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On 12 May 2016 Ram sold goods to Shyam for rupees 60000 Shyam accepted 3 bills for it on the same day Ram retained the first will which was for rupees 12000 and for a period of one month discounted second bill with his bank at the rate 12% per annum which was for rupees 25000 for a period of 2 months and endorsed the third bill which was for balance amount and for a period of 3 months to Kamal in full settlement of his claim for rupees 23500. shayam paid first and second bills on the maturity but could not pay the third bill and noting charges in this regard were rupees 300. Next day Shyam paid Rupees 1500 (including rupees 200 for interest and 300 for noting charges) to Ram and requested him for a 2 months new bill. Ram agreed and Shyam accepted the new bill. The bill was duly paid on maturity. Pass necessary journal entries in the books of Ram.

Posted by Shivam Yadav 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Give the ans of pg no. 278 ques no 22 class eleven accountancy part 1

Posted by Megh Mehta 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Luv Limited purchased a machine for rupees 300000 on 1 January 2012 . One more machine is purchased on 1 October in the same year for Rupees 1 lakh. company purchased one more machine on 1 July 2013 for rupees 80000 on 1 September 2015 company sold the machine which was purchased on 1st January 2012 for rupees 170000 company provides 10% per annum depreciation by straight line method on its machines and books are closed on 31st December every year. prepare machinery account, provision for depreciation account and machine disposal account for 3 years.

Posted by Shivam Yadav 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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What is invoice?

Posted by Pooja Yadav 8 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Amar Kumar 8 years, 3 months ago

Invoice:A nonnegotiable commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts etc., and delivery and payment terms.

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Adjustments in final accounts General expenses include Rs 2600 paid for wages How to do this??

Posted by Diya Issac 8 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Ritikesh Kumar 8 years, 3 months ago

Post in debit side of p/l

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Q 12 of ncert

Posted by S Thakur 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Explain different branches of accounting.

Posted by Dikshya Tiwary 8 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Navpreet Kaur 8 years, 3 months ago

Branches of Accounting Different branches of accounting came into existence keeping in view various types of accounting information needed by a different class of people viz. owners, shareholders, management, suppliers, creditors, taxation authorities and various government agencies, etc. There are three main branches of accounting which include financial accounting, cost accounting and management accounting. Financial Accounting Financial Accounting is based on a systematic method of recording transactions of any business according to the accounting principles. It is the original form of the accounting process. The main purpose of financial accounting is to calculate the profit or loss of a business during a period and to provide an accurate picture of the financial position of the business as on a particular date. The Trial Balances, Profit & Loss Accounts and Balance Sheets of a company are based on an application of financial accounting. These are used by creditors, banks and financial institutions to assess the financial status of the company. Further, taxation authorities are able to calculate the tax based on these records only. Cost Accounting Cost accounting deals with evaluating the cost of a product or service offered. It calculates the cost by considering all factors that contribute to the production of the output, both manufacturing and administrative factors. The objective of cost accounting is to help the management in fixing the prices and controlli

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Difference between capital expenditure & differed revenue expenditure ?

Posted by Samyak Jain 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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Sia ? 4 years, 9 months ago

The CAPEX is written off using depreciation expense. However, in case of deferred revenue expenditure, it is written off over the following 3 to 5 years from the year incurred.
The benefits from capital expenditure accrue for a more extended period in the business for like 10 years or more. On the other hand, the benefits from deferred revenue expenditure are reaped between 3 to 5 years of the business.
Capital expenditure is incurred, which helps in the creation of the asset. Since the investment done helps in the creation of assets, these can be created into cash as and when required by the business. These revenue expenditures are incurred mostly on sales promotion and advertising activities, and therefore, cannot be converted to cash.
Capital Expenditure is done towards any investment, which increases the earning capacity of a business. It may mean purchasing an asset for the business like the purchase of a plant, machinery, building, copyrights, etc. On the other hand, revenue expenditures mean to make an investment that maintains the earning capacity of the business. The company would derive the benefit from this revenue expenditure throughout one accounting period to some 3 to 5 years.

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Return one fourth of the goods to rp singh

Posted by Sahil Beniwal 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Returned one fourth of the goods to rp singh

Posted by Sahil Beniwal 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Meaning of financial statement

Posted by Palak Hasija 8 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Samyak Jain 8 years, 3 months ago

Financial statements is the formal record of financial activities and pasition of a business, person, or other entity .

