Introduction

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Class 11 Online Accounts Tuitio

Accounts in business refer to the process of analyzing, summarizing and report economic data. The Accounts is the core influencing factor in decision making panels of the boards of companies and institution. This is because it is from accounts that you get to learn about the profits and losses made during the period of time and the determinants that have influenced the business in the same said period. Therefore accounts  acts as a measuring tape of the progress of an institution. 

Class 11 online accounts are a syllabus is designed for pupils to orient them about accounts terms and make the subject familiar to them. Live accounts course covers the fundamental parts of accounts and therefore exposing students to the online accounts course units which at the end make them financially conscious. It converts them into citizens who know the value of finance, management for personal development. 

Some of the skeleton cover of class 11 accounts includes:

Fundamentals of Accounts

Assets: 

This is the economic value of an item owned by an individual, company or institution. It could be generating income but also could be fixed dead asses that may not be generating income but which can be converted into money at any time needed. Assets are the core areas through which businesses thrives around and therefore takes a key role in accounts because it is from assets where income is generated and where the need for financial accenting comes in. 

Liabilities:

 Liability in accounts is characterized as the obligations which one has to fulfill. In simple terms, a liability implies credit. A liability in accounts requires three things: 1) Present the company with an obligation. 2) The liability emerges as a result of past incidents.3) Settlement of liability would cause an outflow of valuable resources

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Owner’s equity:

Owner’s equity In accounts is one of three key parts of the balance sheet of a sole proprietorship and one of the important aspect of the accounts equation: assets= liabilities + owners ‘ equity. Owner’s equity in accounts reflects the contributions of the owner in the business after the drawings or deductions of the owner from the company plus net profit (or minus net loss) after the start of the company accounts

The following is class 11 online coaching coverage of the account’s objectives.

Objectives of Accounts Identification and managing financial transactions

This is the primary goal of accounts. To ensure that every single transaction where the expenditure of income is recorded and can be reviewed at any time upon need and without relying on the extent of human memory. It is this process that ensures records of balancing the sheets between expenditure and income and showing the validity and need of each transaction. 

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1.    Determination of financial progress

It is from the financial accounts that progress is measured and presented in simplified language. Accounts is the language of  finance and therefore when analytical procedures are performed on the financial books of records for a specific duration, conclusions can be made about any growth or loss encountered and reasons to these results. 

2.    Keeping cash accounts.

This is the process of accounts which covers the account for cash payments and receipts done for a specific duration.

3.    Asset and liabilities control

It is the process of attaining development in business related to acquiring assets. This acquisition comes with increment in liabilities. It is accounts which control a balance between liabilities and assets to avoid a financial breakdown.

The following materialis included in the class 11 online accounts course ,the students are exposed to detailed information beyond their basic knowledge of accounts from what was covered in the past classes. In sect 11, online accounts coaching concepts are expanded from mere book-keeping of financial records to cover a full 15 chapters orientation to the theories and concepts involved in accounts. Sect 11 online accounts students are almost near the end of their basic education before joining colleges and therefore online accounts classes are designed to brief them about the skeleton of accounts and its importance in the management of person and institution financial base. 

Class 11 online accounts coaching gives students an overview of how strong and big institution can manage their finances and cut a stable balance between income and expenditure thus remain competitive in the business world. Through this, Sect 11 accounts students are expected to become financially conscious and also act as a motivation to mathematic students who may develop interest to pursue accounts and accounts related courses in colleges later after school.

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Journal Entries in Accounts

Journal entriesare the records of daily financial events or transactions that a company makes. Journal entries are the basic raw records that are kept for any purchase or income experienced in a day. Journal entries are the fundamental sources of financial information because it is from the journal entries that reports are generated by the financial transaction of a company within a specified period. Journal entries feed the ledgers from which analysis and financial accounts are done to evaluate progress. Therefore, the bookkeepers or accountants must feed in every single confirmation of purchase or income in the journal entries in what is referred to as journal entries. 

