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Balbharati Solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board

Chapter 1: Introduction to Book – Keeping and Accountancy

Answer in One Sentence:

1.What is Book-keeping?


Book-keeping is the science and art of correctly recording in the books of accounts, all those business transactions that result in the transfer of money or money’s worth

2.What is meant by Goods?


The term Goods refers to merchandise, commodities, articles, or things in which a trader trades.

3.What is Capital?


The total amount invested in the business by the owner is called Capital. Excess of assets over the liabilities is known as Capital.

4.What is Drawings?


The amount of cash or value of goods, assets, etc. withdrawn from the business by the owner for personal use is known as Drawings.

5.What is Goodwill?


Goodwill means the aggregate of those intangible attributes of a business which contributes to its superior earning capacity over a normal return on investments.


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