- TS Grewal Accountancy Class 12 Solutions 2018 Volume 1 & 2
- T.S. Grewal's Double Entry Book Keeping: Financial Accounting - Class 11
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- Accountancy of class 12 TS Grewal Book Questions (Double Entry Book Keeping) Cbse
How do I download the answer PDF of TS Grewal for class 11 in ? How do I get a PDF version of the edition of the TS Grewal book for class 12 accounts? Here is the Best Resource for Downloading TS Grewal Class 11 Accountancy Solutions Edition. Double Entry Book Keeping TS Grewal Solutions Class 12 and TS Grewal Solutions Class 11 are extremely helpful for exam preparation. ananewemcha.ga provides questions and solutions of TS Grewal Accountancy Solutions for Class 12 and Class 11 at free of cost. CBSE Class 11 accountancy Double Entry Book Keeping TS Grewal Students can download the Double Entry Book keeping TS Grewal Class 11 Pdf Free Download. TS Grewal Double Entry Book Keeping Class 11 Solutions
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In order to download the PDF files you need to have the Adobe Acrobat Reader. T.S. Grewal's Double Entry Book Keeping book. Read 3 reviews from the world's largest community for readers. It's Book contains for financial Accounting. T.S. Grewal is the author of T.S. Grewal's Double Entry Book Keeping ( avg rating, 69 ratings, 3 reviews), CBSE Double Entry Book Keeping Financial A.
The Trading Profit for the year ended 31st March. Amudharasan Rs. Interest on capital The drawings of the partners were Elavarasan Rs. Profit Rs. Amuthan and Raman to get a salary of Rs. Drawings of the partners during the year were. Amuthan and Raman are partners in a firm showing Profits and Losses in the ratio 3: Pallavan are partners with capitals of Rs. Raja Rs. Their Partnership Deed provided for the following: In the absence of actual date of Drawings. Their capitals on 1.
The Trading Profit before taking into account the provision of the Deed for the year ended 31st December. Prepare the Capital Accounts of the partners Ravi and Raja from the following details assuming that their capitals are fluctuating: Particulars Capital as on 1. Amuthan Rs.
TS Grewal Accountancy Class 12 Solutions 2018 Volume 1 & 2
Amudharasan entitled to a salary of Rs. Assuming that Elavarasan and Amudharasan are equal partners.
Capital Accounts: Elavarasan Rs. October Answer: Valayapathi draws Rs. X introduced additional capital of Rs.
Queen and King had capitals of Rs. On 1st July Manjula withdrew Rs. Shanmugam draws Rs. The drawings of the partners were Cheran Rs. Sundar drew regularly Rs. Pasupathi draws Rs. Queen withdrew Rs. Pasupathi and Valayapathi are partners. Assuming that Cheran. Interest on drawings. Interest on capital. Matheswaran draws Rs. Sundar and Shanmugam are two partners sharing profits and losses equally. Vennila introduced additional capital Rs.
Nagarajan draws Rs. X and Y had capitals of Rs. Hari and Karthi are two partners sharing profits and losses equally. Pallavan is entitled to a salary of Rs. June Answer: Matheswaran and Nagarajan are partners sharing profits in the ratio of 3: Manjula and Vennila started business on 1st April with capitals of Rs. Y withdrew Rs. Pallavan are equal partners. King introduced additional capital Rs. Hari drew regularly Rs. A firm earned net profits during the last three years as follows: I Year Rs.
The profits for the last five years of the firm were: The profits for the last four years of the firm were: Calculate the value of goodwill on the basis of three years download of Super profits. Goodwill is to be valued at three years download of four years average profits.
Goodwill Rs. S were partners of a firm sharing profit and losses in the ratio 3: Karthi drew Rs. Valuation of Goodwill: October The average capital employed in the business is Rs. The average net profits of the firm expected in the future are Rs.
Net trading profits of the firm for the past three years were Rs. Find out the value of goodwill on the basis of two years download of Super Profits. The remuneration of the partners is estimated to be Rs. From the following information. A Partnership firm suffering from shortage of funds or administrative incapabilities may decide to admit a partner. A person who is admitted Admission of a partner is one of the modes of reconstituting the firm.
According to Section 31 1 of the Indian Partnership Act Whereas the consideration which he pays to the old partners for the right to participate in the division of future profits is called Goodwill.. With the consent of all the old partners. Credit Rs. New Profit Sharing Ratio: The ratio in which all partners including incoming partner share the future profits and losses is known as the new profit sharing ratio. He may be admitted in view of his talent. Accountancy Ebook - Class 12 - Part 2 1.
