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AccountancyClass 11CBSE

Define Accounting.

Accounting can be defined as the process of identifying, measuring, recording and communicating the required information relating to the economic events of an organization to the interested users of such information.

AccountancyClass 11CBSE

List out all the accounting standards which are under the Institute of Chartered Accountants of India (ICAI).

The Institute of Chartered Accountants of India has so far pronounced 27 accounting standards listed below:Disclosure of Accounting Policies (AS-1)Valuation of Inventories (AS-2)Cash Flow Statement (AS-3)Contingencies and Events Occurring after the Balance Sheet Date (AS-4)Net Profit or Loss for the period (AS-5)Depreciation Accounting (AS-6)Accounting for Construction Contracts (AS-7)Accounting for Research and Develo

AccountancyClass 11CBSE

Describe the need for Accounting Standards.

The stability of any economic system depends upon the confidence of the users on the fairness and reliability of the financial statements. Therefore need arose for setting up guidelines that are universally applicable and are religiously followed for preparation and presentation of financial statements.It is the function of accounting standards to establish general sense of confidence by providing a framework within which creditable financial statements can be produced so that they are

AccountancyClass 11CBSE

What are the exceptions or Modifying Accounting Principles?

The modified principles are the exceptions of the basic principles of accounting. These are:MaterialityConsistencyConservatismTimelinessIndustry Practice

AccountancyClass 11CBSE

Define Dual Aspect Principle.

This principle holds that every transaction entered into by a firm or an institution will have two aspects: if any event occurs, it is bound to have a double effect.This double effect can be better understood if we remember the business entity assumption under which the firm is considered to be separate from its proprietor.Owner's equity or capital + claims of outsiders = AssetsOrAssets = Owner's equity + claims of outsider

AccountancyClass 11CBSE

What do you mean by Accounting Standards?

Accounting Standards are the norms, accounting policies and practices to direct the treatment of transactions and events that ultimately transform into financial statements.

AccountancyClass 11CBSE

What do you mean by full disclosure Principle?

According to the Full Disclosure Principle, there should be complete and understandable reporting on the financial statements of all significant information relating to the economic affairs of the entity.The purpose of this principle is to communicate all material and relevant facts concerning financial position and the results of operations to the users.

AccountancyClass 11CBSE

What do you mean by consistency?

The consistency assumption holds that accounting procedures and practices being followed shall remain the same year after year. The assumption helps in better understanding of accounts, as the results thereof remain comparable. If the practices followed do not remain consistent, the results of one year shall not remain comparable with that of another year.For example, stocks valued at cost prices in one year and valued at market price in the following year will give a distorted picture

AccountancyClass 11CBSE

What do you mean by basic accounting principles? Define all of them.

Basic accounting principles, being man-made, are based on logic and practical experience. They are thus not so exact as the principles of natural sciences. They are modified from time to time to meet the changing needs of business.These principles are:The Revenue PrincipleThe Historical Cost PrincipleThe Matching PrincipleThe Full Disclosure PrincipleThe Verifiable Objective PrincipleThe Dual Aspect Principle

AccountancyClass 11CBSE

What do you understand by 'The Going Concern Assumption'?

The going concern assumption holds that a business or the institution shall last for a long time. Therefore, it is also known as 'continuity assumption'. In other words, it is assumed that the business will exist for an indefinite period of time and therefore, transactions are recorded from this point of view.On the basis of this assumption, fixed assets are recorded at their original cost and are depreciated in a systematic manner without reference to their market value.

AccountancyClass 11CBSE

List out the basic accounting assumptions.

List of basic accounting assumptions:The Going Concern AssumptionThe Accrual AssumptionThe Accounting Entity AssumptionThe Money Measurement AssumptionThe Accounting Period Assumption

AccountancyClass 11CBSE

Pass Journal Entries for the following: (i) Received Rs. 4,000 from Manish which were written off as bad debts in the previous year. (ii) Salaries due to clerk Rs. 7,500. (iii) Out of the rent paid this year, Rs. 2,000 is related to next year. (iv) Provide 10% depreciation on furniture costing Rs. 5,000. (v) Provide 10% interest on capital amounting to Rs. 1,00,000. (vi) Goods used in making of furniture (Sales Price Rs. 2,000, Cost Rs. 1,500).

S.No.ParticularsL.F.Dr. (Rs.)Cr. (Rs.)(i)Cash A/c     Dr.To Bad Debts Recovered A/c(Cash received from Manish, previously written off as bad debts)4,0004,000(ii)Salaries A/c     Dr.To Outstanding Salaries A/c(Salaries due to clerks)7,5007,500(iii)Prepaid Rent A/c     Dr.To Rent A/c<b

AccountancyClass 11CBSE

Record the following transactions in Journal: (i) Paid rent in advance Rs. 1,000. (ii) Received cash from Ram for a bad debt written off last year Rs. 1,100. (iii) Paid Rs. 1,450 to Anil on his account for Rs. 1,500. (iv) Bought goods of list price Rs. 25,000 from Rohit less 20% trade discount and 2% cash discount, paid 40% by cheque. (v) Sold goods to Rakesh of list price Rs. 50,000 less 20% trade discount and 2% cash discount, 50% paid by cheque.

