CBSE Class 11 Accounting Vouchers and their preparation

Accounting-Vouchers and their preparation 4.1 Types of Vouchers: Vouchers are of two types i) Supporting vouchers ii) Accounting vouchers Vouchers which support business transactions are called supporting vouchers, for e.g., cash receipts, invoices, bills, counterfoils of pay-…

CBSE Class 11 Accounting Trial Balance

Accounting-Trial Balance 5.1 Introduction The accounting process which you have learnt so far is regarding the recording of transactions on the basis of accounting principles in the journal proper and other subsidiary books, posting them from the journal to the ledger, and…

CBSE Class 11 Accounting Taxation

Accounting-Taxation 7.1 Direct Taxes A direct tax is paid by a person upon whom it is legally imposed; its effect is borne by the tax payer, for example, income tax. Income tax is paid by an individual, a Hindu undivided family, a company, a firm, and local bodies etc. on…

CBSE Class 11 Accounting Recording of Transactions

Accounting-Recording of Transactions Books of Original Entry The books of accounts where in transactions are recorded for the first time from a source document are called ‘Books of Original Entry’. A document which provides evidence of the transactions is called a source…

CBSE Class 11 Accounting Introduction to Accounting

Accounting-Introduction to Accounting Evolution of accounting is spread over several centuries. It is as old as money itself. The modern system of accounting based on the principles of Double Entry System owes its origin to Luco Pacioli, who first published the principles of…

CBSE Class 11 Accounting End of Period Accounts

Accounting-End of Period Accounts Money is invested in a business with the primary aim of earning profits. For knowing this, it isnecessary that the accountant must measure and accumulate accounting data in such a manner that the amount of profit earned or loss suffered by the…

CBSE Class 11 Accounting Banking Transactions

Banking Transactions Meaning of Bank Bank is a German word which means ‘to collect’. The main function of the banks is collection of funds as deposit's. with time bank have started performing other functions such as lending money, etc. Banks have now occupied a very important…

NCERT Class 11 Accountancy Financial Statements II

Financial Statements - II Need for Adjustments According to accrual concept of accounting, the profit or loss for an accounting year is not based on the revenues realised in cash and the expenses paid in cash during that year because there may be some receipts of incomes and…

NCERT Class 11 Accountancy Financial Statements I

Financial Statements - I You have learnt that financial accounting is a well-defined sequential activity which begins with Journal (Journalising), Ledger (Posting), and preparation of Trial Balance (Balancing and Summarisation at the first stage). In the present chapter, we…

NCERT Class 11 Accountancy Structuring Database for Accounting

Structuring Database for Accounting In the earlier chapters, you have already learnt that accounting of transactions are documented with vouchers. Let us consider a few accountingtransaction to understand as to how these vouchers are used. On April 01, 05 M/s Kshipra Computers…

NCERT Class 11 Accountancy Trail Balance and Rectification of Errors

Trial Balance and Rectification of Errors In the earlier chapters, you have learnt about the basic principles of accounting that for every debit there will be an equal credit. It implies that if the sum of all debits equals the sum of all credits, it is presumed that the…

NCERT Class 11 Accountancy Computerised Accounting System

Computerised Accounting System In chapter 12, you have learnt about the need for use of computers in accounting the nature anduse of accounting information system. In this chapter, we shall discuss the nature of computrised accounting system, its advantages, limitations and …

NCERT Class 11 Accountancy Theory Base of Accounting

  Theory Base of Accounting As discussed in the previous chapter, accounting is concerned with the recording, classifying and summarising of financial transactions and events and interpreting the results thereof. It aims at providing information about the financial performance…

NCERT Class 11 Accountancy Applications of Computers in Accounting

Applications of Computers in Accounting Computer technology and its usage have registered a significant development during the last three decades. Historically, computers have been used effectively in science and technology to solve the complex computational and logical …