The accounting treatment is Whenever a partner is admitted into the partnership firm.. They decided to admit Chandran into the firm with a capital of Rs. Recording the Capital of a new partner 2. In other words. Give journal entry for Capital brought in by Chandran. While admitting a new partner. On admission of a new partner. Sacrificing Ratio: The ratio in which the old partners have agreed to sacrifice their shares in profit in favour of a new partner is called the sacrificing ratio.
The determination of new profit sharing ratio depends upon the ratio in which the incoming partner acquires his share from the old partners. From the calculation point of view of sacrificing ratio. Old ratio — Sacrifice of the old partners are given.
Calculate new profit sharing ratio and sacrificing ratio of old partners. When the new share of the incoming partner is not given.
New profit sharing ratio is given. Calculate new Profit sharing ratio and sacrificing ratio of old partners. Calculate a new ratio and b Sacrificing ratio. S and T are partners sharing profits in the ratio of 3: Calculate a New ratio and b Sacrificing ratio. They admit U as new partner. For the purpose a revaluation account is opened. Revaluation Account is credited with the following profit items: They admit Z as a new partner.
Revaluation account is debited with the following loss items: The new profit sharing ratio among X. Find out the sacrificing ratio.
At the time of admission of a partner. New profit sharing ratio is given X and Y are partners sharing profits in the ratio of 3: For loss items: For recording a new liability Accounting entries to record the revaluation of assets and liabilities: If Profit: The assets and liabilities appear in the Balance Sheet of the reconstituted firm at their revised values. For decrease in the value of an asset.. For transfer of balance in revaluation account i If credit side exceeds debit side profit.
Provision 2. Their Balance Sheet was as under: The value of land and building was to be increased by Rs. Cr Particulars Rs. Give journal entries. Provision for doubtful debts is to be increased by Rs. To Assets Individually. Assets Decrease in the value To Liabilities Increase in the amount. Revaluation Account Dr Particulars Rs.
T.S. Grewal's Double Entry Book Keeping: Financial Accounting - Class 11
To Stock Revaluation Account Dr. Stock and machinery were to be depreciated by Rs. Particulars Rs. Particulars Provision for doubtful debts 3. Antony has bring in a capital of Rs. Liabilities Rs. Assets Sundry Creditors A liability of Rs.
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Particulars Amar Akbar Antony Rs. Capital Account. Debit Credit Rs. Investments of Rs. Bank Account and the Balance Sheet. Pass entry. Therefore the undistributed profit or loss should be transferred to the old partners capital accounts in the old profit sharing ratio. Partners of the firm.
Details if other: Thanks for telling us about the problem. Return to Book Page. Preview — T. Financial Accounting - Class 11 by T. It's Book contains for financial Accounting Student. Get A Copy. More Details Friend Reviews. To see what your friends thought of this book, please sign up.
To ask other readers questions about T. Grewal's Double Entry Book Keeping , please sign up. Be the first to ask a question about T. Grewal's Double Entry Book Keeping. Lists with This Book. This book is not yet featured on Listopia. Community Reviews. Showing Rating details. Sort order. This review has been hidden because it contains spoilers. To view it, click here. Researchers are also interested in accounting for interpretation. Check your Progress 1 List four steps in Accounting The more important point is that the workers expect regular income for the bread To the Investors The prospective investors To compile national accounting is essential To the Employees Payment of bonus depends upon the size of profit earned by the firm To the Creditors Creditors are the persons who supply goods on credit This is to safeguard the investment..
For this To make a study into the financial operations of a particular firm The state and central Governments are interested in the financial statements to know the earnings for the purpose of taxation.. The progress and prosperity of the firm. The day-today operations are compared with some pre-determined standard Check your Progress 2 List four objectives of Accounting.
The purpose of this function is to report regularly to the interested parties by means of financial statements Thus accounting becomes compulsory to comply with legal requirements.. The variations of actual operations with pre-determined standards and their analysis is possible only with the help of accounting Managerial Function Decision making programme is greatly assisted by accounting.
There are many parties-owners Various transactions are communicated through accounting.. This watermark does not appear in the registered version These facilitate to know operating results and financial positions..
Accounting is a base and with its help various returns Thus accounting performs historical function i Auditing is not possible without accounting Language of Business Accounting is the language of business. Legal Requirement function Auditing is compulsory in case of registered firms The primary function of accounting relates to recording The accounting shows a real and true position of the firm or the business..
