Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Basics of Accountancy
    Basics of Accountancy
    Basics of Accountancy
    Ebook95 pages53 minutes

    Basics of Accountancy

    By BP Agarwal

    ()

    Read preview

    About this ebook

    The book has been designed to make a student fundamentally strong before promoting to class 12. It also covers a list of day to day common words and it's Hindi translation so that one does not face difficulty in daily commercial transactions. It will be very useful f

    LanguageEnglish
    PublisherBlueRose Publishers
    Release dateMay 21, 2024
    ISBN9789362611130
    Basics of Accountancy

    Related to Basics of Accountancy

    Related ebooks

    Teaching Methods & Materials For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      The Cost Of Defaulting

      Sep 1, 2022

      By signing an agreement, and declaring all conditions to be fulfilled, a purchaser is committing to a legally binding and enforceable obligation. That obligation is always a serious one, but is particularly serious when economic headwinds turn and pu

      2 min read

    • Article

      Flow On From Tax Changes

      May 27, 2021

      Firstly, a recap on the Government’s announcement. For acquisitions of residential property after March 27, 2021 interest will only be deductible until October 1, 2021. Interest on debt funding residential property acquired prior to March 27, 2021 wi

      2 min read

    • Article

      Ring-fencing Update

      Jun 27, 2019

      After several months considering over 250 submissions, the Finance and Expenditure Committee has reported back to Parliament on the loss ring-fencing rules. Reflecting the fact that the original draft was somewhat of a shambles, they have thrown that

      2 min read

    • Article

      Self-build for beginners PART EIGHT ESSENTIAL PAPERWORK

      Feb 1, 2024

      You’ve discharged all of the pre-commencement conditions of your planning consent, your building regulation drawings have been approved and you are finally ready to start your build, but have you ensured you have all the necessary paperwork in place

      10 min read

    • Article

      What Will It Cost Me?

      Jun 22, 2022

      What Will It Cost Me?
      5 min read

    • Article

      Focus On Leases

      Jan 29, 2020

      Focus On Leases
      6 min read

    • Article

      Time To Upgrade

      Apr 3, 2021

      Time To Upgrade
      2 min read

    • Article

      The World Of Rent-to-buy Deals

      Mar 29, 2023

      Q Our tenant has approached us asking if we would enter into a rent-to-buy agreement. Are these common and are there any fish hooks? A Rent-to-buy (or rent-to-own) agreements have been gaining popularity in recent years. There are some scheme provide

      6 min read

    • Article

      The Sun Never Sets On Clause Queries

      Mar 3, 2022

      Q I’ve got a new build under construction, where the timeline has blown out and we are getting close to the sunset clause date. I’m worried that the developer will cancel and put up the price. Is there anything I can do? Can I claim a breach of the F

      5 min read

    • Article

      Understanding The Nuance Of Unit Title Ownership

      Apr 28, 2022

      Unit title ownership typically relates to high-rise commercial and residential buildings, but it can also apply to stand-alone houses which may or may not adjoin each other. Buying a unit title is the same as buying a house in that it has its own tit

      3 min read

    • Article

      Insurance

      Dec 6, 2019

      Insurance
      3 min read

    • Article

      Getting Cross About The Cross-lease

      Dec 29, 2023

      Q We have a neighbour who shares a cross-lease with us and three others in Auckland. The neighbour is putting an 8x4 metre unit on the back of their property, which will overlook ours and severely impact our privacy. It is openly opposed by us and th

      6 min read

    • Article

      The Options Around Property Investment

      Aug 30, 2024

      Q I am thinking about getting into property investment. I want to know if it's better to register a company or just invest under my own name? Are there any advantages in one over the other? A This is a very common question. At the outset I want to em

      5 min read

    • Article

      Tax Relief For Those Affected By The Destructive Floods

      May 27, 2022

      KwaZulu-Natal is responsible for the production and supply of various agricultural products, which include sugar, poultry, fruit and milk, among others. The province also serves as a port of entry for numerous food products. The recent severe weather

      2 min read

    • Article

      Why A Deposit Is Important

      Oct 11, 2020

      Why A Deposit Is Important
      3 min read

    • Article

      Five Keys For The Best Broker

      Dec 14, 2020

      ROZ SHAW became Gallagher’s national head of transport after a 30-year career in running her family’s transport business. Transport operators can really benefit from working with an insurer who understands the industry and their specific business’s r

      2 min read

    • Article

      New Rules Under The NPS

      Nov 19, 2022

      New Rules Under The NPS
      4 min read

    • Article

      Why A Deposit Is Important

      Oct 10, 2020

      Why A Deposit Is Important
      3 min read

    • Article

      Changes To Legislation Trustees Should Be Aware Of

      Feb 18, 2023

      Due to the risk that South Africa may be greylisted this year, Treasury legislated measures on December 22 last year to demonstrate that the government is working to improve shortcomings identified by the Financial Action Task Force mutual evaluation

