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Answered on 04 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What are the Liquid Assets? Give example.

Chetan Kumar

Liquid Assets Are Closing Stock&Cash In hand&Cash at bank
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Answered 5 days ago CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Which accounts are not considered while preparing the trial balance.

Gajender Vats

Tutor

Nominal account because these account does not have closing balance
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Under which concept, Owner of business is treated as creditor to the extent of his capital?

Priyanka Vijayananth

Separate Entity concept.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Financial statements of an entity are prepared at regular intervals in accordance with which accounting concept?

Priyanka Vijayananth

Accounting period concept.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What is meant by Pay-in-slip?

Priyanka Vijayananth

Pay-in-slip is a form available in banks and is used to deposit money into a bank account.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What is meant by Accounting Conventions?

Priyanka Vijayananth

An accounting convention consists of the guidelines that arise from the practical application of accounting principles.
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Answered on 15 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What is meant by Revenue Reserve?

Sid Chougule

It means agriculture revenue used for only agriculture. Mean some revenue is used for specific area
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Answered on 14 Feb CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Katappa Ltd. of India has received an order from Bahubali Ltd. of Sri Lanka for Rs 10,000 Jeans. What...

Bharat Mishra

Chartered Accountant

Hi Swati, the export procedure has its very own long procedure. I am just giving you a brief explanation here, hoping it will address your query: 1) Bahubali Ltd. firstly will place the order. 2) Katappa Ltd. will send the order list to its sales department for booking and packing. 3) If the sales is... read more

Hi Swati, the export procedure has its very own long procedure. I am just giving you a brief explanation here, hoping it will address your query:

1) Bahubali Ltd. firstly will place the order.

2) Katappa Ltd. will send the order list to its sales department for booking and packing.

3) If the sales is oversee then, Bahubali will prepare a letter of credit from bank.

4) Katappa Ltd. will make its own copy of Invoices and a letter of confirmation shall be dispatched to Bahubali Ltd.

5) Bahubali Ltd. will produce the bill of lading at the dock with invoicing to clear the goods.

6) Goods will be delivered to Bahubali.

7) Once confirmed, Bank will release the payment to Katappa Ltd.

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Answered on 14 Feb CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Kanishka is a student of XI class. She has full knowledge of all characteristics of business. She is...

Bharat Mishra

Chartered Accountant

Hi Soujanya, I would rather contemplate saying that a coin has always two sides. On similar lines, Business is a bed of roses but to pluck out the roses you would have to go through the its stab. No business is so easy, A business comes with lots of responsibilities starting from its operation to running... read more

Hi Soujanya, I would rather contemplate saying that a coin has always two sides. On similar lines, Business is a bed of roses but to pluck out the roses you would have to go through the its stab. No business is so easy, A business comes with lots of responsibilities starting from its operation to running it and that requires lots of brain storming. Simply, take an example of a student his business is to study, if he/she does not do brainstorming or study more, he/she wouldn't score good marks. He/She has to undergo rigorous study to either top in class or be topper among friends in respective test. Same is with the business, they also have friends who are called competitors. I hope it will help you in understanding.

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Answered 5 days ago CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Give the names of two items of owners fund.

K S.

LEARN TO GROW

Share capital, reserves and surplus.
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