The managerial function and decision making programmes But there is some difference between these two Check your Progress 3 Both Book keeping and Accounting are the art of recording.. It cannot record those transactions which cannot be expressed in terms of money In this section. Valuation of inventory. It does not reflect the price level changes Distinguish between book keeping and accounting..
If the accounts are properly maintained. Check II. What are the major functions of accounting? Who are the different parties interested in accounting information? Define Accounting. What are the advantages of Accounting?
To identifies business transactions of financial nature and enters into appropriate books of accounts. To gives a true and fair view of the state of affairs of the concern at the end of the accounting period. Preparation of trial balance and final accounts. Managerial Function. Systematic recording of business transactions. Accounting statements do not always present comparable 1. Legal Requirement function and Language of Business. The result obtained from accounting records makes information available to all those interested parties.
Preparing and ascertaining final accounts. Grouping transactions on a predetermined basis 3. Government and employees iv the main functions of accounting are record Keeping Function. Analysis of data is useful in evaluating past performance and providing guidance for the purpose of decision making regarding price structure of products and credit polices etc.
Total and Balance 3. A book-keeper is not liable An accountant is liable for accountancy work. Profit Preparation of trading. These are not included in These are included in book-keeping accounting.
Principles of Accountancy. Income Statement and Balance Sheet 4 5 Rectification of errors Special skill knowledge and It does not require any special It requires special skill skill and knowledge as in and knowledge. To make total of the amount To prepare trial balance in journal and accounts of with the help of balances ledger. Basis of difference Transactions Book-keeping Accounting Recording of transactions in To examine these books of original entry.
To ascertain balance of ledger accounts. Preparation of trading. After going through this lesson. Here we discuss the different type of entry systems of accounting. The word credit is derived from the Latin word Creder which means Due to that. Hence we present here a brief note on a statement which is used to calculate the amount of capital.
If these two aspects of a transaction are recorded. All business transactions are has two aspects namely Debit and Credit. The excess of assets over liabilities is called capital. The term single entry is vaguely used to refer to any method of maintaining accounts which does not conform to strict principles of double entry system. In short. It is always an incomplete double entry. It is incomplete and unsatisfactory system and it is clear that accurate information of the operations of the business is entirely lacking.
This system is not based on any scientific system therefore it cannot be termed as a system. If opening capital is not given. If closing capital is not given. By convention. Check your Progress 1 List four defects of single entry system.. It is highly flexible accounting to the capabilities of individuals maintaining the records It is difficult to trace out omission of assets or liabilities in a statement of affairs Capital account is not maintained The purpose of statement of affairs is to find out capital..
Value of assets and liabilities in a statement of affairs are prepared on the basis of estimates The answer so obtained will be the profit or loss before adjustment earned during the year. There are two methods of ascertaining profit or loss under the single entry system. Statement of profit is prepared as follows: In single entry system the nominal accounts are not maintained and hence trading results cannot be known by preparing final accounts. Every person keeps the accounts in his own way.
The closing capital is taken. Additional capital Less: But all businessmen wish to know the amount of profit or loss during any year. Rs Capital as on Statement of profit or loss Closing capital Add: Drawings Assets items: Cash 2. Rs Cash 2. First identify which are the items are assets and which are liabilities from the given things.
Creditors 5. Opening capital Profit for the year Illustration 2 Nithilan maintains books on single entry. To find out the amount of capital. He gives you the following information. Liabilities Rs Assets Rs Creditors 5. She gives you the following information. Calculate the amount of profit or loss for the year In this problem the amount of opening and closing capitals are not given.
Opening capital Profit for the year. Further capital introduced by her 3. Capital at the end Capital at the beginning 8. Capital at the end 8.
Capital introduced during the year 4. Drawings 1. Profit made during the year 2. Capital introduced during the year 2. Profit made during the year 3. It does not show sales. So is not possible to make a meaningful analysis of the financial statements and initiate effective steps to improve the financial position of the business.
The following are the steps to be followed for conversion of incomplete records to complete record system Double entry system From all the accounts balance in the ledger and any other additional details trading account.
Single or double column cash book should be prepared to find out missing items like opening cash.. Shortage on the credit site can be cash download or drawings or sundry expenses or closing cash balance. The balance in the statement represents opening capital Appropriate journal entry should be passed in respect of assets and liabilities included in the opening statement of affairs..