The transaction takes an individual place in the journal entries so that it can be tracked and evaluated at any time when required. Traditionally, journal entries were recorded manually in handwritten materials. However, with digitalization, there are now computer programs that are very helpful in recording journal entries and balancing the sheets every day. These programs have been very instrumental in minimizing errors as they will automatically detect any miss-match of data and any in-correspondence to the expected data flow. 

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Types of Journal

It is important to understand there are different journals entries for example Purchase journal , sales journal , cash book , , purchase return journal, sales return journal and even general journal. However, in these journals there exists different journal entries which are the specific components of a single journal entries 

The following are 10 examples of journal entries. 

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1.    Journal entry for Owner Investment Capital

This is a journal entry that records any amount of money that is deposited in the business by the owner of the company to boost the functionality of the business. Capital here results in owner’s equity. The inception of owner’s capital is first recorded in these journal entries and thereafter is accounted as the general business capital in any other next financial analysis because it now belongs to the gross value of the business capital.

2.     Liability journal entry

This is a record of any debt that the business. This could be a loan or anything else that the business receives in credit. It is recorded in this journal entry.

3.    Asset purchasing journal entry

In this entry, any amount spent in purchasing any asset by a company firm/business is recorded here like purchase of machinery, plant and building

4.    Owner’s withdrawal journal entry

This is a journal  entry that records the amount of money that the owner of the business withdraws from the business for personal use. This is known as drawings. Drawings reduces owner’s equity, the amount business owes to Owner is reduced by the amount owner withdraws from the business for his personal use. In addition, drawings are not just limited to the money withdrawn for personal use; it could also be in the form of goods (merchandise the business deals in) for the personaluse. 

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5.    Cash journal entries

Records any income earned by the business and confirmation of the payment by  the business. 

6.    Purchase Credit journal entries

Purchase Credit Journal Entry is a journal entry recorded by the company in the purchase journal on the date any product is bought by the entity from the service provider on credit terms.  Here the sales account is debited and the creditors account or cash payable account is credited into the company’s account books.

7.    Journal entries entry for debtor’s repayment.

When a debtor repays the money to the business, it is recorded in these journal entries. This helps in making consent assurance of clearance from the debtors’ list if the repayment was a clearance deposit. A debtor is a individual, company, or other entity owing money. To state in simpler terms, the debtor has a liability or legal duty to pay the money due.

8.    Prepaid Expenses

Prepaid expenses are future costs that are paid in advance. In other terms, prepaid expenses are charges which have been incurred but which have not yet been used up or that have not expired. A typical prepaid expense is the six-month insurance premium that is charged on a company’s vehicles in advance for insurance cover.

9.    Accrued expenses journal entries

This is a record of any expense that is not paid immediately. It can represent the amount of money the company owes in the form of outstanding expenses which is the liability for the business.

10.  Creditors payment journal entries

 A creditor is an entity (person or organization) that provides credit by granting permission to another entity to borrow money intended for future repayment. An entity that provides goods or services to a corporation or person and does not immediately demand payment is also called a creditor. This is a record of the amount of money used in paying the creditors and clearing liabilities involved in the supply of goods and services to the business in credit. 

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Different rules used to pass journal entries

Journal entries being the raw records of the very basic first step in data entry in the books of accounts, it is very critical in the whole results and true presentation of the financial records of a company. This means that a slight mistake at the journal entries can create a series of erroneous results to the very end. Therefore, there are set rules which need to be followed when passing journal entries to ensure that a logical sequence is followed which is easy to trace and work from in the journal entries and later in the ledger books. 

Traditional Approach

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Three types of accounts- personal , nominal and real.

Class 11 online accounts coaching includes detailed knowledge of every aspect of traditional approach of accounts. Online courses are designed in such a manner that an student can understand every concept of accounts..

1.    Personal accounts

These types of accounts pertain to individuals. Such individuals may be natural persons such as the Sudhir’s account, Dhiraj’s account etc. These individuals may also be artificial entities such as business firms, corporations, corporate bodies, a personal organization, etc. For example–sudhir and Mahesh Trading Co., Charitable trusts, Yes Bank Ltd.

