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What is matching principal

Posted by Muhammad Azam Faizy 5 years, 3 months ago

2 answers

Jigyasha Singh 5 years, 3 months ago

Matching principle is the accounting principle that require that the expenses incurred during a period be recorded in the same period in which the related revenues are earned. This principle recognizes that businesses must incur expenses to earn revenue....

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Yogita Ingle 5 years, 3 months ago

Matching Principle: According to this principle, all expenses incurred by any enterprises during an accounting period are matched with the revenue recognized during the same period.

The matching principle facilitates to ascertain the amount of profit or loss incurred in a particular period by deducting the related expenses from the revenue recognized that period.

The following treatment of expenses and revenue are done due to matching principle:

(1) Ascertainment of Prepaid Expenses!
(2) Ascertainment of Income received in advance.

(3) Accounting of closing stock.

(4) Depreciation charged on fixed assets.

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ANSWER

Journalise the following transaction in the books of M/s Hari Ram i) Rahu who owed ₹5000 was declared insolvent and 60 paise in a rupee were received as final compensation ii) Out of insurance paid this year, ₹ 3000 is related to next year iii) Provide depreciation @10% of furniture costing ₹ 10000 for 9 months

Posted by Dariakor Wahlang 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Ayushi Singhal 5 years, 3 months ago

i)Cash a/c.... Dr 3000 Bad debts a/c ...Dr 2000 To Rahul a/c 5000 ii) Prepaid rent a/c ...Dr 3000 To Rent a/c 3000 iii)Depreciation on machinery a/c ...Dr 750 To Machinery a/c 750

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Opened a current account with Punjab National Bank 100000

Posted by Renu Singh 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Cheque issued to Rahul was dishonoured 5000.... Write the journal entry of this question ????

Posted by Komalpreet Kaur 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Munish Saini 5 years, 3 months ago

Rahul Dr. 5000 To bank a/c 5000

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ANSWER

What is goods?

Posted by Suhaima Ansari 5 years, 3 months ago

CBSE > Class 11 > Accountancy

3 answers

Diya Goyal 5 years, 3 months ago

A good is a physical product which can be delivered to a buyer and involves the ownership from the seller to the customer. For example mobile phone, book, etc. Good are physical object and are tangible.

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Pragya Gupta 5 years, 3 months ago

In business :- goods are the items which business entity sell /produce or buy as a raw material

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Tabassum Khan 5 years, 3 months ago

In economic goods are item that satisfy human wants and provide utility.

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ANSWER

Commenced business with cash 50,000; goods 30,000 and furniture ? 20,000 Bought goods from Amit of list price ? 30,000 less trade discount 15%. Returned defective goods to Amit of the list price 25,000 Settled the account of Amit by paying cash under discount of 2%. Dec. 30 Dec. 31 U 9(a). Record 2019 Jan. 1 Jan. 4 Jan. 7 Jan. 10 Jan. 15 Sold goods to Mohan of the list price 20,000 less 15% trade discount and 2% cash discount. Mohan paid 40% price of goods promptly. Mohan returned goods of list price 3,000. Mohan paid ? 7,500 in full settlement of his account. Paid freight 500;

Posted by Mëhàk Prajapati 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Sold goods to mahesh

Posted by Dakshil Sanchaniya 5 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Sneha Gupta 5 years, 3 months ago

Mahesh A/C Dr.To Sales A/C

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Dakshil Sanchaniya 5 years, 3 months ago

Mahesh. A/C. Dr To. Sales. A/c.

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ANSWER

Purchase goods on credit from meena

Posted by Dakshil Sanchaniya 5 years, 3 months ago

CBSE > Class 11 > Accountancy

3 answers

Sneha Gupta 5 years, 3 months ago

Purchase A/C Dr. To Meena A/C

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Diya Goyal 5 years, 3 months ago

Purchase a/c dr. To Meena a/c

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Madhav Gaba 5 years, 3 months ago

Purchases ac. Dr To meena ac

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Is cash an asset

Posted by Shail Sharma 5 years, 3 months ago

CBSE > Class 11 > Accountancy

3 answers

Sneha Gupta 5 years, 3 months ago

Yes

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Madhav Gaba 5 years, 3 months ago

Yes

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Dakshil Sanchaniya 5 years, 3 months ago

Yes.

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ANSWER

Ts grewal book 2020 Question no. 12 , 13 ,15, 16

Posted by Prabh Kaur 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Define accounting and explain its objectives?

