In this chapter, we learn how to make accounts for not-for-profit organizations. These organizations prepare receipts and payments account, income and expenditure account, and balance sheet as part of their financial statements at the end of an accounting period. The NCERT solutions by Ekal Shiksha will help you have a better understanding of the chapter.
This chapter gives us an introduction to accounting for partnership. They understand the features of partnership and partnership deed in this chapter. The profits in a partnership are distributed among partners according to their partnership deed. A profit and loss appropriation account is made. Check out the solutions for this chapter by Ekal Shiksha.
When a new partner enters into a partnership firm, the profit-sharing ratio of the existing partners has to be accommodated with the new partner. Through this chapter, we understand the admission of a partner from an accounting perspective. All assets and liabilities are revalued and for that, a revaluation account is prepared. The solutions for this chapter contain detailed answers to all NCERT questions.
Similarly to the case of admission of a partner when a partner retires, the existing partnership comes to an end. The assets and liabilities are revalued by making the revaluation account. The new profit sharing and gaining ratio is calculated. The solutions for this chapter by Ekal Shiksha have answers to all NCERT practice questions.
A partnership can be dissolved for numerous reasons. The accounting treatment of dissolution involves opening a realisation account, partner’s loan account, partner’s capital account and cash or bank account. Before dissolving the firm, liabilities of the company are paid off by the company’s funds or the partners’ funds. The solutions for this chapter will help you in having a better understanding of the concepts of this chapter.
Often companies issue shares to raise funds, there are two types of shares preference and equity. This chapter tells us the journal entries that need to be passed when shares are issued, with different cases of issue of shares. Further, we also understand the entries for forfeiture of shares. Check out the solutions for this chapter by Ekal Shiksha which have detailed answers for NCERT questions.
Similar to shares, debentures are also issued by companies to raise funds. The different types of debentures are, partly convertible, fully convertible, non-convertible, secured, unsecured, redeemable, and irredeemable. In this chapter, we learn the journal entries for the issue of debentures and redemption of debentures. If you get stuck solving the questions, check out the solutions for this chapter by Ekal Shiksha.
The financial statements of a company are balance sheet, statement of profit and loss, notes to accounts, and cash flow statement. This chapter tells us about the items that come under these statements are discussed in detail in this chapter. Refer to solutions for this chapter by Ekal Shiksha.
It is important to analyse the financial statements of a company to understand the position of the company. Analysis of financial statements can be horizontal and vertical. This analysis can be useful to internal users and external users. We understand how to make the comparative and common-size statement for analysis. The solutions for this chapter are curated by experts at Ekal Shiksha.
Accounting ratios are classified into liquidity, solvency, turnover and profitability ratios. In this chapter, we learn the formulae for the calculation of all accounting ratios. Accounting ratios are an important tool for the analysis of the financial statements. The solutions for this chapter have answers to all NCERT questions.
Cash flow statements show the inflow and outflow of cash during a given period of time. A cash flow statement can be prepared from operating activities, investing activities, and financing activities. In this chapter, we understand how to make the cash flow statement of a company. Check out the solutions for this chapter by Ekal Shiksha.