      3 min read

    • Article

      Changes To Legislation Trustees Should Be Aware Of

      Feb 18, 2023

      Due to the risk that South Africa may be greylisted this year, Treasury legislated measures on December 22 last year to demonstrate that the government is working to improve shortcomings identified by the Financial Action Task Force mutual evaluation

      3 min read

    • Article

      Changes To Legislation Trustees Should Be Aware Of

      Feb 18, 2023

      Due to the risk that South Africa may be greylisted this year, Treasury legislated measures on December 22 last year to demonstrate that the government is working to improve shortcomings identified by the Financial Action Task Force mutual evaluation

      3 min read

    • Article

      Changes To Legislation Trustees Should Be Aware Of

      Feb 18, 2023

      Due to the risk that South Africa may be greylisted this year, Treasury legislated measures on December 22 last year to demonstrate that the government is working to improve shortcomings identified by the Financial Action Task Force mutual evaluation

      3 min read

    • Article

      Buying Off-the-plan

      Jan 29, 2020

      If you’re looking to add to your portfolio, you could go through media like Trade Me or The Property Press. But another way is to buy property off-the-plans from a developer. Here are four reasons to consider it: 1) You pay today’s price, but get to

      3 min read

    Related categories

    Reviews for Basics of Accountancy

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Basics of Accountancy - BP Agarwal

      Chapter - 1

      Important Conceptual Words and Meanings

      1) Accounts - a system by which a person or business unit maintains details of transactions made day to day.

      2) Capital - the amount invested by a owner of business in the form of goods or cash.

      3) Drawings - when the owner withdraw goods or cash from business for his personal use.

      4) Assets- It covers all things, equipment, Land, building, machineries, furniture, stocks, vehicles used for the purpose of business.Assets can be both moveable and immovable depending on its mobility.Land and building are immovable while cash and stocks are moveable.

      5) Liabilities - It is the amount which is payable by the owner of business to outsiders.eg bills payable, creditors, expenses outstanding, loans, etc.

      6) Expenditure - All types of expenses whether capital or recurring incurred in course of business.eg repairs, salary, rent, interest, marketing expenses etc

      7) Purchases-when a owner buys goods from a seller for the purpose of trading or manufacturing. It can be a cash or credit purchase.

      8) Sale- When a owner sells his goods to a buyer in exchange for money or on credit.

      9) Purchase return -When purchased goods are returned by the buyer on grounds of defect etc.

      10) Sales return - When sold goods are returned by the buyer to the seller due to defect.

      11) Debtors- A person who owes money or money's worth to the business.Also called book debt.

      12) Creditor - A person who sells goods on credit to a business firm.

      13) Closing stock- It is the value of stock lying with the business firm at the end of the accounting year.

      14) Opening stock - It is the unsold goods lying with the business at the opening of new accounting year.

      Last year's closing stock becomes opening stock of next year.

      15) Cost- The amount spent on manufacturing of goods is called cost.

      16) Voucher - A written document, certificate or paper endorsing a transaction between two persons or businesses.

      17) Trade discount- When a discount is allowed by a seller to the buyer on the catalogue price which is usually fixed. This discount is not shown in the books of accounts.

      18) Cash discount - When the buyer of goods pays the value of goods within the prescribed period the seller allows a discount called cash discount.

      19) Profit- It is the remaining amount of a business after deduction of all expenses incurred along with the value of goods manufactured. It can be capital profit in case of assets and revenue profit in case of goods sold.

      20) Insolvent - When a debtor is unable to pay his debts to the creditors, he is declared insolvent.

      21) Turnover- The total amount of sales in a particular period which includes both cash and credit sales.

      21) Bad debt- When a buyer of goods or borrower of money is unable to pay the due amount, then such amount is treated as bad debt in books of accounts.

      22) Personal accounts - Accounts which are in the name of a particular person or business entity.

      23) Real accounts - These are accounts of assets or properties.eg cash, machineries, building etc

      24) Nominal accounts - These are accounts of expenses and incomes or profits.

      25) Narration -A details of transactions written below a journal entry.It is enclosed in brackets.

      26) Direct tax- those taxes which are deposited by the tax payer directly to the government. Eg Income tax

      26) Indirect tax - those taxes which are paid by tax payer to an intermediary who deposits the same to the government.eg GST

      27) Audit- The accounts of business are required to be audited by a chartered accountant if the turnover is beyond a certain limit.

      28) Custom duty- it is a tax levied on a importer on certain goods imported at prescribed rates fixed by the government.

      29) Subsidy - it is financial help given by a government agency on a activity prescribed by the government.eg solar energy.

      30) Collateral security - A security of property or any asset kept by the bank in addition to primary security offered by the borrower.

      31) Consideration - a sum paid for any service or sale of property and goods.

      32) Cash system of accounting - incomes are not recorded in books unless they are actually received.

      33) Accrual base of accounting - income is recorded in books on the basis of accrual whether rec'd or not.

      34) Evasion of tax- is said to be done when

      Enjoying the preview?
      Page 1 of 1