Transcription of Financial Statements - I - NCERT
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Financial Statements - I - NCERT
Financial Statements - I9 LEARNING OBJECTIVESA fter studying this chapter,you will be able to : state the nature of thefinancial Statements ; identify the variousstakeholders and theirinformation require-ments; distinguish betweenthe capital and reve-nue expenditure andreceipts; explain the concept oftrading and profit andloss account and itspreparation; State the nature ofgross profit, net profitand operating profit; describe the concept ofbalance sheet and itspreparation; explain grouping andmarshalling of assetsand liabilities; prepare profit and lossaccount and balancesheet of a sole prop-rietory firm; and make an have learnt that Financial accounting is awell-defined sequential activity which beginswith Journal (Journalisi)
examples of subsidiary books are return inwards book, return outwards book. An other important special book is cash book, in which all cash and bank transactions are recorded. The entries, which are not recorded in any of these books, are recorded in a …
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