Looking for a Tutor Near You?

Post Learning Requirement »
x

Choose Country Code

x

Direction

x

Ask a Question

x

x
x
For better view click here
x
Hire a Tutor
DISCOVER

Notes On Class 11 Accountancy Basic Concepts

Loading...

Published in: Accountancy
1,053 Views

Here I am attaching some notes on basic concepts on accountancy

Dwaipayan P / Kolkata

2 years of teaching experience

Qualification: B.Com (CU - 2012)

Teaches: CA - CPT, CA Foundation, Accountancy, B.Com Tuition, Direct Tax, Indirect Tax, Taxation

Contact this Tutor
  1. DWAIPAYAN PAUL CLASSES FOR COMMERCE SOME BASIC TERMS OF ACCOUNTANCY 1) BUSINESS TRANSACTION:- Financial transactions entered into by two parties. SELLING GOODS SALES ILAKHS SELLER BUYER CHARACTERISTICS OF BUSINESS TRANSACTIONS:- 1) It is concerned with money. 2) It involved exchange of goods/seæice. 3) It brings changes in assets and liabilities 4) It has two sides- Receiver and giver. ACCOUNTANCY BASIC COURSE, BASIC TERMS OF ACCOUNTANCY
  2. DWAIPAYAN PAUL CLASSES FOR COMMERCE 2) CAPITAL STARTED BUSINESS INVESTED AMOUNT IN BUSINESS Capital is the amount invested by the proprietor(in case of proprietorship business) or by partners(in case of partnership business). It is the liability of business. If profit is eamed by a business, Capital increases and in case of loss, it decreases. CAPITAL = ASSETS- LIABILITIES 3) DRAWINGS Amount withdrawn or goods taken by proprietor/ partner for personal use. GOODS WITHDRAWN CASH Drawings results in reduction of capital. BUSINESS FOR ONLINE LIVE CLASSES, CALL / WHATS APP 7044175847
  3. DWAIPAYAN PAUL CLASSES FOR COMMERCE 4) LIABILITIES Amount payable by Business JOY ENTERPRISES INTERNAL LIABILITIES TOWAR S OWNER TOWARDS MR X NON CURRENT PAYABLE AFTER 1 YEAR LONG TERM LOAN EXTERNAL LIABILITIES TOWARDS CREDITORS, BANK ETC LIABILITIES CURRENT PAYABLE WITHIN I YEAR CREDITORS ACCOUNTANCY BASIC COURSE, BASIC TERMS OF ACCOUNTANCY
  4. DWAIPAYAN PAUL CLASSES FOR COMMERCE 5) ASSETS Resources of an organisation which helps to get economic benefits. Example- Machinery, stock, cash FIXED ASSETS HELD FOR INCREASING EARNING CAPACITY ASSETS NOT FOR RESALE. TANGIBLE YES PHYSICAL EXISTENCE EXAMPLE- FURNITURE PLANT MACHINERY INTANGIBLE NO EXAMPLE- GOODWILL CURRENT ASSETS HELD FOR CONVERTING INTO CASH. EXAMPLE- DEBTORS, STOCK. FICTITIOUS ASSETS TO BE DISCUSSED LATER FOR ONLINE LIVE CLASSES, CALL /WHATS APP 7044175847
  5. DWAIPAYAN PAUL CLASSES FOR COMMERCE 6) EXPENSES Cost incurred for generating revenue. Example :- wages , salaries. Z) Income : Revenue - Expenses (Revenue may be from sale of goods or for providing service) 8) PURCHASE AND PURCHASE RETURN:- Buying goods in cash/ credit. If goods purchased is returned by purchaser to seller, its purchase return. PURCHASE PURCHASE RETURN BUYER MIR Y SELLLER ACCOUNTANCY BASIC COURSE, BASIC TERMS OF ACCOUNTANCY
  6. DWAIPAYAN PAUL CLASSES FOR COMMERCE 9) SALES AND SALES RETURN Exchange of goods/ service for consideration. If goods sold is returned to Seller by purchaser, its sales return. SALES SALES RETURN SELLER 10) GOODS:- BUYER Physical items that are purchased and then sold For example, for Book seller, Book is Goods. 1 1) DEBTORS:- PURCHASE FURNITURE FIXED ASSETS Person from whom Goods are sold in credit and money becomes Receivable. ACCOUNTANCY BASIC COURSE, BASIC TERMS OF ACCOUNTANCY
  7. Q) DWAIPAYAN PAUL CLASSES FOR COMMERCE 12) CREDITORS:- Person from whom Goods are Purchased in credit and money becomes payable. CURRENT LIABILITY. MR X PURCHASED GOODS FROM MR Y AMOUNTING Rs 50,000 (20,000 PAID IN CASH) HE INVESTED Rs AT THE TIME OF STARTING BUSINESS. HE SOLD GOODS FOR RS 50,000 IN CASH) OTHER EXPENSES IS RS 10,000. CALCULATE?? 1) 2) 3) 4) CAPITAL INCOME DEBTORS CREDITORS 10,000 20,000 30,000 FOR ONLINE LIVE CLASSES, CALL / WHATS APP 7044175847

Need a Tutor or Coaching Class?

Post an enquiry and get instant responses from qualified and experienced tutors.

Post Requirement

Related Study Notes

Upload Study Notes

If you have your own Study Notes which you think can benefit others, please upload on LearnPick. For each approved Study Note you will get 100 Credit Points and 100 Activity Score which will increase your profile visibility.

Upload Now
Home > Study Notes > Notes On Class 11 Accountancy Basic Concepts