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

Bookkeeping means recording all business transactions (e.g., sales, purchases, payments, etc.) in the books of prime entry. It is similar to journaling when you record everything that happened throughout the day, but in a predefined format. While these records are essential for producing financial statements, this part of work is mostly routine and is first to be automated in the accounting department.
Accounting is a broader term, it includes bookkeeping and reporting. Reporting is a more complex process involving analysing, interpreting and summarising financial data and presenting the results in the form of a report. The outcome is either financial statements for financial reporting or management reports for management reporting.
Accountancy usually relates to a professional practice, i.e. a consultancy providing accounting services, or the profession itself.

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How many types of limits

Posted by Akash Tyagi 3 years ago

CBSE > Class 11 > Accountancy

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25 transaction with ledger journal and trial balance

Posted by 22_ Vidyut Ram_ 11E 3 years ago

CBSE > Class 11 > Accountancy

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Accounts project of journal 30 entries

Posted by Tanisha Agrawal 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Chap depreciation question no. 9

Posted by Akarsh Gupta 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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On 1 April 2014 veeru Ltd purchased a machinery

Posted by Ggg Ghhh 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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What is called debit

Posted by Sneha Chatterjee 11D 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Tanveer Zaidi 3 years, 1 month ago

A debit is an accounting entry that results in either in increase in assets or a decrease in liabilities on a company's balance sheet.

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Bad is a personal account A true

Posted by Anuj Technical 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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On 1st April, 2020 Mr Veer Das decided to start a driving school and also to sell car accessories through same place. For this purpose he bought a workshop at a cost of ₹20,00,000 and decided to invest ₹7,50,000as a further capital in the proposed business. He employed assistants and training staff for this purpose. He wants to start with 5 second hand cars. For further funds he approached Punjab National Bank and secured a loan of ₹18,00,000@ 10% per annum. The loan was payable in 4 instalments along with interest due. particulars ₹ Purchased cars 13,00,000 Security deposited for electricity connection with electricity board 60,000 Security deposited with BSNL for telephone and Internet connection 150,000 Purchased furniture 1,20,000 Fees received from students 19,50,000 Bought car accessories 3,30,000 Sale of car accessories 4,80,000 Wages paid 2,70,000 Salaries paid 3,75,000 Electricity charges 1,42,500 Advertisement 66,000 Postage and call 28,500 General expenses 18,000 Insurance premium 13,800 Bought laptop and printer 90,000 He withdrew₹36,000 per month as drawings and repaid the annual instalment of bank loan along with interest due to 31st march2021. Assume all transactions took place through Punjab National Bank. You are required to Journalise these transactions after considering the following information Depreciate building by 5% and cars and furniture @ 10% per annum (ii) Stationery unpaid 27,000 (iii)Advertisement include unissued material worth 12,000. (iv)Insurance prepaid 4,500 (v)Stock of car accessories 58,500. Can anyone tell me the answer of this plss

Posted by Gopika Nambiar 3 years ago

CBSE > Class 11 > Accountancy

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Shreya Singh 8 months, 2 weeks ago

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When we write debit and when we write credit

Posted by Neha Maheshwari Neha Maheshwari 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Sia ? 3 years, 1 month ago

<th>Debit</th> <th>Credit</th>

Decreases a liability account	Increases a liability account
Decreases an equity account	Increases an equity account
Decreases revenue	Increases revenue
Always recorded on the left	Always recorded on the right

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On 1st January 1996 mohan draws bill for rupees 12000 on Shyam for 3 months which was accepted and returned by Shyam. on 4th February Mohan retires his acceptance under the rate of 6% per annum faster entries in the books of Mohan and shyam

Posted by Hemant Bhatti 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Furniture purchased for office use journal entry

Posted by Gargi Mazumdar 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Dishant Jain 3 years, 1 month ago

Furniture A/C Dr. To cash/ bank/ creditors A/C

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Palak Sharma 3 years, 1 month ago

Furniture a/c Dr. To cash a/c

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Karan Kumar 3 years, 1 month ago

Furniture A/c To cash/Bank A/c

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20 accounting term

Posted by Pardeep Kumar Sangral 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Naseem Mohd 3 years, 1 month ago

Mmmw

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Oct. 2 Bought goods for ₹15000 for cash vide Cash Memo No. 891 paid CGST and SGST @6% each

Posted by Tadar Ronju 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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What is double compund entry in short

Posted by Shiv Sankar Shil 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Sia ? 3 years, 1 month ago

In the double-entry system, transactions are recorded in terms of debits and credits. Since a debit in one account offsets a credit in another, the sum of all debits must equal the sum of all credits.

