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Asked on 31 May Tuition/Class XI-XII Tuition (PUC)/Accounts CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)/Accountancy +1 CBSE/Class 11/Commerce/Business Studies less

Anyone looking for an Accounts and Business Studies teacher in East Delhi? I am a Chartered Accountant... read more

Anyone looking for an Accounts and Business Studies teacher in East Delhi? I am a Chartered Accountant and am willing to provide Teaching Services.

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Lesson Posted on 06 Mar Tuition/Class XI-XII Tuition (PUC)/Accountancy

Golden Rules of Accounting

Munaf Sait

Golden Rules of Accounting: i. Personal Account: Dr. The Receiver Cr. The Giver ii. Real Account: Dr. What Comes in Cr.What Goes out iii. Nominal Account: Dr.Expenses and Losses Dr.Incomes And Gains. read more

Golden Rules of Accounting:

i. Personal Account:

  1.  Dr. The Receiver
  2. Cr. The Giver    

ii. Real Account:

  1. Dr. What Comes in
  2. Cr.What Goes out

iii. Nominal Account:

  1. Dr.Expenses and Losses
  2. Dr.Incomes And Gains.
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Answered on 09 Feb Tuition/Class XI-XII Tuition (PUC)/Accountancy

How much I should pay for three month regular attendance in the class for preparing to ELTS examination?

Sujoy D.

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10000
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Answered on 21 Jun Tuition/Class XI-XII Tuition (PUC)/Accountancy

Renu y.

amalgamation is cosolidation of one or more entity to form form new entity while absorption is only merger of two compay no new company is created. amalgmation includes absorption
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Lesson Posted on 13/09/2017 Tuition/Class XI-XII Tuition (PUC)/Accountancy

Accounting Under Single Entry System-Introduction

Vishwanatha R

I have completed CA Inter along with International Financial Reporting Standards and have a total 12+...

Many small, simple business maintain the books of accounts under Single entry system that records bare essentials. In some cases only records of cash, accounts receivable, accounts payable and taxes paid may be maintained. Single entry system of book keeping is easy to maintain as compared to double... read more

Many small, simple business maintain the books of accounts under Single entry system that records bare essentials. In some cases only records of cash, accounts receivable, accounts payable and taxes paid may be maintained.

Single entry system of book keeping is easy to maintain as compared to double entry system which require larger amount of expertise. A single entry system records each accounting transaction with a single entry to the accounting records. It is centered on the results of the business which are reported in the Income statement. The core information tracked here is cash disbursements and cash receipts. Asset and liability records are usually not tracked: these items are to be tracked separately. The primary form of record keeping is the cash book. There is much less information available upon which to construct the financial position of a business, so management may not be fully aware of the performance of the business. It is mainly used in manual accounting system and not in computerised accounting system as it asks for double entry system principles.

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Answered on 09 Feb Tuition/Class XI-XII Tuition (PUC)/Accountancy

Sujoy D.

Tutor

All and Indefinite
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Lesson Posted on 28/06/2017 Tuition/Class XI-XII Tuition (PUC) Tuition/Class XI-XII Tuition (PUC)/Accountancy Tuition/Class XI-XII Tuition (PUC)/Accounts

Introduction To Accounting: Part 20: Summary Of Accounting Concepts

Nishant K.

I'm an experienced, qualified teacher and tutor with over 5 years of experience in teaching Accountancy...

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Lesson Posted on 28/06/2017 Tuition/Class XI-XII Tuition (PUC) Tuition/Class XI-XII Tuition (PUC)/Accountancy Tuition/Class XI-XII Tuition (PUC)/Accounts

Introduction To Accounting: Part 15: Cost Concept Or Historical Cost Concept

Nishant K.

I'm an experienced, qualified teacher and tutor with over 5 years of experience in teaching Accountancy...

