Balbharati Solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 1: Introduction to Book – Keeping and Accountancy
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
The term Goods refers to merchandise, commodities, articles, or things in which a trader trades.
The total amount invested in the business by the owner is called Capital. Excess of assets over the liabilities is known as Capital.
The amount of cash or value of goods, assets, etc. withdrawn from the business by the owner for personal use is known as Drawings.
Goodwill means the aggregate of those intangible attributes of a business which contributes to its superior earning capacity over a normal return on investments.