Bills receivables account and Bills payable account should be prepared Any shortage on the debit side can be cash sales or additional capital introduced or opening cash.. This system was invented by an Italian named Iuco Pacioli in A. For every transaction Conversion to double entry system enables a business to avoid the harassment of taxation authorities and ensures better management of the business The basic. Therefore every transaction affects two accounts in opposite direction Real and nominal accounts must be written from the information recorded in the cash book.
The double effect of every entry must be posted to the ledger According to this system.. A statement of affairs at the beginning of the year should be prepared. Impersonal accounts like total debtors account.
Check your Progress 3 How does statement of affairs differ from balance sheet. This is done with the help of Real and personal accounts Third stage: First stage: Explain Note: Second stage: All entries in the journal book should be posted to the appropriate ledger account to find out the total effect of all such transactions in a particular account. These steps can be broadly categorized into five stages.. By preparing balance sheet the financial position of the business can be ascertained.
It involves more clerical labour. Accurate net profit can be calculated directly. Two aspect of a transaction are recorded.
There may be debit without a corresponding credit and vice versa. To test the arithmetical accuracy a trial balance can be prepared. It is a perfect and scientific system. Fourth stage: Final accounts that is Trading account. The Accounting records are not acceptable as evidence. In case of disputes. Fifth stage: Analysis and interpretation of final accounts are made in order to have true and fair idea about the concern. As the ledger does not contain all accounts. Only one aspect of a transaction is recorded.
Personal account and cash account alone are maintained. Balance sheet cannot prepare. It involves less clerical labour. They can be prepared. I t is an imperfect way of bookkeeping. Tax authorities accept this method. Internal check is not possible It is suitable for small businessmen.
It is possible in this system. Tax authorities do not accept it as such Profit and loss account and Balance sheet cannot be prepared as it has incomplete record. Reliable financial position can be found through balance sheet. Approximate net profit can be indirectly calculated.
Double entry system Personal account. For every debit there is a corresponding equal credit. Trading account.
Accountancy of class 12 TS Grewal Book Questions (Double Entry Book Keeping) Cbse
Double entry system is helpful to businessmen for ascertain the amounts due to his creditors. Therefore Trading and profit and loss account and balance sheet cannot be prepared in a scientific manner Single entry system is suitable for sole trader Five steps involved in converting single entry system into double entry system Under single entry methods Briefly describe the procedure to be adopted in the conversion of single entry to double entry system 2. What is Double entry system of book keeping?
Explain its advantages.. Explain single entry system In this system ignore nominal accounts and it is highly flexible accounting to the capabilities of individuals maintaining the records.. Frauds can be committed easily Single entry system is not a scientific method of accounting Counter check is not at all possible.
Any method of maintaining accounts which does not conform to strict principles of double entry system.. How does it differ from double entry system? Under the double entry system the business enables to ascertain the result of its operation and financial position for any given period Comparison of business from tear to year is not possible Full information about the business cannot be obtained because records are incomplete system Errors happened cannot be traced out easily.. If the Debit and Credit.
In many ways single entry system differ from double entry system 2. A statement of affair at the beginning period should be prepared to find out opening capital. Advanced accountancy. It is difficult to trace out omission of assets or liabilities in statement of affairs.
Double Entry Book Keeping 3. Preparing final accounts i. Check 3 1.
Check 4 The following is the procedure to be adopted for ascertained profit or loss under conversion method. Mainly sales account and download account must be prepared to find out credit sales and credit download. The purpose of statement of affairs is to find out capital. Gupta -.
Cash book should be verified and the all items in the debit and credit side of the cash book should be posted to respective accounts. Jain and Narang -. Omission of assets or liabilities can easily be found out when balance sheet disagrees. If any information missing. Statement of affairs is prepared on the basis of those books which are maintained partly on the basis of double entry and partly on the basis of single entry.
Advanced accountancy 2. The purpose of balance sheet is to find out the financial position of the firm. Balance sheet is prepared on the basis of those books which are maintained in double entry.
S Grewal -. Equities can be divided into two part equity of the owners and equity of creditors. Another one is receiving of benefit or credit aspect. Here we discuss here. According to this concept. The rights to properties are called equities. One aspect is giving benefit or debits aspect. The equation is as follows: Both the aspects have to be recorded in accounts appropriately. As per debit and credit rules.
Abishnavi starts a business with a capital of Rs Equities can be subdivided into equity of the owners which is known as capital and equity of creditors who represent the debts of the business known as liabilities. Abishnavi downloadd machinery from Mr Prasath for Rs It shows the relationship between assets of the business and capital.