According to the Cost Concept, an asset is recorded in the books of account at the price paid to acquire it and the cost is the basis for all subsequent accounting of the asset. Since the acquisition cost relates to the past, it is referred to as Historical Cost. However, the cost concept... read more
  1. According to the Cost Concept, an asset is recorded in the books of account at the price paid to acquire it and the cost is the basis for all subsequent accounting of the asset.

  2. Since the acquisition cost relates to the past, it is referred to as Historical Cost.

  3. However, the cost concept does not mean that assets will continuously be shown at their acquisition price for as long as the business entity owns them.

  4. Their cost is systematically reduced from year to year.

  5. This systematic reduction is done over the useful life of the asset.

  6. Useful life means the number of years (accounting periods) during which that asset is expected to be used.

  7. The process of systematic reduction of the cost of an asset over its useful life is known as Depreciation.

  8. For example, a computer is purchased for Rs 50,000 on 01.04.2017 and is expected to be used for 5 years. Now, at the time of purchase, i.e. on 01.04.2017, the computer will be recorded in the books of accounts at Rs 50,000. Since the useful life is 5 years, Rs 10,000 will be deducted from the cost of Rs 50,000 every year, so that, after 5 years, the value of the computer becomes NIL. Therefore, on 31.03.2018, Rs 10,000 will be deducted from Rs 50,000 and the computer will now be shown in the Financial Statements at Rs 40,000. Similarly, on 31.03.2019, another Rs 10,000 will be deducted from Rs 40,000 and now the computer will be shown in the Financial Statements at Rs 30,000.

 

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Lesson Posted on 28/06/2017 Tuition/Class XI-XII Tuition (PUC) Tuition/Class XI-XII Tuition (PUC)/Accountancy Tuition/Class XI-XII Tuition (PUC)/Accounts

Introduction To Accounting: Part 16: Matching Concept

Nishant K.

I'm an experienced, qualified teacher and tutor with over 5 years of experience in teaching Accountancy...

Let’s start with an example to understand this concept. Here it is: Suppose I buy 10 Books for Rs 1,000. This means that 1 Book costed me. Now, if I sell 5 Books at Rs 150 each, I will get? Now, is it correct to say that the total amount that I spent (Cost) was... read more
  1. Let’s start with an example to understand this concept.

  2. Here it is:

  • Suppose I buy 10 Books for Rs 1,000.

  • This means that 1 Book costed me.

  • Now, if I sell 5 Books at Rs 150 each, I will get?

  • Now, is it correct to say that the total amount that I spent (Cost) was Rs 1,000 and the total amount I earned (Revenue) is Rs 750, and hence I incurred a Loss of Rs 250?

  • Absolutely Not.

  • The logical thing would be to see, at what amount did I buy the Books which I sold.

  • I sold 5 Books for ?

  • I had bought those 5 Books for ?

  • So, I made a profit of ?

  1. What we saw above is Matching Concept.

  2. This concept is very important for correct determination of net profit.

  3. According to this concept, in determining the net profit from business operations, all costs which are applicable to revenue of the period should be charged against that revenue, i.e. deducted from that revenue.

  4. Accordingly, for matching costs with revenue, first revenues should be recognised and then costs incurred for generating that revenue should be recognised.

  5. This concept is based on the Accounting Period Concept.

 

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Answered on 09 Feb Tuition/Class XI-XII Tuition (PUC) Tuition/Class XI-XII Tuition (PUC)/Accountancy

Sujoy D.

Tutor

Cash is basically the money that is available with us in liquid form.And cash eqivalent are those items which can be converted into liquid form as and when required like fixed deposit ,they can be converted in cash whenever we are in need of money.where cash equivalent are not liquid,for ex. Investment... read more
Cash is basically the money that is available with us in liquid form.And cash eqivalent are those items which can be converted into liquid form as and when required like fixed deposit ,they can be converted in cash whenever we are in need of money.where cash equivalent are not liquid,for ex. Investment in shares. It is not easily convertible into cash.
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