Livestock A/c                  Dr.      12,000

 Cart A/c.                         Dr.          8,000 

             To cash A/c

(Bring horse purchased)

Cash A/c.                         Dr.        3,000

 Profit and loss A/c.        Dr.        9,000

       To livestock A/c.                         12000

I would suggest you buy "T S GAREWAL or D K GOYAL"  for Accountancy and "POONAM GANDHI" for business studies.

I don't know

Jeena  A/c  Dr.

          To Cash/Bank A/c  

(being amount paid to Jeena)

Bank a/c.        Dr.     50,000

        To sales a/c.   Cr.          50,000

(Being goods sold to Meena @25% profit)

According to Accrual basis of accounting, revenues are recognised in the year in which it is earned, irrespective of the year in which the cash is received. Therefore, revenue in this case will be number of articles soild x selling price of each article, i.e. 20 TVs x Rs. 40,000 = Rs. 8,00,000.

Also please note the difference between revenue and profit. Revenue basically means the amount of total sale, whereas profit is the difference between revenue and corresponding cost.

Under the cash basis of accounting:

• Revenues are reported on the income statement in the period in which the cash is received from customers.
• Expenses are reported on the income statement when the cash is paid out.

Under the accrual basis of accounting:

• Revenues are reported on the income statement when they are earned—which often occurs before the cash is received from the customers.
• Expenses are reported on the income statement in the period when they occur or when they expire—which is often in a period different from when the payment is made.

• IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards.
• IAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards.
• IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.
• Principles of the IFRS take precedence if there’s contradiction with those of the IAS, and this results in the IAS principles being dropped.

1. Canclled cheque is of no use for banking transaction but it is given when we are required to give our bank details to someone and the person or company wants to verify its correctness. and confirm actual holders name over there.

2. Pay in slip is for the deposit of cash or cheque in the bank. details required to be filled are name of account holder, account number, denomination of cash , cheque details, amount in words, signature, date.

3. Draft slip is the slip where we want to issue payment to someone and we do not have his acount no. then we are supposed to go to bank fill the draft slip with the name of receiving person or company, date amount, which city it is payable(it is very important). and bank will give us a cheque like copy which is a draft , to be sent to the reeiver of money and they will get money in their account.

4. Cash memo is the the bill kind of copy for cash sales.

5. Invoice and Bill are the terms used interchangeable and it is the copy of purchase or sales.

6. Voucher is the copy prepared by a businessman where transaction is done on cash and no counterfoil is received.

1. Cancleed cheque is of no use for banking transaction but it is given when we are required to give our bank details to someone and the person or company wants to verify its correctness. and confirm actual holders name over there.

2. Pay in slip is for the deposit of cash or cheque in the bank. details required to be filled are name of account holder, account number, denomination of cash , cheque details, amount in words, signature, date.

3. Draft slip is the slip where we want to issue payment to someone and we do not have his acount no. then we are supposed to go to bank fill the draft slip with the name of receiving person or company, date amount, which city it is payable(it is very important). and bank will give us a cheque like copy which is a draft , to be sent to the reeiver of money and they will get money in their account.

4. Cash memo is the the bill kind of copy for cash sales.

5. Invoice and Bill are the terms used interchangeable and it is the copy of purchase or sales.

6. Voucher is the copy prepared by a businessman where transaction is done on cash and no counterfoil is received.

Accountancy is work done by accountant: the work or profession of an accountant

Accounting is the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes.

Balance Sheet, as it is a statement of balances remaining after all the other accounts from Trial Balance are transferred to either Trading account or Profit and Loss account.

Ans. Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.

Revenues are the assets earned by a company's operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services. The revenue account is an equity account with a credit balance.

Ans. Demand bill is a bill of exchange which must be paid when payment is asked for.

Cash Memo is a document that a seller passes to a buyer at the time of a specific purchase of goods or services. It is the equivalent of an invoice and is only used to record transactions that are paid for using cash, rather than bank transactions or checks.

