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  One Sided Errors Q.1    Rectify the following errors : The purchases Bank of July was added shot by ` 60,000. These sales Book of August was added short by ` 40,000. The purchases return book (i.e. Return Outward Book)…

  Distinction between Capital Expenditure and Revenue Expenditure Basis Capital Expenditure Revenue Expenditure 1. Purpose It is incurred for acquisition of fixed assets It is incurred for day to dayrunning of a business 2. Capacity It enhances earning capacity of…

    Accountancy (Class-XI) CHAPTER-4 Process and Bases of Accounting (A)     Process of Accounting The accounting process begins with the identification of business transactions which can be measured in terms of money. These transactions are then recorded in the books…

    Accountancy (Class-XI) CHAPTER-3 Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards (IFRS)   Introduction : We have studied that accounting is concerned with recording, classifying and summarizing of financial transactions and events and interpreting the…

    Accountancy (Class-XI) CHAPTER-2 Basic Accounting Terms Business: Business includes any activity carried on by a person with an intention of earning profits. Entity : An entity in accounting language refers to an economic unit engaged in performing economic…

Accountancy (Class-XI) CHAPTER-1 Introduction to Accounting   Accounting Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money; transactions and events which are, in part at least, of a financial character, and…