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Double Entry System is a complete and scientific system of accounting in which both the aspects of a transaction are recorded. Every business transaction has a two-fold effect.
It is this recording of the two-fold effect of every transaction that has given rise to the term Double Entry System.
Stages of double entry system include recording, classification and summarising. Recording in Journal or subsidiary books is the first stage of double entry system.
Second stage states that transactions are transferred in a cla...
In final stage, all the accounts in the ledger are balanced and put in a list, debit balances on one side and credit balances on the other side.
Features of double entry system are every transaction affects atleast two accounts, aspects may be personal or impersonal, rule based and preparation of trial balance.

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I not understand double column cashbook

Posted by Harish Rawat 6 years, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Vinay? Yadav????? 6 years, 4 months ago

I am also?

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Shivam Singh 6 years, 4 months ago

Ladger

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When purchase any goods in gst chapter ........discount will substract or add

Posted by Shruti Soni 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Vinay? Yadav????? 6 years, 4 months ago

Substract

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Mr x is appointed as manager and salary 50000 will it be expense for the company

Posted by Alish Patel 6 years, 4 months ago

CBSE > Class 11 > Accountancy

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What is the entry of journal Satish who owned us ₹20000 is declred insolvent and 60paisa per ₹ is received from his estate

Posted by Sachin Gujjar 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Prachi Jain 6 years, 4 months ago

Cash a/c. Dr. 12000 Bad debts a/c. Dr. 8000 To Satish a/c 20000 (Being partial amt r/d from bad debts)

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How many type of account

Posted by Raj Vishwakarma 6 years, 4 months ago

CBSE > Class 11 > Accountancy

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Hemant Kala 6 years, 4 months ago

Three types of accounts Real, Personal,Nominal

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What is accountancy ?

Posted by Prince Kumar 6 years, 4 months ago

CBSE > Class 11 > Accountancy

3 answers

Saket Badshah 6 years, 4 months ago

Accountancy is a systematic knowledge of accounting and it just makes us know how to carry out of the accounting process

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Shruti Soni 6 years, 4 months ago

Accountancy involve book keeping & accounting process

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Aman Kumar 6 years, 4 months ago

Sdfgjkjfzat hlcso so soft idk jai NFL hah rock msj

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Sold good purchased at list price of 50000 less 15%trade discout sold at a profit of 25% less 10% trade discount against cheque.

Posted by Shubham Karn 6 years, 4 months ago

CBSE > Class 11 > Accountancy

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Bases of accounting

Posted by Tejaswi Patil 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Aman Kumar 6 years, 4 months ago

1] Business Entity Concept This accounting concept separates the business from its owner. As far as accounting is concerned the owner and the business are two separate entities. This will help the accountant identify the business transactions from the personal ones. All forms of business organizations (proprietorship, partnership, company, AOP etc) must follow this assumption. So for example, if the owner brings in additional capital into the business, we will treat this as a liability on the balance sheet of the business. 2] Money Measurement Concept This accounting concept states that only financial transactions will find a place in accounting. So only those business activities that can be expressed in monetary terms will be recorded in accounting. Any other transaction, no matter how significant, will not find a place in the financial accounts. So for example, if the company underwent a major management overhaul this would have no effect on the accounting records. This concept is actually one of the major drawbacks of accounting. 3] Going Concern Concept The going concern concept assumes that a business will continue to operate indefinitely. So it assumes that for the foreseeable future the business will not be winding up. This leads to the assumption that the business will not have to sell its assets any time soon and it will meet all its obligations as well

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Ifrs mean

Posted by Rahulpatidar Dadaniya 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Hemant Kala 6 years, 4 months ago

International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

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Entry of the following Cash sales ₹5000 (Inter-state transaction are subjected to levy of IGST @12 %and intra-state transactions are subjected to levy of CGST and SGST @6% each

Posted by Sadiya Ansari 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Shubham Karn 6 years, 4 months ago

Thare are output CGST =600 Thare are output SGST = 300

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Can anyone tell me some imortant terms of first 8 chapters

Posted by Aman Rulhan 6 years, 4 months ago

CBSE > Class 11 > Accountancy

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Ncert solutions of 11th class of journal

Posted by Apoorva Agrawal 6 years, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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Credit purchases from ram and co.for rs 5000.cash discount will be recived at 5% aon payment of bill within 10 days(journal with narrations)

Posted by Aditya Jha 6 years, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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Solution of ts.grewal book

Posted by Anash Khan 6 years, 4 months ago

CBSE > Class 11 > Accountancy

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Meaninng of IFRS

Posted by Rahulpatidar Dadaniya 6 years, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Sia ? 6 years, 4 months ago

IFRS are Principle based accounting standards

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Hemant Kala 6 years, 4 months ago

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Ramesh owed us Rs. 500 became bankrupt and paid us 50 paisa in a rupee. Journalise it and entry double column cash book ???

Posted by Kanishk Gupta 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Sagar Nagwani 6 years, 4 months ago

Cash A/c Dr. 250 Bad debt A/c. Dr. 250 To Ramesh. And posting in cash book will be "to ramesh" cash column if amt received by cash.

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Shri s.k.gupta chandigarh commenced business on 1 st april 2019 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his bank account and balanced retained as cash his other transaction during the month

Posted by Harsh Sharma Harsh Sharma 6 years, 4 months ago

CBSE > Class 11 > Accountancy

0 answers

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What is ledger explain with example

Posted by Sanskrati Shrivastava 6 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 6 years, 4 months ago

The Ledger is the main or Principal book of accounts in which all the business transactions would ultimately find thier place under various accounts in a duly classified form.
After recording the business transaction in the Journal or special pur-pose Subsidiary Books, the next step is to transfer the entries to the respective ac-counts in the Ledger. Ledger is a book where all the transactions related to a particular account are collected at one place.

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Business started with cash ₹10000

Posted by Hardh Jain 6 years, 4 months ago

CBSE > Class 11 > Accountancy