is being talked about by Shyam in the last part of the first para? Q5. Which branch of accounting is liked by Ram?

    • Posted by Rahul Rao 2 years, 2 months ago

    CBSE > Class 11 > Accountancy
    • 0 answers
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    • Posted by Nandini Garg 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Deepak Thakur 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Rupam Jana 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Sakshi Shokeen 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Priyanka Singh 3 years ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Karan Gujjar 3 years ago

    No.|transactions|. Assets. = Liabilities+capitals 1.|Amit started business with cash| 5,00,000. =0. +5,00,000 2.|purchased goods on credit| 50,000. = 50,000 + 0 New equation| 5,00,000+50,000 = 50,000+ 5,00,000 3.|paid to creditor| -30,000+0= -30,000+0 New equation|4,70,000+50,000 = 20,000+5,00,000 4.|paid salaries|-5,000+0=0 -5,000 New equation| 4,65,000+50,000=20,000+4,95,000 _________________________________ Assets=5,15,000, liabilities=20,000 Capital=4,95,000 _________________________________

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    • Posted by Vishnu Dev Shahu 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Sahajpreet Kaur 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Nikhil Singh 3 years ago

    CBSE > Class 11 > Accountancy
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    • Posted by Yashwant Sahu 3 years ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Simran Kaur 3 years ago

    going concern principles

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    • Posted by Naina Kaut 3 years ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Simran Kaur 3 years ago

    a mix of the Cash Basis and the Accrual Basis of Accounting.

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    • Posted by Puneet Pathak 3 years ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Simran Kaur 3 years ago

    Journal entries help transform business transactions into useful data.

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    • Posted by Ashutosh Soni 3 years ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Simran Kaur 3 years ago

    simply to identify the most important information from a text

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    • Posted by Megha Soni 3 years ago

    CBSE > Class 11 > Accountancy
    • 0 answers
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    • Posted by S M 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 0 answers
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    • Posted by Krishna Karmakar 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 2 answers

    Akash Kumar 3 years, 1 month ago

    Option D

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    Bharat Jha 3 years, 1 month ago

    D

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    • Posted by Sambhav Jain 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Lavish Aulakh 3 years, 1 month ago

    Goods returned to pankaj

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    • Posted by Tanvi Kadam 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 3 answers

    Kashik Tangri 3 years ago

    Cash A/C Dr. 1,50,000 Stock A/C Dr. 50,000 To Capital. 2,00,000 (Being started business with cash and goods)

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    D. Naarayan Nandan 3 years, 1 month ago

    Cash A/C Dr. 150000 Stock A/C Dr. 30000 To capital A/C. 180000 (Being business started with cash and goods)

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    Karamjit Singh 3 years, 1 month ago

    Cash A/ c Dr 1,50,000 Purchase A/C Dr 50,000 To capital A/C 2,00,000

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    Daksh had an ambition to start a business. After completing his studies, he surveyed the market for a business opportunity. He did a course in the production and marketing of handmade sheets. There after, he decided to start the business of producing handmade sheets, through which he would be recycling some of the waste material. On 1st April 2013, he started his business with a capital of 5,00,000 and borrowed 5,00,000 from his friend at an interest rate of 8% per annum. He purchased premises for 4,00,000 and installed machinery valued at 1,00,000. Loose tools of 80,000 Fumiture and Fixtures of 1.50,000 and a computer for 20,000 were also purchased. All the cash was kept in a bank and payments were made through the bank. The following is a summary of transactions: Dye and Chemicals/? Total Purchases R 3,95,000 (Cash) + 2,05,000 (Credit)) 12% 10,000 Total Sales 7,50,000 (Cash)+2,50,000 (Credit)] 12%. Wages 2,40,000 18,000 12,000 Electricity Expenses Water Expenses 24,000 Cartage on Purchases Cartage on Sales Business premises were insured on 1st October, 2013, on a yearly premium of 24,000. Interest on loan was paid by cheque and a part of loan of 1,00,000 was also paid at the year end. On 31st March, 2014: 6) Closing stock valued at *248,000. (i) Wages of 20,000 were still outstanding. (i) Depreciation was to be provided @ 10% per annum on machinery, loose tools and computer and @ 5% per annum on premises and furniture and fixtures. (iv) A debtor of 7,200 became insolvent and only 25 paisa in a rupee is expected to be realised from him. 12 30,000 You are required to: 1. Journalise these transactions, post them into ledger accounts and prepare a Trial Balance 2 Prepare financial statements for Daksh. Also, comment on the profitability and solvency of the firm.

    • Posted by Manav Dhankhar 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 0 answers
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    • Posted by Vishal Maurya 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Akshit Dua 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 0 answers
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    11. Loan taken for Car for office use Rs.1,00,000. 12. 13. Paid installation charges on machinery Rs.1,000. Goods purchased Rs.30,000, carriage paid on them Rs.3,000 14. Provide interest on capital @ 6%. 15. Goods costing Rs.1,000 given as charity, Rs.2,000 2000 used by proprietor for his personal use, Rs. 2,000 distributed as free samples. Loan repaid Rs. 20,000, being Rs.12,000 as interest and Rs.8,000 as principal amount. Rahul who owed us Rs. 12,000 becomes insolvent and a first and final dividend of 60 paise in a rupee is received from his estate. Goods lost in an accident worth Rs.15,000. These were insured and insurance company admitted a claim of Rs.12,000 only. Proprietor withdrew for private use Rs.4,000 from office and Rs.6,000 from bank. Received cash for dividend on securities Rs 200 16. 17. 18. 19. 20. 21. Purchased land and a small office building. The land was worth Rs. 1,50,000 and the building worth Rs. 3, 50,000. The purchase price was paid with Rs. 3,00,000 cash and bills payable for Rs. 5,00,000. 22. 23. 24. 25. Purchase new office equipment worth Rs.1,00,000 by paying Rs. 93,000 cash and balance in exchange of old equipment (book value Rs.15,000) with a recorded value of Rs. 7,000. Charge depreciation @ 10% p.a. for two months on machine costing Rs.30,000. Commission received in advance Rs. 7,000. Cash invested in shares Rs.50,000, brokerage paid 2%.

    • Posted by Priyanka Dhiman 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Aakash Chauhan 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Yashwant Singh Khattri 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Jai Mishra 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Jai Mishra 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Kush Patel Kush S Patel 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Techno Techno 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
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    • Posted by Majahar Ashrafi 3 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Anshuman Pathak 3 years, 1 month ago

    3500

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