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What is meant by book keeping

Posted by Savan Kush Ah 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Shalini Koranga 8 years, 3 months ago

Book-keeping is an art of recording business dealings in the set of books.

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y owes x 4000 on first january 2017 Y accepts a bill for 3900 being in full settlement of the claim on the same date it was dishonoured by X to Z in satisfaction of his claim of Rs.3980.the bill is dishonoured on the due date give the jouneral entries in the books of X.

Posted by Abhishek Patel 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Sales book is short casted by ruppes 5000

Posted by Kajal Kajal 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Show the effect in cash book two column Receives two cheque from brij patel of each 500, one cheque is cross and one is bearer

Posted by Naveen Sharma 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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from the following trial balance preparing the trading and profit and loss account for the year ended 31st March 2015 and the balance sheet as at that date.

Posted by Siva Karthikeyan 8 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Divya Verma 8 years, 3 months ago

Yes

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Depreciation chapter solutions by neesha gupta

Posted by Rocky Malik 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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What is rectification of errors

Posted by Hozaifa Ajaz 8 years, 3 months ago

CBSE > Class 11 > Accountancy

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Differences between reserves and provisions

Posted by Kevin Samuel Jacob 4 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 4 years, 9 months ago

Reserve	Provision
Definition
The portion of profit kept aside for unforeseen obligations of a business	A portion of money from the business set aside for meeting known liabilities or expenses
Method of Creation
Created by debiting Profit and Loss appropriation account	Created by debiting Profit and Loss Account
Purpose
It provides capital for running the business and safeguards against expenses from unforeseen contingencies	It secures business from expenses arising from known liabilities
Allocation
Presence of profit is required for allocation of reserve.	Presence of profit not necessary for allocation
Dividend Payment
Paid from reserves	Cannot be paid
Impact on Profit
Reduces net profit of the organisation	Reduces profits for dividend distribution
Appears in
Always shown on the liability side	Appears as a deduction from the concerned asset, in case of an asset, in case of liabilities, it is shown in the liabilities side
Utilisation
Can be used for any given purpose	Needs to be used for the specific purpose it is allocated for

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What is reserves??

Posted by Kevin Samuel Jacob 8 years, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Roshan Kumar 8 years, 4 months ago

It is amount set aside out ofprofit to meet future contingencies or unknown liability Example:-1. General reserve 2. Capital redemption reserve 3. Debenture redemption reserve 4. Capital Reserve 5.Dividend equalisation reserve

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Kevin Samuel Jacob 8 years, 4 months ago

Pls...anybody pls answer me..

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What is meaning of financial statements

Posted by Divya Pandey 8 years, 4 months ago

CBSE > Class 11 > Accountancy

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Model questions

Posted by Ashvidha Santhosh 8 years, 4 months ago

CBSE > Class 11 > Accountancy

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What is accounting treatment

Posted by Nafia Ashraf 8 years, 4 months ago

CBSE > Class 11 > Accountancy

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What is the meaning of overdraft

Posted by Nikhil Ladha 8 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Amar Kumar 8 years, 4 months ago

Overdraft:A credit agreement made with a financial institution that permits an account holder to use or withdraw more than they have in their account, without exceeding a specified maximum negative balance.

Establishing an overdraft facility with a bank can help an individual or small business with short term cash flow problems, although the negative balance typically needs to be repaid within a month.

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Accountancy term period

Posted by Komal Chahal 8 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Komal Chahal 8 years, 4 months ago

Is 1 April To 31March

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In which account establishment expenses should be placed n in which side..??

Posted by Himanshu Barman 8 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Ritik Kawad 8 years, 4 months ago

Profit and loss account debit side

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Illustration9 answers of chp financial statements1

Posted by Prachi Kumar 8 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

The Architect 8 years, 4 months ago

In the question we given that total purchase =800000 return outward I.e purchase return =20000 Direct expense =60000 Now firstly we have to calculate first cost of good sold of total purchases In illustration you can see formula of cost of goodsold After calculating cost of good sold ,we calculate 2/3 of cogs because the sale price given in the question is of 2/3 of good After this calculate Gross profit =netsales - cost of good sold Note : purchase always refer to purchase of good

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What is the balance sheet

Posted by Ankita Hajeri 8 years, 4 months ago

CBSE > Class 11 > Accountancy