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Category Archives: Class 11

Such expenses which are concerned with the next financial year but have been paid in the current year are called prepaid expenses. Journal Entry:   … Read More
Any expenditure incurred in the erection or installation of any building or machinery or any type of asset is considered to be capital expenditure and… Read More
The amount withdrawn from the capital by the proprietor for personal use is called drawings. Businesses can charge interest on the amount of drawings. Journal… Read More
Goods and Services play a crucial role in an economy. Consumer purchases many products in the form of goods and services to fulfil their requirements.… Read More
Every organization requires capital to run its daily operations. The initial capital of a firm can never be sufficient for the proper running of the… Read More
Bad Debts: When the goods are sold to customers on credit, there can be a situation where a few of them fail to pay the… Read More
A business can take an amount of money as a loan from a bank or outsider. In return, the business has to pay interest.  A.… Read More
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
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

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