Category: Accountancy Class 11

Reserves

Reserves Any amount set aside from the profits of a business is known as reserve. The amount so kept separate is retained in the business

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Provisions

Provisions The books of accounts of an organisation are generally based on accrual basis of accounting, which is also known as the mercantile system of

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Disposal of Asset

Disposal of Asset Due to reasons like obsolescence or inefficiency or any other abnormal factor, a business organisation may dispose off an asset. The disposal

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Methods of Recording Depreciation

Methods of Recording Depreciation For recording depreciation on fixed assets there are two types of arrangements: Charging depreciation to the asset account or, Creating Provision

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Need for Depreciation

Every organisation carrying on a business, profession or any other operation faces the need to charge depreciation on its fixed asset to present a true

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Preparation of Trial Balance

The initial step while preparing the final accounts is the preparation of trial balance. So therefore it is absolutely necessary that we prepare the trial

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CBSE Class 11 Notes

CBSE Class 11 Accountancy Notes The syllabus of CBSE Class 11 Accountancy Notes comprises of the following chapters. We have prepared various notes along with

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Basic terms in Accounting

Basic Terms in Accounting  Entity: It means a reality that has a definite individual presence or existence. Business entity implies an explicitly recognizable business enterprise

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Objectives of Accounting

Objectives of Accounting: As an information framework system, the essential objective of accounting is to give useful data to the interested group of users, both

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Meaning of Accounting

Meaning of Accounting: Accounting is the language of finance. It shows the financial position of the business or the firm to any individual who wants

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