Posted by Kapil Baraskar 5 years, 3 months ago

CBSE > Class 11 > Accountancy

3 answers

Anushka Raj 5 years, 3 months ago

Accounting is the process of identifying the events of financial nature, recording them in the journal, classifying in their respective accounts and summarising them in profit and loss account and balance sheet and communicating results to users of such information, viz. owner, government, creditor, investors, etc. Objectives of accounting- 1.To keep systematic and complete records of all financial transactions. 2.To ascertain profit or loss. 3.To ascertain the financial position of the business. 4.To provide information to various groups and users. 5.To meet legal requirements.

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Kapil Baraskar 5 years, 3 months ago

You are available on Facebook

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Yogita Ingle 5 years, 3 months ago

Accounting is a process of identifying the events of financial nature, recording them in the journal, classifying in their respective accounts and summarising them in profit and loss account and balance sheet and communicating results to users of such information, viz. owner, government, creditor, investors, etc.

According to American Institute of Certified Accountants, 1941, “Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events that are, in part at least, of financial character and interpreting the results thereof.”

In 1970, American Institute of Certified Public Accountants changed the definition and stated, “The function of accounting is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions.”

Objectives of Accounting:

1. Recording business transactions systematically− It is necessary to maintain systematic records of every business transaction, as it is beyond human capacities to remember such large number of transactions. Skipping the record of any one of the transactions may lead to erroneous and faulty results.

2. Determining profit earned or loss incurred− In order to determine the net result at the end of an accounting period, we need to calculate profit or loss. For this purpose trading and profit and loss account are prepared. It gives information regarding how much of goods have been purchased and sold, expenses incurred and amount earned during a year.

3. Ascertaining financial position of the firm− Ascertaining profit earned or loss incurred is not enough; proprietor also interested in knowing the financial position of his/her firm, i.e. the value of the assets, amount of liabilities owed, net increase or decrease in his/her capital. This purpose is served by preparing the balance sheet that facilitates in ascertaining the true financial position of the business.

4. Assisting management− Systematic accounting helps the management in effective decision making, efficient control on cash management policies, preparing budget and forecasting, etc.

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ANSWER

Give two examples of tangible assets.

Posted by Srigouri Jinakeri 5 years, 3 months ago

CBSE > Class 11 > Accountancy

3 answers

Sneha Gupta 5 years, 3 months ago

Machinery ,Furniture,Goods etc.

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Tabassum Khan 5 years, 3 months ago

Land. Vehicles. Equipment. Machinery. Furniture Etc..

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Gaurav Seth 5 years, 3 months ago

A tangible asset is an asset that has a finite monetary value and usually a physical form. Tangible assets can typically always be transacted for some monetary value though the liquidity of different markets will vary.

Tangible Assets

Land.
Vehicles.
Equipment.
Machinery.
Furniture.
Inventory.
Securities like stocks, bonds, and cash.

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ANSWER

Purchase goods for rs 1,00,000 from Manoj of Cuttack and gst 12%

Posted by Somnathsahu Somnathsahu 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Dakshil Sanchaniya 5 years, 3 months ago

Ans will be 12000/- 100000*12/100 Purchase. A/c. Dr. 12000 To manoj a/c. 12000

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ANSWER

Two column cash book of Tarun , Kanpur

Posted by Asmita Bansal 5 years, 3 months ago

CBSE > Class 11 > Accountancy

3 answers

Munish Saini 5 years, 3 months ago

Pls provide question

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Tabassum Khan 5 years, 3 months ago

Ask meaningful question

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Dakshil Sanchaniya 5 years, 3 months ago

Plz provide question

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ANSWER

Define debit and credit?

Posted by Divyansh Salvi 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 5 years, 3 months ago

When goods are returned to the supplier, a debit note is prepared and sent to the supplier of the goods. It contains the name of the party (supplier) whose account has been debited, along with the amount and details of the bill and the reason for the debit, in reference to which his account has been debited.

A credit note is prepared when goods are received back from a customer.
When goods are purchased on credit, the seller prepares a sale invoice called bill that contains the name of the party to whom the goods are sold, as well as the rate, quantity and total amount of the sale. However, a cash memo is prepared when trader sells the goods for cash.

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ANSWER

Cash rs 10,000 received from govardhan and allowed him discount rs 500

Posted by Somnathsahu Somnathsahu 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Dakshil Sanchaniya 5 years, 3 months ago

Cash a/c Dr. 9500 Discount a/c. Dr. 500 To govardhan. A/c. 10000

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ANSWER

Cash rs 1,00,000 received from govardhan and allowed him discount rs 5 00

Posted by Somnathsahu Somnathsahu 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

What are the attributes features of accounting

Posted by Diksha Yadav 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 5 years, 3 months ago

Attributes

1. Accounting is art

as well as a Science:

2. Records only those events and transactions

which are of financial character:

3. Accounting records

transactions by

expressing them in term of money:

4. Functions of accounting:

5. Service activity:

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ANSWER

Pg. S. 47 question :-w,r were partners in a firm sharing profits in the ratio of 3 :2 respectively

Posted by Rohit Mathew 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

What is the relationship between accountancy and book keeping?

