Book keeping(11th)


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Book keeping(11th)

  1. 1. DELHI PUBLIC SCHOOL, RaIPUR (C.g) 2010-11 Project report:#Accounts#Prepared by: Aatman KothariGuided by: Satbir Singh Sir Roll No. 01
  2. 2. I.n.d.e.xSr no. Sub-Topics Page No. 1 Acknowledgement 1 2 Certificate 2 3 Topic of project 3 4 Data(book-keeping) 4-6 5 Types of book-keeping 7 6 Single-Entry 8 7 Double-Entry 9-10 8 Debit N Credit 10 9 Accounts n Accounting Types 11-12 10 Abbreviations 13 11 Student’s view about topic 14 12 Conclusion 15-16 13 Teacher’s remark 17 Acknowledgement
  3. 3. There are many people behind thesuccess of this project work, withoutwhom this project could never havebeen materialized. In the first place Iwould like to thank God, thealmighty for his showers of blessingson me who gave me the strength andpower to complete this project. Myteacher Mr. Satbir Singh for hissupport and help. To all those whohelped and guided me I would justlike to say a big THANK YOU.Special Thanks to:-• Mr.Satbir Singh [Subject teacher]• Raunak Agarwal(friend)• Siddharth Mundra(friend)• Mrinal Mehta(Brother) (1)
  4. 4. •Certificate• This is to certify that Master Aatman Kothari studying in Delhi Public School ofstandard XITH C has completed his ACCOUNTS project & has awarded ____ GradeDate: September 4th , 2010(Teacher’s sign) (Vice Principal’s sign)Mr.Satbir Singh Mr.Atanu Rath (2)
  5. 5. Topic of Project Book KeepingSingle-Entry Double-EntrySystem System (3)
  6. 6. DATA OF PROJECT ¶Book-Keeping¶Bookkeeping is the recording offinancial transactions. Transactionsinclude sales, purchases, income, andpayments by an individual ororganization. Bookkeeping is usuallyperformed by a bookkeeper.Bookkeeping should not be confusedwith accounting. The accounting processis usually performed by anaccountant. The accountant createsreports from the recorded financialtransactions recorded by thebookkeeper and files forms with (4)
  7. 7. government agencies. There are some common methods of bookkeeping suchas the Single-entry bookkeeping systemand the Double-entry bookkeepingsystem. But while these systems maybe seen as "real" bookkeeping, anyprocess that involves the recording offinancial transactions is a bookkeepingprocess.A bookkeeper (or book-keeper), alsoknown as an accounting clerk oraccounting technician, is a person whorecords the day-to-day financialtransactions of an organization. Abookkeeper is usually responsible forwriting the "daybooks." The daybooks (5)
  8. 8. consist of purchase, sales, receipts,and payments. The bookkeeper isresponsible for ensuring alltransactions are recorded in the correctdaybook, supplier’s ledger, customerledger and general ledger. Thebookkeeper brings the books to thetrial balance stage. An accountantmay prepare the income statement andbalance sheet using the trial balanceand ledgers prepared by thebookkeeper. (6)
  9. 9. TYPES OF BOOK- KEEPING•Single-Entry System•Double-Entry SystemTwo common bookkeeping systems used bybusinesses and other organizations are thesingle-entry bookkeeping system and thedouble-entry bookkeeping system. Single-entry bookkeeping uses only income andexpense accounts, recorded primarily in arevenue and expense journal. Single-entrybookkeeping is adequate for many smallbusinesses. Double-entry bookkeeping requires
  10. 10. posting each transaction twice, using debits andcredits. (7)•Single-entry systemThe primary bookkeeping record in single-entry bookkeeping is the cash book, which issimilar to a checking (chequing) accountregister but allocates the income and expensesto various income and expense accounts.Separate account records are maintained forpetty cash, accounts payable and receivable,and other relevant transactions such asinventory and travel expenses. These days,single entry bookkeeping can be done with
  11. 11. DIY bookkeeping software to speed up manualcalculations. (8)•Double-Entry SystemThe double-entry bookkeeping system wascodified in the 15th century and refers to aset of rules for recording financial informationin a financial accounting system in which everytransaction or event changes at least twodifferent accounts. In modern accounting this isdone using debits and credits within theaccounting equation: Equity = Assets -Liabilities. The accounting equation serves asa kind of error-detection system: if at any
