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TS Grewal's Double Entry Book Keeping Financial Accounting
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| TS Grewal's Double Entry Book Keeping Financial Accounting | Class 11 |
TS Grewal Class 11 Solutions offer a comprehensive and reliable resource for students studying accounting. Designed to help students build a strong foundation in the subject, these solutions cover a wide range of topics and concepts. Whether you are looking to understand basic accounting terms, learn about the accounting equation, or delve into specialized topics like depreciation and financial statements, TS Grewal Class 11 Solutions have got you covered.
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Chapter Wise TS Grewal Class 11
The TS Grewal Class 11 Solutions are organized in a chapter-wise manner, making it easy for students to navigate through the content. Each chapter focuses on a specific topic, allowing students to delve deep into the subject matter. From rectification of errors to the preparation of financial statements, these solutions cover all the essential aspects of accounting.
PART A: Financial Accounting-I
Unit 1: Theoretical Framework
Introduction to Accounting
- Accounting: Concept, objectives, advantages and limitations, Types of accounting information; Users of accounting information and their needs. Qualitative Characteristics of Accounting Information. Role of Accounting in Business.
- Basic Accounting Terms: Business Transaction, Capital, Drawings. Liabilities (Non-Current and Current). Assets (Non-Current, Current); Fixed Assets (Tangible and Intangible), Expenditure (Capital and Revenue), Expense, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (Trade Discount and Cash Discount).
Theory Base of Accounting
- Fundamental Accounting Assumptions: GAAP—Concept.
- Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition, Matching, Full Disclosure, Consistency, Conservatism, Materiality and Objectivity
- System of Accounting. Basis of Accounting: Cash basis and accrual basis.
- Accounting Standards: Applicability in Ind-AS
- Goods and Services Tax (GST): Characteristics and Objective.
Unit 2: Accounting Process
Recording of Business Transactions
- Voucher and 'Transactions: Source documents and Vouchers, Preparation of Vouchers, Accounting Equation Approach: Meaning and Analysis, Rules of Debit and Credit.
- Recording of Transactions—Books of Original Entry:
- Journal
- Special purpose books
- Cash Book: Simple, cash book with bank column and petty cash book
- Purchases book
- Sales book
- Purchases return book
- Sales return book
- Ledger: Format, Posting from Journal and subsidiary books, Balancing of accounts
Bank Reconciliation Statement
- Need and preparation, Bank Reconciliation Statement with Adjusted Cash Book
Depreciation, Provisions and Reserves
- Depreciation: Concept, Features, Causes, factors
- Other $imilar Terms: Depletion and Amortisation
- Methods of Depreciation:
- Straight Line Method (SLM)
- Written Down Value Method (WDV)
- Difference between SLM and WDV; Advantages of SLM and WDV •
- Accounting Treatment of Depreciation:
- Charging to asset account
- Creating provision for depreciation/ accumulated depreciation account
- Treatment for disposal of asset
- Provisions and Reserves: Difference
- Types of Reserves:
- Revenue reserve
- Capital reserve
- General reserve
- Specific reserve
- Secret reserve
- Difference between capital and revenue reserve
Accounting for Bills of Exchange
- Bill of Exchange and Promissory
- Difference between Bill of Exchange and Promissory Note
- Terms in Bill of Exchange:
- Term of bill
- Accommodation bill (concept)
- Days of Grace
- Date of maturity
- Discounting of bill
- Endorsement of bill
- Bill after due date
- Negotiation
- Bill sent for collection
- Dishonour of bill
- Retirement of bill
- Renewal of bill
- Accounting Treatment
Trial Balance and Rectification of Errors
- Trial Balance: Objectives and preparation (Scope: Trial Balance with balance method only)
- Errors: Types—Errors of omission, commission, principles, and compensating; their effect on Trial Balance.
- Detection and rectification of errors; preparation of suspense account.
PART B: Financial Accounting-II
Unit 3: Financial Statements of Sole Proprietorship
Financial Statements
- Meaning, objectives and importance; Revenue and Capital Receipts; Revenue and Capital Expenditure; Deferred Revenue expenditure.
- Trading and Profit and Loss Account: Gross profit, Operating profit and Net profit. Preparation.
- Balance Sheet: Need, grouping and marshalling of assets and liabilities. Preparation.
- Adjustments in preparation of financial statements with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, Abnormal loss, Goods taken for personal use/staff welfare, interest on capital and manager's commission.
- Preparation of Trading and Profit and Loss Account and Balance Sheet of a sole proprietorship with adjustments.
Incomplete Records
- Features, Reasons and Limitations.
- Ascertainment of profit/loss by statement of affairs method.
- Difference between Accounts from incomplete records and Statement of Affairs. Preparation of Trading, Profit and Loss Account and Balance Sheet.
Chapter Content
TS Grewal's Double Entry Book Keeping Financial Accounting | Class 11
- Introduction to Accounting
- Basic Accounting Terms
- Theory Base of Accounting Standards and Indian Accounting Standards (Ind-AS)
- Bases of Accounting
- Accounting Equation
- Accounting Procedures- Rule of Debit and Credit
- Origin of Transactions- Source Documents and Preparation of Vouchers
- Journal
- Ledger
- Special Purpose Books I- Cash Book
- Special Purpose Books II- Other Books
- Accounting of Goods and Service Tax (GST)
- Bank Reconciliation Statement
- Trial Balance
- Depreciation
- Provisions and Reserves
- Accounting for Bills of Exchange
- Rectification of Errors
- Financial Statements of Sole Proprietorship
- Adjustments in Preparation of Financial Statements
- Accounts from Incomplete Records- Single Entry System
- Computers in Accounting
- Accounting Software- Tally