S.No.ParticularsL.F.Dr. (Rs.)Cr. (Rs.)(i)Prepaid Rent A/c     Dr.To Cash A/c(Being rent paid in advance)1,0001,000(ii)Cash A/c     Dr.To Bad Debts Recovered A/c(Being bad debts written off last year, now recovered)1,1001,100(iii)Anil     Dr.To Cash A/cTo Discount Received A/c<b

AccountancyClass 11CBSE

Journalise the following: (i) Goods worth Rs. 1,300 were used by proprietor for domestic use. (ii) Rs. 800 due from Zaid are bad debts. (iii) Goods uninsured worth Rs. 2,800 were destroyed by fire.

S.No.ParticularsL.F.Dr. (Rs.)Cr. (Rs.)(i)Drawings A/c     Dr.To Purchases A/c(Being goods used for domestic purpose)1,3001,300(ii)Bad Debts A/c     Dr.To Hari(Being bad debts written off)800800(iii)Loss by Fire A/c     Dr.To Purchases A/c(Being goods destroyed by fire)

AccountancyClass 11CBSE

Journalise the following: (i) Sonam is declared insolvent. Received from his official Receiver a first and final dividend of 60p. in the rupee on a debt of Rs. 100. (ii) Mohan who owed me Rs. 200 has failed. He pays me a composition of 50p. in the rupee. (iii) Received cash for a bad debt written off last year Rs. 70.

S.No.ParticularsL.F.Dr. (Rs.)Cr. (Rs.)(i)Cash A/c     Dr.Bad Debts A/c     Dr.To Soham(Received cash dividend of 60p. per rupee out of debt of Rs. 100 from Soham on insolvency)6040100(ii)Cash A/c     Dr.Bad Debts A/c     Dr.To Mohan(Received composition of 50p. per rupee from Mohan on debt of Rs. 200)100<br

AccountancyClass 11CBSE

Transactions of Amit for April are given below. Journalize them: April 1 – Started business with cash Rs. 20,000; April 2 – Paid into bank Rs. 16,000; April 3 – Bought goods for cash Rs. 1,500; April 4 – Drew cash from bank for office Rs. 100; April 13 – Sold to Ramesh goods on credit Rs. 450; April 20 – Bought from Nisha goods on credit Rs. 225; April 24 – Received from Ramesh Rs. 450; April 28 – Paid Nisha Cash Rs. 215, Discount allowed Rs. 10; April 30 – Cash sales Rs. 1,000; Paid rent Rs. 100; Paid salary to Mr. Kamal Rs. 1,000.

DateParticularsL.F.Dr. (Rs.)Cr. (Rs.)April 1Cash A/c     Dr.To Capital A/c(Being amount invested by Amit in business as capital)20,00020,000April 2Bank A/c     Dr.To Cash A/c(Being amount paid into bank)16,00016,000April 3Purchases A/c     Dr.To Cash A/c(Being goods purchased f

AccountancyClass 11CBSE

Define the meaning of Journal.

Transactions are recorded in a rough book or various documents. On the basis of entries made in the rough book or on the basis of source documents, a voucher is prepared indicating the accounts to be debited and credited, which are then recorded carefully in a systematic manner. This book in which transactions are recorded chronologically is known as the Journal.

AccountancyClass 11CBSE

The following transactions took place in M/s Nandi Ram Tailoring Shop. Prepare debit vouchers: (1) 1-Mar 2004: Bought tailoring materials for cash vide memo No. 338 Rs. 7,200 (2) 28-Mar 2004: Wages paid for the month of February 2004 vide wage sheet No. 39 Rs. 5,000.

Debit Voucher 1:M/s Nandiram Tailoring ShopVoucher No. 1      Date: 1.3.2004Debit: Purchases A/c(Being the tailoring materials purchased vide cash memo No. 338)Rs. 7,200TotalRs. 7,200Sd/- Accountant      Sd/- ManagerDebit Voucher 2:M/s Nandiram Tailorin

AccountancyClass 11CBSE

What is the meaning of Vouchers? Describe the types of Accounting Vouchers.

Voucher – Voucher is a document providing evidence of some business transactions. Whenever a transaction takes place, evidence to that effect is also established. Such evidences are source documents i.e. Cash Memo, Cheque, Debit and Credit Notes etc.Types of Accounting Vouchers:Cash VouchersNon-Cash Vouchers

AccountancyClass 11CBSE

What is the meaning of Vouchers? Describe the types of Accreting Vouchers.

Voucher is a document providing evidence of some business transactions. It flows from the above definition that whenever a transaction takes place, an evidence to that effect is also established. Such evidences are source documents i.e. Cash Memo, Cheque and Debit and Credit Notes etc. Types of Accounting Vouchers: - - Cash Vouchers - Non – Cash Vouchers

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