The equation is fundamental in the sense that it gives a foundation to the double entry book-keeping system. Based on the bifurcation of equity. When a business is started. These equities may also be called internal equity and external equity.
Later on. Cash Rs We can understand the above Equations with the following examples. Amount due to Mr Prasath Rs The properties owned by a business are called assets and the rights to properties are known as liabilities or equities of the business.
This equation holds good for all transaction and events and at all periods of time since every transaction and events has two aspects. To understanding the accounting equation clearly Accounting Equation is Assets Amount due to Mr Muralidharan Rs Check your Progress 1 What do you understand about internal equity and external equity?
Abishnavi downloadd machinery for Rs If there is decrease in assets. When liabilities are increase. Capital on the beginning of the year is Rs When capital is increased. Building on the beginning of the year is Rs If there is increase in assets.
In both capital and liabilities accounts the credit is made for increase in it and debit is made for decrease in it If both assets and liabilities are decrease or increase correspondingly with same amount these transactions does alter the total amount of accounting equation Equities are the rights to properties The asset account is debited for increase in the value of an asset and it is credited for any decrease in it Assets are the properties owned by business.
If there is one asset decreases and another asset increases or one liability decreases and another one liability increases due to a transaction it does not alter the total amount of accounting equation What are the difference between the rules of accounting and accounting equations?
For example Check your Progress 3 Some of the business transactions alter the total amount of accounting equation and some other does not This does not change the accounting equation.. List out some example for the above statement Note: This transaction also does not alter the total figures in the accounting equation.
This transaction alters the total figures in the accounting equation For example. Increase in assets account is effected by debiting and decrease in assets account is effected by crediting them. Check 3 The following transactions not alter the total figures in the accounting equation. Check2 1.
Advanced accountancy -.
Increase in capital is recorded by crediting in capital account and decrease in capital account is recorded by debiting them. Double Entry Book Keeping -. S Grewal 3. The following transactions alter the total figures in the accounting equation. This does not change the accounting equation. Increase in liabilities is recorded by crediting and decrease in liabilities account is recorded by debiting them.
Jain and Narang 2. In this lesson we have a brief study about various type of account and its rules. Impersonal accounts can be further. Hence we discuss here the different types account. It is necessary to maintain record for all the dealings. Here we discuss the different types of account and rules of accounting. Practically every business deals with other persons.
Accounts can be divided into two namely 1 personal accounts 2 Impersonal Accounts. Co-operative society account. Personal accounts are of the following types: To record credit transactions. B o th males and females are included in it.
When accounts are of a similar nature and their number is large. Income and Gain Expense and loss 4. The following chart will show the various types of accounts: Real accounts can be further classified into tangible and intangible. This proprietor is represented by capital account for that entire he invests in business and by drawings accounts for all that which he withdraws from business In each transaction..
Furniture and Stock etc A separate account i s maintained for each head or expense or loss and gain or income.. Rent account Commission account. These accounts represent assets and properties which cannot be seen This watermark does not appear in the registered version..
Debit the account that receives the benefit and credit the account that gives the benefit. Each transaction must have two aspects. One account gives benefit and the other account receiving benefit. Cash Machinery It relates to the items which exist in name only Hence we discuss here the accounting rules for different types account.
Trademarks and Copyrights etc. Wages account A separate account is maintained for each asset e. The account that gets benefit is debited and the account that gives benefit is credited These accounts are also known as fictitious accounts as they do not represent any tangible asset Interest received account are some examples of nominal account Check your Progress 1 Give two examples each for artificial persons These accounts represent assets and properties which can be seen..
But for convenience Accounts relating to income. Goods downloadd from Nithilan: Here benefit goods is given by Nithilan. He is a giver and hence his account should be credited. Here benefit Building is given to Jayabharathi. Goods sold to Abishnavi. Nominal accounts: Debit the receiver Credit the giver: Debit what comes in Credit what goes out: Debit all expenses and losses Credit all incomes and gains N. She is a receiver and hence her account should be debited. Debit what comes in a. Motor car downloadd from Shanthi: Here benefit Motor car is given by Shanthi.
She is a giver and hence her account should be credited 4. Credit the giver c. Personal accounts 2. Real accounts 3. Furniture account should be debited. Samy started business with cash Rs Check your Progress 1 What do you understand about internal equity and external equity?
Definitions of the terms used in the Standard. Date Particulars R. Legal Requirement function 1. Here we discuss the different type of entry systems of accounting. Scope of accounting standards 5. In this system ignore nominal accounts and it is highly flexible accounting to the capabilities of individuals maintaining the records.
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