Class 10 Elements of Book Keeping and Accountancy starts with the chapter of Capital and Revenue which explains the meaning of these two terms. It also tells the difference between the two and explains deferred revenue expenditure. Then, Depreciation is a chapter which explains the need for offering depreciation on fixed assets. It also teaches how to use straight line and diminishing balance for computing depreciation. After that, the chapter of Bank Reconciliation Statement will explain the meaning of the same and also teach how to develop a bank reconciliation statement. Next, Bills of Exchange will help students gain knowledge about the usage of bills of exchange for financing business transactions. Next, it helps students understand the need for bills in exchange for business. Next chapter of Final Accounts will explain the meaning of financial statements and their purpose for a sole proprietor. It also discusses a balance sheet and the need for preparing one and its techniques for doing so. Finally, the chapter of Accounting from Incomplete Records will help in learning about what incomplete records mean and their uses and limitations. It also helps you develop the skill for computing profit and for preparing the Statement of Affairs and ascertain the position of any business on a specific date.
Come the last week of February the entire country is gripped by budget fervour! Surely you know how much importance we give the budget in our country. Why is it so? What exactly does the budget spell out? Let us learn about a few concepts regarding the economic policies carried in the budget.
Finalization of the accounts refers to the preparation of profitability and position statements of a business. In this chapter, we will learn more about Finalization of Accounts and other types of accounts.
Certain times organizations use a more informal system of accounting instead of the double entry system. Or the accounts are lost, or they are incomplete due to some reasons. The accountant must still be able to produce final accounts for such an organization. Let us learn to make accounts from incomplete records.