Posted by Srigouri Jinakeri 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Srigouri Jinakeri 5 years, 3 months ago

Accountancy it is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Book keeping it is responsible for the recording of financial transactions.

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ANSWER

Find pass journal (1) RHAIM started business with cash 560000. (2) Furniture purchased 220000 by cash . (3) 70000 Rs .Given to meena as loan . (4) Good sold to rajan worth 65000 . (5) Rent paid 7500 , Salaries paid for 4 months 5000 per month . (6) 100000 Rs Deposited into bank . (7) car purchased worth 25000 by cheque. (8) Payment resived by rajan after allowing him 15 % cash discount . (9) Meena become insolvent and only 70 paisa rupee is being recovered . (10) 20000 withdraw from bank for personal use and 15000 for office use

Posted by Harmanpreet Singh 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Dakshil Sanchaniya 5 years, 3 months ago

Cash a/c. Dr. 560000 To capital a/c. 560000 Furniture a/c. Dr. 220000 To cash a/c. 220000 Meena a/c. Dr. 70000 To loan a/c. 70000 Rajan a/c. Dr. 65000 To sales a/c. 65000 Rent a/c Dr. 7500 Salaries a/c. Dr. 20000 To cash a/c. 7500 To cash a/c. 20000 Bank a/c. Dr. 100000 To. Cash.a/c. 10000 Car purchased a/c. Dr. 25000 To bank a/c. 25000 8,9 no Drawings a/c. Dr. 20000 Office a/c. Dr. 15000 To bank.a/c. 20000 To cash a/c. 15000

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ANSWER

On which side the increase in the following accounts will be recorded ? Also mention the nature of account:- 1. Furniture 2. Rent paid 3. Commission Received 4. Salary paid 5. Proprietor's Account 6. Debtor 7. Creditor

Posted by Shivi Singh 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

= Purchase ac on 90,000 To manoj 90,000 = Manoj ac on 90,000 To bank 85,500 To dis recive 45000 = Desai ac on on 5200 To cash 5000 To dis recive 200 = Cash ac on 10,000 Dis allow ac on 500 To govardhan 10,500 = Bank ac on 80,000 To captial 80,000 = No entry as the sale process are deposited in proportion bank ac = Gaurav ac on 126000 To sales 126000 = Carriage and words ac on 3000 To cash 3000 = Rudra co ac on 32000 To bank ac 32000

Posted by Sheetal Upadhyay 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Show the effect of following transaction on the accounting equations and prepare balance sheet at the end 1.Bhumi commenced bussiness with cash RS 100000and bank balance RS 70000. 2. cash withdrawan from bank for office use 16000 3.rent paid in cash RS 15000 4. interest received by cheque RS 20000 5.cash withdrawn from bank for personal use RS 30000 6. additional capital introduced RS 40000 7.interst on capital provided RS 3000

Posted by Kritika Nahata 5 years, 3 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Which of the following is the Accounting Equation? (a) Capital=Assets+Liabilities (b) Capital=Assets-Liabilities (c) Assets=Liabilities-Capital (d)Liabilities=Assets-Capital

Posted by Azima Ansari 5 years, 4 months ago

CBSE > Class 11 > Accountancy

3 answers

Tushar Saini 5 years, 2 months ago

Liabilities=Assets-capital

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Abhimanyu Keshri 5 years, 4 months ago

Capital = Assest- Liabilities

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Sameer Singh 5 years, 4 months ago

(b) is a accounting equation because ASSETS = LIABILI+CAPITAL

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ANSWER

distinguish between cash basis and accural basis

Posted by Samarth Agrawal 5 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Sameer Singh 5 years, 4 months ago

Cash basis of accountig- in this system which transactions are recorded when cash recieved or paid . Accural basis of accounting - in this system income is recorded when it is earned .

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Which of the following is an example of Deferred Revenue Expenditure? * 1 point Purchase of Machinery Wages paid for the construction of Building Preliminary Expenses Prepaid Expenses

Posted by Garv Yadav 5 years, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Objective of accounting

Posted by Sanjana Kumari Sanjana 5 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Sameer Singh 5 years, 4 months ago

1. to maintain the record of business transaction. 2. to determine profit or loss. 3.assistance or help to management 4. communicate financial position of business to users. 5.to maintain the financial position of business. 6.to protect assets. 7.to check growth of business.

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Every transaction as both has debit and cradit aspect, explain

Posted by Samarth Agrawal 5 years, 4 months ago

CBSE > Class 11 > Accountancy