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Lesson Posted on 09/04/2020 CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC) CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework +1 CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework/Chapter-Introduction to Accounting less

For CBSE PUC Accountancy- How to Identify Revenue vs Capital Expenditures for a Business Organisation

Madhura G.

With over more than ten years of experience as a tutor for accountancy, finance, Taxation, Costing and...

Dear Students, Identification of Revenue and Capital natured expenditure is essential for us. It is the base for many of the chapters in your Accountancy Syllabus. Let us understand these terms with several examples- 1. Capital Expenditure - You must have observed that some of the business expenditures... read more

Dear Students,

Identification of Revenue and Capital natured expenditure is essential for us. It is the base for many of the chapters in your Accountancy Syllabus. Let us understand these terms with several examples-

1. Capital Expenditure - You must have observed that some of the business expenditures give long term benefits to an organisation. Say, for example, purchasing a property, Patent rights or Automobiles, etc. Business reaps the benefit of these Assets purchased over several years. Does a Business have to buy Machinery, Land, Buildings, Trademarks, Furniture, Huge Electronic Equipment every year? The answer is "NO". A Fixed Asset purchased servers a business for many years. Thus, the purchase of Fixed Asset is a Capital Expenditure. Students, please note that Capital Expenditures are Presented in the Balance sheet.

2. Revenue Expenditure - Many business expenses have to be made multiple times in a year. These expenses comprise of purchasing Raw materials, Paying wages and salaries to the staff members, paying electricity bills, paying rent, expenditure towards freight, carriage, fuel, etc. This expenditure that is recurring in nature or has to be made almost every year are called Revenue expenses. Generally, these expenses appear in the Trading/ P&L Account.

I hope this makes the concept clear.

All the best!!!

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Lesson Posted on 10/01/2020 Tuition Schools/CBSE Schools CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework/Chapter-Introduction to Accounting

Accounting Cycle

Rishi Parmar

Accounting Cycle Transactions ↓ Journal Entries ↓ Ledger ↓ Trial Balance ↓ Final Account
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Lesson Posted on 27/11/2019 CBSE/Class 11/Commerce/Accountancy

Basic accounts principles

Hema B.

So I am a fresher in b. Com and a learner by all means. But it's my passion to expand knowledge by teaching....

Debit the receiver Credit the giver Debit what comes in Credit what goes out Debit all expenses and losses Credit all income and gains
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Lesson Posted on 05/08/2019 CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework/Chapter-Introduction to Accounting CBSE/Class 11/Commerce/Accountancy

Basics of Accounting_Chapter-1

Rahul Kumar Pugalia

I am a first division graduate from Calcutta University and have cleared CA-Inter in Nov, 2013. I have...

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Lesson Posted on 22/07/2019 CBSE/Class 11/Commerce/Accountancy

3 GOLDEN RULES OF ACCOUNTING

Gaurav Didwaniya

I can teach every topic very easily and make it stronger for the students.

ACCOUNTANCY- 3 GOLDEN RULES PERSONAL AC DEBIT the RECEIVER CREDIT the GIVER REAL AC DEBIT what COMES IN CREDIT what GOES OUT NOMINAL AC DEBIT all EXPENSES AND LOSSES CREDIT all INCOME AND GAINS read more

ACCOUNTANCY- 3 GOLDEN RULES

PERSONAL AC

DEBIT the RECEIVER

CREDIT the GIVER

REAL AC

DEBIT what COMES IN

CREDIT what GOES OUT

NOMINAL AC

DEBIT all EXPENSES AND LOSSES

CREDIT all INCOME AND GAINS

 

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Answered on 06/07/2019 CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework/Chapter-Introduction to Accounting CBSE/Class 11/Commerce/Economics

Neha M.

Economics Tutor

Giffen goods are a special kind of inferior products in which demand increases when price increases. But in the case of income changes, there's an inverse relationship between market and income. With an increase or decrease in income; demand will reduce or raise.
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Lesson Posted on 20/05/2019 CBSE/Class 11/Commerce/Accountancy CBSE/Class 12/Commerce Tuition/BCom Tuition

Why??????

Nishant Katoch

I have completed my graduation degree from Pune university. Currently i am pursuing C.A/C.S final(Group...

