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Management accounting helps managers within a company make decisions. Also known as cost accounting, management accounting is the process of identifying, analyzing, interpreting and communicating information to managers to help achieve business goals. In management accounting or managerial accounting, managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions. 

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An account is said to have a credit balance if the total of its credit side is more than the total of its debit side.

A debit balance is an account balance where there is a positive balance in the left side of the account. Accounts that normally have a debit balance include assets, expenses, and losses. Examples of these accounts are the cash, accounts receivable, prepaid expenses, fixed assets (asset) account, wages (expense) and loss on sale of assets (loss) account. Contra accounts that normally have debit balances include the contra liability, contra equity, and contra revenue accounts. An example of these accounts is the treasury stock (contra equity) account.

Active blunt end circle started a business on 1st April 2017 with capital of 450000 6 lakh and 350000 according to partnership agreement: (1) profit earned in any year will be distributed as under: Up to 270000-equally Excess over 270000-one-half to active,one sixth to blunt and one third to circle (2)provide interest on capital and drawing @6%p.a. (3)circle is entitled to get a monthly salary of 4000 and Bullet is entitled to get a monthly salary of 6000 in addition to above circle and blunt are entitled to get a commission of 5% each on net of profit after taking into consideration the interest and all commissions Drawing of partners during the year were: Active withdrew regularly 5000 at the beginning of every month Blunt withdrew regularly 7000 at end of every month Circle withdrew 80000 during the year Profit for the year 593120 prepare partners current account. Is it helpful

Creditors Bankers Owner Management

Source documents refers to the documents in writing, containing the details of events or transactions. Example : Cash memo, invoice, and pay-in-slip, etc.

A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts...., Hope it helps..

 

Contra entry is a transaction which involves both cash and bank. Both debit aspect and credit aspect of a transaction get reflected in the cash book. For example:

1. Cash received from debtors and deposited into bank
2. Cash withdrawn from bank for office use

|Give full question.

Take hints from this example:

Open a ‘T’ shape account of creditor, Rakesh and write the following transactions on the proper side:
(i) Goods purchased from Rakesh on credit – Rs. 50,000
(ii) Goods returned to Rakesh for – Rs. 5,000
(iii) Paid to Rakesh – Rs. 20,000
(iv) Purchase goods from Rakesh on credit – Rs. 10,000

Rakesh Account (Creditors)

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??sry but how can I prepare Creditor's A/c without any transactions?!

The going concern principle is the assumption that a business will continue to exist in the near future, in other words, that it will not liquidate or be forced out of business......, Hope it helps...

Going Concern Assumption :

This concept assumes that an enterprise has an indefinite life or existence. It means that the intentions of the business are to continue for sufficiently longer period of time. It will not be dissolved or liquidated in the immediate future. If a machinery purchased is expected to last (to be used for) next 10 year, then the cost of machinery will be spread over the next 10 year for calculating net profit or loss of each year (Dep. Charged.)

The full cost of the machine would not be treated as expense in the year of purchase itself. Market value of the asset is irrelevant and is not recorded in the balance sheet, as these assets are not going to be sold in the near future.

Click on given link for class 11

<a aria-expanded="true" data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse13">Revised Academic Electives - (Group-A)</a>

• <a href="http://cbseacademic.nic.in/web_material/CurriculumMain21/revisedsyllabi/SrSecondary/REVISEDAccountancy_2020-21.pdf" target="_blank">REVISED - Accountancy</a>

On July 7, HRD Minister Ramesh Pokhriyal announced a major CBSE syllabus reduction with 30% of the syllabus slashed for the year 2020-21 for classes 9 to 12 because of the reduction in classroom teaching time due to the Covid-19 pandemic and lockdown.

CBSE has rationalized the syllabus with the help of suggestions from NCERT and the same has been notified by a new CBSE notification as well.

Deleted syllabus of CBSE Class 12 Accountancy

 

Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.

The American Institute of Certified Public Accountants (AICPA) had defined accounting as the “art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof”.

<div style="padding:16px;"> <a href="https://www.instagram.com/reel/CDBC1exnHKd/?utm_source=ig_embed&utm_campaign=loading" style=" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;" target="_blank"> <div style=" display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div></div></div><div style="padding: 19% 0;"></div> <div style="display:block; height:50px; margin:0 auto 12px; width:50px;"><svg width="50px" height="50px" viewBox="0 0 60 60" version="1.1" xmlns="https://www.w3.org/2000/svg" xmlns:xlink="https://www.w3.org/1999/xlink"><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-511.000000, -20.000000)" fill="#000000"><g><path d="M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631"></path></g></g></g></svg></div><div style="padding-top: 8px;"> <div style=" color:#3897f0; 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Advantages of Government Company:

<p1>The government organization enjoys all autonomy in management decisions and flexibility in day to day activities. </p1> <p2>These companies control the local market and sustain it to curb the unhealthy business practices.</p2>

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. As a result of economic, industrial, and technological developments, different specialized fields in accounting have emerged. The famous branches or types of accounting include: financial accounting, managerial accounting, cost accounting, auditing, taxation, AIS, fiduciary, and forensic accounting.

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Cash A/c dr. 4500 Loss on sale A/c dr 500 To sales A/c 5000

bank A/c. Dr. 4500 loss on sale A/c. dr. 500 To sales A/c. 5000

<th>BASIS FOR COMPARISON</th> <th>DEBTORS</th> <th>CREDITORS</th>

Meaning	Debtors are the parties who owes debt towards the company.	Creditors are the parties to whom the company owes a debt.
What is it?	It is an account receivable.	It is an account payable.
Status	Assets	Liabilities
Discount	Allowed to debtors.	Received from creditors.
Derived from	Term 'debere' of Latin language which means 'to owe'.	Term 'creditum' of Latin language which means 'to loan'.
Provision for doubtful debts	Created on debtors	Not created on creditors.

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Hnn h GST ka topic...?

Bank A/C dr Cash A/C cr