Accounting Complete Lectures

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First of i want to tell you about the chapters

there are six chapters are in 2nd year chapters

Chapter No.1:                                  Non trading Concern

Chapter No.2                                   Single Entry system

Chapter No3.                                   Consignment Account

Chapter No 4.                                 Company account

Chapter No.5                                  Depreciation

Chapter No.6                                  Partnership

Chapter No 1                                Non trading Concern

1.      What is meant by non trading concerns?

Individuals or institutions with activities other than trade and their primary object is not to earn profit are known as non trading concerns. Like hospitals, libraries and colleges.

2.      What is receipt & payment account?

A receipts & payments account is summarized cash book for given period. Receipts are shown on the debit side and payments are shown on credit side without any distinction between capital and revenue.

3.      What is income and expenditure account?

The account through which surplus or deficits of a non trading concern is ascertained. This account is credited with all earning and debited with expenses is called income and expenditure account.

4.      What is major difference between receipts or payment account and an income and expenditure account?

Receipts and payments account only a summary of the cash transactions whereas income & expenditure accounts a comparable account of a profit and loss account which shows the incomes expenses and surplus / deficit for the period.

5.      What are key statements prepared in accounts of non profit seeking organization?

The following three key statements are prepared at the end of year

• Receipts and payments accounts
• Income and expenditure accounts (Profit and loss account)
• Balance sheet

6.      What are key statements prepared in accounts of profit seeking organization?

The following key statements are prepared at the end of year

• Trial Balance
• Trading  and Profit & loss account
• Balance sheet

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