Find an odd one. Chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.

Chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]

Find an odd one.

Wages, Salary, Royalty, Import Duty.

Wages

Salary

Royalty

Import Duty

Postage, Stationery Advertising, Purchases.

Postage

Stationery

Advertising

Purchases.

Capital, Bills Receivable, Reserve Fund, Bank overdraft.

Capital

Bills Receivable

Reserve Fund

Bank overdraft.

Building, Machinery, Furniture, Bills payable.

Building

Machinery

Furniture

Bills payable.

Discount received, Dividend received, Interest received, Depreciation.

Discount received

Dividend received

Interest received

Depreciation.

Difficult Words & Meanings

Accountancy: The profession or practice of keeping and inspecting financial accounts.

Partnership: A legal business structure where two or more individuals agree to share in the profits or losses of a business.

Final Accounts: Financial statements prepared at the end of an accounting period to show a business's financial performance (Profit & Loss Account) and financial position (Balance Sheet).

Wages: Payments made to employees for their work, typically calculated on an hourly basis or for piece-work, often associated with direct labor in production.

Salary: A fixed regular payment, typically paid on a monthly or biweekly basis, made by an employer to an employee, especially a professional or white-collar worker. (In the context of the question, Salary is often an indirect/administrative expense, while Wages, Royalty, and Import Duty can be direct expenses related to production/goods).

Royalty: A payment made to the legal owner for the use of property, especially patents, copyrighted works, franchises, or natural resources.

Import Duty: A tax collected by customs authorities on goods brought into a country.

Postage: The charge for sending letters, packages, etc., by mail.

Stationery: Writing and other office materials, like paper, pens, envelopes.

Advertising: The activity of promoting a product or service to potential customers.

Purchases: Goods bought by a business for resale or for use in its operations. (In the context of the question, Purchases is a direct cost related to goods, while Postage, Stationery, and Advertising are indirect/operating expenses).

Capital: The money or wealth needed to produce goods and services; the owner's equity in a business.

Bills Receivable: An asset representing money owed to a business by its customers, formalized by a written promise to pay (bill of exchange or promissory note).

Reserve Fund: An amount set aside out of profits to strengthen the financial position of the business or to meet future contingencies; a form of liability or equity.

Bank Overdraft: A facility that allows a bank account holder to withdraw more money than is in the account, up to an agreed limit; a short-term liability.

Building: A fixed asset; a structure such as a house, factory, office, etc.

Machinery: A fixed asset; equipment and machines used in production or operations.

Furniture: A fixed asset; items like desks, chairs, tables, etc., used in a business.

Bills Payable: A liability representing money owed by a business to its suppliers or creditors, formalized by a written promise to pay.

Discount Received: An income; a reduction in price received from a supplier, often for prompt payment or bulk purchases.

Dividend Received: An income; a payment received by a shareholder from a company's profits.

Interest Received: An income; money earned from lending money or from investments like bank deposits.

Depreciation: An expense; the systematic reduction in the recorded cost of a fixed asset until the value of the asset becomes zero or negligible.