2.    Real  Accounts

These types of accounts are linked to assets or property.

Tangible Real Accounts

These type of accounts comprise properties that can be touched, felt and h and have a physical existence. For instance–Building A/c, cash A/c, stationery A/c, inventory A/c, etc.

 Intangible Real accounts

Such accounts have no physical presence and can’t be reached. Those can, however, be calculated in money terms, and have value. For example –goodwill, patent, copyright, logo, etc.

Nominal accounts

Such forms of accounts are related to income or profits or expenditures or losses. For example: –electricity A / c, commission earned A / c, interest  A/c salaries A/c, transportation A / c etc.

1.    Debit the receiver and credit the giver

This rule is used in personal accounts where a person giving anything to the business should be credited in the books of records. The opposite is also expected to be recorded in books of account. 

2.    Debit what comes in and credit what goes out.

This should happen to real accounts where anything that comes in is debited as an addition to the debit that real accounts hold by default and whatever goes out is credited as a decrease in the capital from real accounts.

3.    Debit every expense and loss and credit all income and gains. 

Every income is an increase in the debt holdings of a nominal account. Every expense and loss results to decrease in capital. This should be done all the time to ensure that the system shows a balance between the two aspects for nominal accounts.

These are the cornerstone of accounts and are often referred to as the Golden Accounts Rules. When you don’t know the basic rules, you can’t pass journal entries and thus transactions can’t be accounted for.

MODERN APPROACH OF ACCOUNTS

According to this approach, we first identify the accounts involved in the transactions as Assets, Liability, Capital, Revenue and Expense.

Once the accounts are classified, we follow the rule explained below.

ACCOUNTS

DEBIT

CREDIT

Asset

Expenses

Example
Example

Liabilities

Capital

Incomes/gains

Example
Example

The above rules are applied in modern journal entries in accounts.

  • Some advantages of online accounts tuition

Online accounts tuition plays an important role in shaping the fundamentals to show practical examples of how the rules guiding journal entries work at affordable coaching fees. 

  • Online accounts tuition reduces travel time for both parties.

       Truly awful can be rush hour commutes! Through online coaching one can save on travel costs       too.

Online tuition is also more environmentally friendly and safe, particularly if you depend on cars.

  • Elimination of geographical limitations through online  accounts tuition

Through Online accounts coaching tutors and students from anywhere in the world can find each other. Which means by online accounts tuitions students can find the best tutors to meet their needs without being constrained by the region they live in?

  • Online accounts tuition aid conceptual clarity.

Online accounts tuition enables whiteboards and sharing screens can be a very useful teaching and learning tool to help clarify concepts.

For instance

  1. An online accounts tuition student can replay, pause and revise the same accounts concept multiple times.
  2. An online accounts tuition student can watch the lectures at his own time and according to his own comfort.
  3. An online accounts tuition student never has to hesitate to ask for doubts, a special team for clarification of doubts is appointed.

Why are online tuition for accounts recommended

  • Accounts are a subject with high requirement of understanding of basics and conceptual clarity.
    Accounts are one of those subjects where a person cannot proceed by memorizing and learning the concepts. Accounts involve high level of skepticism and attention to details.
  • Generally accounts students try to memorize the concepts without understanding them in detail.

For instance JOURNAL ENTRIES in accounts

Journal entries in accounts should not be memorized but understood. To excel in subjects of accounts one needs to understand the rules and make journal entries on their own.

  • Journal entries form the basis of accounts and are the ladders of high level accountancy.
    These will be used in class11 accounts, class12 accounts and courses such as accounts technician, CA, CS, ACCA, CMA, CFP etc.

Hence clear understanding of these is of utmost importance and which can be achieved only through online tuition.

  • Online accounts tuition can help a student to understand everything at his own pace..
    Through online accounts tuition efficient link can be sent for diagrams, posts, notes, case studies etc. With online tuition, students are more in the driving seat and feel more motivated in a truly comfortable climate.
  • Nowadays, accounts students are used to an online tuition environment and all the technologies associated with online classes, and can therefore learn well in this way.