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Real Numbers Unit 01 Grade 11 Maths With Mahesh Sir

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 Real Numbers It is believed that the concept of numbers originated among the human race about 30 000 years ago. This concept which originated and developed independently in various civilizations, evolved globally and has now become a universal field of study named mathematics.  It can be assumed that numbers were initially used in early civilizations for simple purposes such as counting and accounting. There is no doubt that the first numerical concepts that were developed were “one” and “two”. Later the concepts of three, four etc., must have been developed. Then man would have realized that he could name any amount that he wished in this manner. Different civilizations used different symbols to name numbers.  It is accepted based on historical evidence, that the numerals 1, 2, 3 etc., which we now use, originated in India. The honour of being the first to use the concept of zero as a number as well as being the first to introduce the positional decimal number system al...
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(8) THE CASH BOOK AND THE PETTY CASH BOOK

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  Cash book  This is the prime entry book in which the receipts and payments of cash (currency) are recorded. A business has various sources of cash receipts as well as different ways of payments.  Examples for sources of cash receipts of a business  The owner's capital  Cash sales  Cash received from debtors  Borrowing money  Cash receipts for rent income, investment income and income on commissions  Examples for payments a business makes  Purchase of goods for cash  Repayment of loans  Cash payment to creditors  Payments made for expenses such as salaries for employees, electricity, etc.  Payments made for purchasing fixed assets such as furniture, equipment, etc.  Withdrawal of cash by the owner for personal use (drawings)  The receipts and payments of cash by the business are recorded in the cash book using receipts and payment vouchers respectively as source documents.  Receipts  When a busi...
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(7) PRIME ENTRY BOOKS

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Introduction to prime entry books  There may be issues in recording the business transactions in the ledger accounts directly as they take place' Hence, before the transactions are recorded in ledger accounts, they should be recorded in a separate set of books known as ''the prime entry books.''  The prime entry books are the books in which the transactions of a business are recorded at first, according to the order in which each transaction had occurred by using a generally accepted method before recording them in the ledger accounts.  Prime entry books are also named as journals, day books, and subsidiary books.  It is not suitable to record all the transactions in a single prime entry book. Hence, the transactions have to be classified and recorded based on their nature and other common characteristics. Accordingly, the transactions which are similar in nature and occur recurrently should be recorded in different prime entry books.  The following table shows ...
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(6) DUAL IMPACT OF BUSINESS TRANSACTIONS

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  Dual impact of business transactions Many transactions occur daily in a business. As a result of these transactions, the values of assets, liabilities, equity, income and expenses are changed. In accounting, these changes are identified as a dual impact of a transaction. As explained earlier, each transaction causes change to two items of the accounting equation. This is termed as the dual impact of a transaction.  Examples :-  Investing Capital           Asset (cash) increases                Equity increases  Purchase of furniture     Asset (furniture ) increases        Asset (cash) decrease  Payment of Salary         Asset (cash) decreases               Equity decreases  Because of this dual impact of each transaction, the value of each transaction should be written in two places. This ...
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(5) ACCOUNTING EQUATION

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  Accounting equation  The assets and the ownership of those assets of a business are shown in accounting records of that business. All assets should belong to some party of the business. Therefore, assets of a business should be equal to the total ownership of those assets. To show this relationship, an equation is used, which is called as the Accounting Equation.  Construction of accounting equation  If all assets are financed by the owner of the business, the accounting equation can be presented as follows.   Assets = Equity  Example :-  Amal started a business investing Rs.500 000 in cash. Here, assets (cash) of the business is equal to Rs. 500 000 and this total amount belongs to the owner, Amal. Accordingly,   Assets = Equity   Rs. Cash 500 000 = Rs. Capital 500 000  When a business expands, the resources invested by owners would not be adequate. Therefore, the business will have to obtain resources from extern...
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(4) INTRODUCTION TO ACCOUNTING

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  Accounting  Accounting can be explained as a process of providing information required by the interested parties of a business for their decision making. Financial information is very important in decision making in a business. Accounting that mainly provides financial information is called as Financial Accounting.  Objectives and need of Accounting  As mentioned above, Accounting is needed to provide useful information to interested parties of a business for their decision making. Further, the business activities also impact various other parties. All these parties including owners and debt holders are named as interested parties (stakeholders) of a business. Owners, debt holders, investors, customers, suppliers, employees and the government are usually considered as key interested parties among other parties. Each party takes decisions in various nature and for that they require information. Accordingly, providing information for decesion making is the main objec...
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(3) BUSINESS ORGANIZATIONS

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  Basic information on the types of business organizations  When the population of a country increases, the process of manufacturing and distributing goods and services expands. Therefore, different types of business organizations are established in order to fulfill the needs and wants of people. A business organization generally consists of an individual or a group of individuals working together to produce goods and services required to fulfill human needs and wants.  Different parties provide funds to businesses. Owners of a business are the individuals or groups who provide funds and assume the risk by involving in business. Based on the ownership, businesses are categorized into several categories.  In addition, businesses are conducted to achieve different objectives of the businessmen. Accordingly, some businesses are carried out to earn profits whereas others are carried out for the well-being of the society.  Further, a businessman can start either a sm...
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