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ICSE Class X Notes 2020 : Commercial Applications (HVB Academy, Mumbai) : Notes of financial accounting and reporting by master Soham sir

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Soham Multani
HVB Academy, Mumbai
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TRADING CONCERNS 1 THEY BUY AND SELL GOODS AND SERVICES FINANCIAL ACCOUNTING& REPORTING 2 THEY AIM @ EARNING PROFIT RECIPTS AND PAYEMENT ACCOUNT-; NON TRADING CONCERNS 1 THEY DO NOT BUY AND SELL GOODS AND SERVICES. 2 THEY DO NOT AIM@ EARNING PROFIT MEANING- RECIEPTS AND PAYEMENTS ACCOUNT IS A SUMMARY OF CASH TRANSACTIONS. IT IS PREPARED BY A NON TRADING TRADING ORGANISATIONS AT EVREY END OF YEAR. IN IT OPENING BALANCE; CASH IN HAND AND ALL CASH RECEIPTS ARE SHOWN ON DEBIT SIDE.ALL CASH PAYEMENTS ARE SHOWN ON CREDIT SIDE. FEATURES -; 1 ACCOUNT IS A SUMMARY OF CASH BOOK AND BANK TRANSACTIONS. 2 ACCOUNT BEGINS WITH OPENING BALANCE OF CASH IN HAND AND @ BANK. 3 IT IS A REAL ACCOUNT. 4 PREPARED BY NON COMMERCIAL ORGANISATIONS. 5 PAYEMENT OF EVREY NATURE AND FOR WHATEVER PERIOD ENTERED ON CREDIT SIDE. 6 ALL CASH RECIPTS ARE SHOWN ON DEBIT SIDE. 7 IT DOES NOT REVEAL SURPLUS OR DEFICIT FOR YEAR. USES -; 1 IT SERVES AS THE BASIS FOR PREPARING THE INCOME & EXPENDITURE ACCOUNT& BALANCE SHEET . 2 IT INDICATES THE CASH POSITION OF THE ORGANISATION BOTH AT THE BEGINNING AND AT THE END OF EVREY ACCOUNTING YEAR . 3 LEGALLY REQUIRED UNDER COOPERATIVES SOCIETY ACT AND FULLFILS LEGAL REQUIREMENTS. RECIPTS AND PAYEMENT ACCOUNT 1 IT IS A PERIODICAL ACCOUNT 2 PART OF FINAL ACCOUNT CASH BOOK 1 IT IS A RUNNING ACCOUNT. 2 NOT A PART OF FINAL ACCOUNT

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