  12. 12. point the sum of debits does not equal thecorresponding sum of credits, an error hasoccurred. (9)Since several different types of errors resultin equal sums for debits and credits, double-entry accounting is not a guarantee that noerrors have been made.►Debits and credits are then defined as follows: * Debit: A debit is recorded on the left hand side of a T account * Credit: A credit balance is recorded on the right hand side of a T account
  13. 13. * Debit accounts = Asset and Expenses (also debit money received into bank accounts) * Credit accounts = Gains (income) and Liabilities (also credit money paid out of bank accounts) (10) AccountsAn accounting system records, retains andreproduces financial information relating tofinancial transaction flows and financialposition. Financial Transaction Flows encompassprimarily inflows on account of incomes andoutflows on account of expenses. Elements offinancial position, including property, moneyreceived, or money spent, are assigned to one
  14. 14. of the primary groups i.e. assets, liabilities,and equity.Within these primary groups each distinctiveasset, liability, income and expense is (11)represented by its respective "account". Anaccount is simply a record of financial inflowsand outflows in relation to the respectiveasset, liability, income or expense. •Accounting typesAccount types (nature) Type Represent Examples Tangibles - Plant and Physically tangible things Machinery, Furniture and in the real world and Fixtures, Computers andReal certain intangible things Information Processing not having any physical Equipment etc. Intangibles - existence Goodwill, Patents and Copyrights
  15. 15. Individuals, Partnership Firms, Corporate entities,Persona Business and Legal Non-Profit Organizations,l Entities any local or statutory bodies including governments at country, state or local levels Temporary Income and Expenditure Accounts for recognition of theNomina Sales, Purchases, Electricity implications of the financiall Charges transactions during each fiscal year till finalizations of accounts at the end (12)Abbreviations used in Book-Keeping * A/C - Account * A/R - Accounts Receivable * A/P - Accounts Payable * B/S - Balance Sheet * C/D - Carried down * b/d - Brought down * C/F - Carried forward * B/f - Brought forward * Dr - Debit record * Cr - Credit record * G/L - General Ledger * N/L - Nominal Ledger
  16. 16. * P&L - Profit & Loss * TB - Trial Balance * GST - Goods and Services Tax * VAT - Value Added Tax * CST - Central Sale Tax * TDS - Tax Deducted at Source * EBT - Earnings before Taxes * EAT - Earnings after Tax * PAT - Profit after tax * PBT - Profit before tax * DEPR – Depreciation (13)Student’s view about the topicBook keeping is concerned withrecording of day-to-daytransactions in a set of books asper framed policy. The accountsprepared at any time from therecords thus kept, may show theowner, his true financial
  17. 17. position. It is very importantpart of accounting process. Thestudents get the basic awarenessregarding the entries. It ismechanical in nature & thus,doesn’t require special skills. Asbook-keeping is the basis foraccounting, it is a key forlearning the systematicknowledge of accounting. (14) !!!Conclusion!!!We already know that bookkeeping is thescience and arts of recording in thebooks of account all those businesstransactions that result in transfer ofmoney/money’s worth worth. It is a partof accounting and depends largely on
  18. 18. correct recording of transactions. Thusbook keeping is mainly concerned with:-◊ Identifying the financial transactionsand events.◊ Measuring them in terms of money. (15)◊Recording the financial transactions &events so identified in the books ofaccounts.◊Classifying recorded transactions andevents, i.e. posting into ledger accounts. Thus, it is concerned with recordkeeping or maintenance of books ofaccounting which is often clerical innature.
  19. 19. (16)Teacher’s Remark: ___________________________________________________________________________________________________________________________________________________________________________________
  20. 20. Signature: Mr.Satbir Singh(_________________) !!-----------E.N.D--------------!! (17)