Businesses can also provide loans to any person or entity. A. Loan is given to a person: Journal Entry: Example: A loan of ₹5,000… Read More
Category Archives: Class 11
Depreciation is the decrease in the value of assets due to use or normal wear and tear. Journal Entry: Example: Depreciation charged on machinery… Read More
Withdrawal of any amount in cash or kind from the enterprise for personal use by the proprietor is termed as Drawings. The Drawings account will… Read More
Income Tax is paid by the business on the profit earned during the year. Income Tax is a personal liability of the proprietor. The journal… Read More
The word mode is derived from the French word ‘La Mode’, meaning anything that is in fashion or vogue. A measure of central tendency in… Read More
Purchasing process involves a number of steps starting from placing an order and ending with the delivery of goods. Apart from the cost incurred in… Read More
Diagrammatic and graphic presentation of data means visual representation of the data. It shows a comparison between two or more sets of data and helps… Read More
1. Life Insurance Premium: Sometimes, Life Insurance Premium is paid by the business on the behalf of the proprietor. Life Insurance Premium of the proprietor… Read More
Sometimes, businesses receive money relating to the coming month or year which has not been earned yet. Such an income that has not been earned… Read More
Questionnaires & Schedule method of data collection : The questionnaires are the fundamental instrument for gathering information in review research. Fundamentally, it is a bunch… Read More
Sometimes goods of a business are used in the business itself. If this happens, those goods are considered assets by the business. Journal Entry: … Read More
Any amount spent in order to purchase or sell goods or services that generates revenue in the business is called expenses. Rent, Commission paid, Salaries… Read More
Sometimes, two or more transactions relating to one particular account take place on the same date. When certain transactions of the same nature happen on… Read More
A partnership is a contract between two or more parties who club their resources and form a business with a common goal. The persons or… Read More
Spearman’s Rank Correlation Coefficient or Spearman’s Rank Difference Method or Formula is a method of calculating the correlation coefficient of qualitative variables and was developed… Read More
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