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On 1st April, 2014, Veeru Ltd. purchased a machinery for Rs. 2,50,000 and spent rs. 50,000 on its installation. On 1st July, 2016 1/3rd of machinery purchased on 1st April, 2014 was sold for Rs. 15,000 and a new machinery at the cost of Rs. 2,00,000 was purchased on the same date. The company has adopted the method of providing depreciation @ 15% p.a. on straight line method. Show the machinery account, provision for depreciation account and machinery disposal account for three years ended on 31st March, 2015 to 31st March, 2017.

Posted by Sejal Kotasthane 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Sia ? 3 years, 1 month ago

MACHINERY ACCOUNT

Dr.					Cr.
Date	Particulars	Amount ₹	Date	Particulars	Amount ₹
2014 April 1	To Bank A/c	2,50,000
April 1	To Bank A/c (Installation Exp.)	50,000	2015 Mar. 31	By Balance c/d	3,00,000
		3,00,000			3,00,000
2015 April 1	To Balance b/d	3,00,000	2016 Mar. 31	By Balance c/d	3,00,000
		3,00,000			3,00,000
2016 April 1	To Balance b/d	3,00,000	2016 July 1	By Machinery Disposal A/c	1,00,000
2016 July 1	To Bank A/c	2,00,000	2017 Mar. 31	By Balance c/d	4,00,000
		5,00,000			5,00,000

PROVISION FOR DEPRECIATION ACCOUNT

Dr.					Cr.
Date	Particulars	Amount ₹	Date	Particulars	Amount ₹
2015 Mar 31	To Balance c/d	45,000	2015 Mar. 31	By Depreciation A/c	45,000
		45,000			45,000
2016 Mar. 31	To Bank c/d	90,000	2015 April 1	By Balance b/d	45,000
			2016 Mar. 31	By Depreciation A/c	45,000
		90,000			90,000
2016 July 1	To Machinery Disposal A/c	33,750	2016 April 1	By Balance b/d	90,000
2017 Mar. 31	To Balance c/d	1,12,500	July 1	By Depreciation A/c	3,750
			Mar. 31	By Depreciation A/c	52,500
		1,46,250			1,46,250

MACHINERY DISPOSAL ACCOUNT

Dr.					Cr.
Date	Particulars	Amount ₹	Date	Particulars	Amount ₹
2016 July 1	To Machinery A/c	1,00,000	2016 July 1	By Provision for Depreciation A/c	33,750
			July 1	By Bank A/c	15,000
			July 1	By Statement of Profit & Loss (Loss on sale)	51,250
		1,00,000			1,00,000

Working Notes:

(1)	Calculation of loss on sale of machinery:	₹
	Original Cost of {tex}\frac{1}{3}{/tex}rd machinery as on 1st April, 2014	1,00,000
	Less : Depreciation @ 15% p.a. for 2 years 3 months on original cost method	33,750
	Book Value as on 1st July, 2016	66.250
	Less: Sale proceeds	15.000
	Loss on sale	51.250
(2)	Depreciation on unsold machinery for the year 2016-17 :
	On old machinery of ₹2,00,000 for 1 year	30.000
	On new machinery of ₹2,00,000 for 9 months	22.500
		52.500

Depreciation is charged @ 10% each year on origial value of asset each year i.e., same amount of depreciation charged each year.If some expenses are incur while purchasing asset the it is capitalised in value of asset.

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shai is depreciation

Posted by Yash Gupta 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Which of the following is treated as an asset

Posted by Shahida Gain 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Preeti Dabral 3 years, 1 month ago

Where are the options?

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Accounting principles nites please

Posted by Aman Dhanjal 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Paid 11000 for its overhauling and 5000 for its installation which was completed on another date

Posted by Krishna Jindal 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Preeti Dabral 3 years, 1 month ago

Please complete your question.

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Characteristics of GST any 5 (small and understandable)

Posted by Shiv Sankar Shil 3 years, 1 month ago

CBSE > Class 11 > Accountancy

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Priya Singh 3 years, 1 month ago

Characteristics of GST are 1. It is a comprehisive indirect tax 2. It can be collected by a registered taxpayer 3. It is a value added tax 4. It is a destination based tax 5. It is a supply based tax

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accounts project class 11 story transactions pdf

Posted by Komal Komal 3 years, 1 month ago

CBSE > Class 11 > Accountancy