8.Record the following transactions in the purchase book and purchase

1.	8.Record the following transactions in the purchase book and purchase return book of Aditya:1. Purchase goods of Rs.50000 at 5% T.D. from Tamil traders.2. Purchase goods of Rs. 60000 at 10% T.D. and 10% C.D. from Mangal Singh and paid 50% amount by cash.3. Mangal Singh returned 40 % goods as they are deffective.4. Purchase goods of Rs. 34000 from Rishabh at 10% T.D. and he returned 25% goods as they are deffective.Give me answer......... plzz
Answer» Answer: NCERT Solutions for Class 11 Commerce Accountancy Chapter 1 Introduction To Accounting are provided here with simple step-by-step explanations. These solutions for Introduction To Accounting are extremely popular among Class 11 Commerce students for Accountancy Introduction To Accounting Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the NCERT Book of Class 11 Commerce Accountancy Chapter 1 are provided here for you for free. You will also love the ad-free experience on Meritnation’s NCERT Solutions. All NCERT Solutions for class Class 11 Commerce Accountancy are prepared by experts and are 100% accurate. Page No 20: Question 1: Define accounting. ANSWER: Accounting is a process of identifying the events of financial nature, recording them in Journal, CLASSIFYING in their respective ledgers, summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such information, viz. owner/s, government, creditors, investors etc. According to the American Institute of CERTIFIED Accountants, 1941, “Accounting is an ART of recording, classifying and summarising in a significant manner and in terms of money TRANSACTIONS and events that are, in PART at least, of a financial character and interpreting the results thereof.”

8.Record the following transactions in the purchase book and purchase return book of Aditya:1. Purchase goods of Rs.50000 at 5% T.D. from Tamil traders.2. Purchase goods of Rs. 60000 at 10% T.D. and 10% C.D. from Mangal Singh and paid 50% amount by cash.3. Mangal Singh returned 40 % goods as they are deffective.4. Purchase goods of Rs. 34000 from Rishabh at 10% T.D. and he returned 25% goods as they are deffective.Give me answer......... plzz

Answer»

Answer:

NCERT Solutions for Class 11 Commerce Accountancy Chapter 1 Introduction To Accounting are provided here with simple step-by-step explanations. These solutions for Introduction To Accounting are extremely popular among Class 11 Commerce students for Accountancy Introduction To Accounting Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the NCERT Book of Class 11 Commerce Accountancy Chapter 1 are provided here for you for free. You will also love the ad-free experience on Meritnation’s NCERT Solutions. All NCERT Solutions for class Class 11 Commerce Accountancy are prepared by experts and are 100% accurate.

Page No 20:

Question 1:

Define accounting.

ANSWER:

Accounting is a process of identifying the events of financial nature, recording them in Journal, CLASSIFYING in their respective ledgers, summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such information, viz. owner/s, government, creditors, investors etc.

According to the American Institute of CERTIFIED Accountants, 1941, “Accounting is an ART of recording, classifying and summarising in a significant manner and in terms of money TRANSACTIONS and events that are, in PART at least, of a financial character and interpreting the results thereof.”

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