CHARITY WRITTEN OFF FROM PURCHASE BECAUSE OUR PURCHASE DECREASE AND ALSO SHOW ON PROFIT AND LOSS ACCOUNT TREAT AS EXPENSES

Purchase return is always credited

Stock

trade receivable 

Cash

Ans.  The differences are following:

1. Statement of debit and credit balances were taken from general ledger is known as Trial Balance. Statement of assets and equity & liabilities is known as Balance Sheet.
2. Trial Balance does not include closing stock while the Balance Sheet does not include opening stock.
3. Trial Balance checks the arithmetical accuracy in the recording and posting while balance sheet is prepared to determine the financial position of the company on a specific date
4. Trial Balance is prepared after posting into ledger whereas Balance Sheet is prepared after the preparation of Trading and Profit & Loss Account.
5. The Balance Sheet is the part of the Financial Statement while Trial Balance is not a part of the Financial Statement.
6. Balances of all personal, real and nominal account are shown in the trial balance. On the contrary, Balance sheet shows the balances of personal and real account only.
7. The trial balance is prepared at the end of each month, quarter, half year or the financial year. Conversely, the balance sheet is prepared at the end of each month.
8. The trial balance is prepared for internal use only, however, the balance sheet is prepared for both internal and external use, i.e. to inform outside parties about the financial condition of the entity.

An expenditure which neither creates assets nor reduces liability is called Revenue Expenditure, e.g., salaries of employees, interest payment on past debt, subsidies, pension, etc.

An expenditure which either creates an asset (e.g., school building) or reduces liability (e.g., repayment of loan) is called capital expenditure.

Ans. Net profit, often referred to as net income, is the amount of money a company has left after all expenses, including taxes, have been subtracted from total revenue. Net profit is reported on a company's income statement and is one of the key indicators of the success or failure of a company's business operation during a given time period.

The actual formula for calculating net profit is:

Net Profit = Total Revenue - Total Expenses

A database management system (DBMS) is a computer software application that interacts with the user, other applications, and the database itself to capture and analyze data. A general-purpose DBMS is designed to allow the definition, creation, querying, update, and administration of databases.

Ans.  DBMS: It is a computerized Record keeping system (software) that allows access to data contained in a database. The DBMS makes possible to share the data in the database among multiple users.

Accounting suffers from the following limitations

1. Transactions of non-monetary nature do not find a place in accounting.
2. Price changes are not considered. Money value is bound to change often from time to time. 
3. Financial accounting does not set up a proper system of controlling materials and supplies.

Steps for Preparing Financial Statement: 3 Steps

Step-1: To Understand The Meaning of Debit and Credit Balances:

The first step in preparation of financial statements is to understand the meaning of debit and credit balances appearing in the trial balance.

(i) Debit Balances in the Trial Balance:

The debit balances appearing in the trial balance either represents balances of

(a) Assets and Deferred Revenue Expenditure or

(b) Losses and Expenses.

(ii) Credit Balances in the Trial Balance:

The credit balances appearing in the trial balance either represents balances of

(a) Capital, Liabilities, Provision and Reserves or

(b) Revenue and Gains.

Step-2: Analyse the Debit and Credit Balances:

The next step is to examine and arrive at a conclusion as to which debit balance is an asset and which balance is an expenditure or loss? Similarly, which credit balance is liability and which balance is a gain or income?

(i) Analysis of Debit Balances:

If the business enterprise can recover any amount of debit balance, it should be treated as an asset and when business cannot recover anything of debit balance; it should be treated as losses and expenses.

(ii) Analysis of Credit Balances:

If the business has to pay any amount of credit balance to either owner or outsider, it should be treated as liability (internal or external) and when the business is not liable to pay any amount of credit balance to either owner or outsider, it should be treated as gain or income.

Step-3: Treatment of Debit and Credit Balances:

The next step in preparing financial statements is to treat the debit and credit balances appearing in the trial balance.

(i) Treatment of Debit Balances:

The balances of assets and deferred revenue expenditure are directly shown on the assets side of the balance sheet. The balances of losses and expenses, depending upon their nature, being direct or indirect, are transferred to the debit side of either Trading Account or Profit & Loss Account as the case may be.

(ii) Treatment of Credit Balances:

The balances of capital, liabilities, provisions and reserves are directly shown on the liabilities side of the balance sheet. The balances of revenue and gains, depending upon their nature, being direct or indirect, are transferred to the credit side of either Trading Account or Profit & Loss Account as the case may be.

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financialstatement such as an income statement or a balance sheet.