Many times I have seen that students don't understand the basic accounting knowledge. Here I am not talking about the accounting principles or concepts. I am talking about the FUNDAMENTAL knowledge behind accounting treatment. Such as-1) Why are we preparing the accounts?2) Why are these accounts necessary?3)... read more

Many times I have seen that students don't understand the basic accounting knowledge. Here I am not talking about the accounting principles or concepts. I am talking about the FUNDAMENTAL  knowledge behind accounting treatment. Such as-
1) Why are we preparing the accounts?
2) Why are these accounts necessary?
3) What benefit will one get after preparation of accounts?
4) What is Trading, Profit and loss account, the Balance sheet is actually?
Like these above, many more questions students still don't understand. They memorise the steps for calculating answers which are useful for getting marks in exams, but if you want to be a great, smart and successful accounting professional, you have to understand the STORY. Every single transaction speaks this story.
So, my first lesson to the students is, do not memorise the subject understand the story, and you will see the benefits of it for a very very long time.
I will try to provide my next lessons to the students with a great explanation of concepts and of course THE STORY.

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Lesson Posted on 02/02/2019 CBSE/Class 12 CBSE/Class 11/Commerce/Accountancy

What are Reserves & Provisions? Lets understand in detail-

Arpita Singhal

Having a teaching experience of many years in the field of Accountancy to class XI, XII & CPT & IPCC....

Provisions:There are some expenses and losses which are specific to incur, but their amount cannot be known with certainty as they are not yet incurred. It is necessary to make provision for such certain but not however born expenses/losses to determine true profit.Some Examples of Provisions:Provision... read more

Provisions:

There are some expenses and losses which are specific to incur, but their amount cannot be known with certainty as they are not yet incurred. It is necessary to make provision for such certain but not however born expenses/losses to determine true profit.

Some Examples of Provisions:

Provision for Bad & doubtful debts

Provision for discount on debtors/creditors

Provision for depreciation

Provision for taxation

Provision for repairs & renewals

 Let’s understand provisions with an example; generally, a businessman is sure that some of the debtors would not pay or will pay partially. To take care of such a known loss, provision for bad & doubtful debts is created.

One thing should be understood that provisions are a charge against profits/revenue. Rules are created by debiting to P/L Account.

In Balance Sheet, some provisions are shown as a deduction from the respective asset (Prov. for Bad & doubtful debts, prov for depreciation etc.) and some are displayed on the liabilities side with current liabilities (Prov. for taxation, prov. for repairs & renewals).

Reserves:

Some part of the profit is set aside to meet the future needs of a business like expansion and growth or to meet the contingencies like compensation to workers. This appropriation of profits is called as reserves. Reserves are created to strengthen the future of business.

Reserves are retention of profits for future requirements. But the creation of reserve reduces the distributable profits for owners/shareholders.

 Example of reserves:

General Reserve

Workmen Compensation Fund

Capital Reserve

Investment Fluctuation Fund

Reserve for the redemption of Debentures

Dividend Equalization Reserve

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Lesson Posted on 28/12/2018 CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework/Chapter-Introduction to Accounting CBSE/Class 12/Commerce

Crux of Golden Rule of Accountancy

Dharmendra

Preparation of hand written notes for easy understanding and revision. Tips for memorizing the concepts. Fast...

As we know the golden rule of accountancy includes three accounts, which are used to make journal entries. 1. Personal A/C Debit the receiver credit the giver 2. Real A/C Debit what comes in Credit what goes out 3. Nominal A/C Debit the losses and expense Credit the gains and income The... read more

As we know the golden rule of accountancy includes three accounts, which are used to make journal entries.

1. Personal A/C

  • Debit the receiver
  • credit the giver

2. Real A/C

  • Debit what comes in
  • Credit what goes out

3. Nominal A/C

  • Debit the losses and expense
  • Credit the gains and income

The crux of all for journal entries.

  • Debit the account when anything come ( like Person, expense etc.)
  • Credit the account for what goes from business (like cash, stock)
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Answered on 07/03/2019 CBSE/Class 11/Commerce/Accountancy Tuition/BCom Tuition Tuition/BCom Tuition/Corporate Accounting +1 Tuition/Class XI-XII Tuition (PUC) less

Sanjoysheet

1. Cash means Paper money , coins , Money order etc But, Cash Equivalent means Highly Liquidable Securities 2. Cash has not any Time period . It is Demand Receipt But , Cash Equivalent Take some time to convert into cash (90days or less) 3 .Cash exmp: Cash n Bank Deposit But Cash Equivalent exmp:... read more

1. Cash means  Paper money , coins , Money order etc

But, Cash Equivalent means Highly Liquidable Securities 

2. Cash has not any Time period . It is Demand Receipt 

But , Cash Equivalent Take some time to convert

into cash  (90days or less)

3 .Cash exmp: Cash n Bank Deposit

But Cash Equivalent exmp: Highly Liquidable - Marketable Security , Treasury Bills etc 

4 . Cash is not convert into cash anymore 

But , Cash Equivalents are Convert  into Cash ..

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