Basic Accounting Terms | 2024-25 | Class 11 | Accountancy

Summary

This educational video script introduces viewers to the fundamental concepts of accountancy, emphasizing the importance of understanding basic accounting terms. It covers the distinction between business and non-business entities, the nature of transactions, and the categorization of liabilities and assets. The instructor provides clear definitions and examples, aiming to build a strong foundation for further study in accountancy. The script promises a comprehensive overview in two parts, with the second part to be delivered in a follow-up video.

Takeaways

• 📚 Accountancy serves as the language of business, requiring understanding of basic terms before delving into theory and practice.
• 📈 The script introduces the concept of 'NTT' (Name of the Trading Terms), which refers to the identity of a business entity, distinguishing between business and non-business entities.
• 💼 Business entities aim to earn income through services or sales, while non-business entities focus on social service and are not for profit.
• 💱 Transactions are defined as economic activities involving the inflow and outflow of money, which are crucial for recording in accounting.
• 🔄 The nature of transactions can be both external, such as purchase and sales, and internal, like depreciation of assets within the business.
• 📝 An account is a record of all business transactions, typically structured with a debit (LHS) and credit (RHS) side to avoid confusion.
• 💰 Capital is the initial money invested by the owner to start the business and is considered a liability for the business.
• 🏠 Drawings refer to the money or value of goods withdrawn by the owner for personal use from the business's profit.
• 📉 Liabilities are obligations to pay money, either internally to the owner (like capital) or externally to creditors or other entities.
• 🏦 Assets are future economic benefits controlled by the business, categorized as current assets (easily convertible to cash) and non-current assets (long-term benefits).
• 🏢 Intangible assets, such as goodwill and copyrights, are non-physical rights that provide long-term benefits to the business.

Q & A

What is the main focus of the class being introduced in the script?

The class focuses on accountancy for class 11th, covering both theoretical and practical portions, starting with basic accounting terms.

Why is it important to understand the basic accounting terms?

Understanding basic accounting terms is crucial because they are the foundation of the language of business, and knowing their meanings helps in comprehending the subject effectively.

What does the term 'NTT' stand for in the context of the script?

NTT stands for 'Name of the Trading Terms', referring to the identity of a business, which could be a business or non-business entity.

What is the difference between a business entity and a non-business entity according to the script?

A business entity is started with the purpose of earning money by providing services or selling goods, whereas a non-business entity is focused on social service and not on earning profits.

What is a 'transaction' in the context of accountancy?

A transaction refers to any economic activity involving the inflow or outflow of money, such as sales, purchases, or exchanges that change the financial position of a business.

What are the two types of business transactions mentioned in the script?

The two types of business transactions are external transactions, which occur between two business entities, and internal transactions, which happen within the business itself, like depreciation.

What is the meaning of 'capital' in the context of the script?

Capital refers to the amount invested by the proprietor in a business to start and run it, which can be in the form of cash, goods, or assets.

What is 'drawings' in the context of the script?

Drawings refer to the cash or value of goods withdrawn by the owner from the business for personal use or private payments.

What is 'liability' and what are its two main types mentioned in the script?

Liability is the amount a firm owes to outsiders. The two main types are internal liabilities, such as capital invested by the owner, and external liabilities, which include debts to outsiders like creditors.

What is an 'asset' and how is it related to the outflow of money?

An asset is an outflow of money that is expected to provide future economic benefits. It can be either a long-term benefit, like purchasing a durable good, or a short-term benefit, like buying inventory.

What are the categories of assets mentioned in the script?

The categories of assets mentioned are non-current assets, current assets, and fictitious assets. Non-current assets provide long-term benefits, current assets can be quickly converted to cash, and fictitious assets are non-physical assets that never convert into cash but are shown due to their debit balance.

What are the two types of non-current assets mentioned in the script?

The two types of non-current assets are tangible assets, which can be seen and touched like land and buildings, and intangible assets, which do not have physical existence but provide benefits, like copyrights and patents.

Outlines

00:00

📚 Introduction to Basic Accounting Terms

The speaker introduces the topic of class 11th accountancy, emphasizing the importance of understanding basic accounting terms as the foundation for learning the subject. They compare accountancy to a language and stress the need to learn its terminology, such as 'transaction,' which refers to economic activities involving the inflow and outflow of money. The session is divided into two parts to cover all the necessary terms thoroughly. The first term discussed is NTT (Name of the Trading Unit), which signifies the identity of a business, whether it is a business entity with the purpose of earning income or a non-business entity focused on social service. The explanation also distinguishes between business and non-business entities, highlighting their different objectives.

05:01

💼 Understanding Business Transactions and Accounts

This paragraph delves into the nature of business transactions, differentiating between external transactions, such as purchases and sales, and internal transactions like depreciation, which occurs within the business. Depreciation is explained as the decrease in value of assets over time due to use. The concept of an 'event' as the outcome of a transaction is introduced, followed by an explanation of what an 'account' is—a record of all business transactions with a debit and credit structure. The speaker also introduces the terms 'capital' and 'drawings,' explaining that capital is the money invested by the owner to start the business, while drawings refer to the money taken out by the owner for personal use from the business profits.

10:02

🏦 Liabilities and Assets: Financial Obligations and Resources

The speaker explains the concept of 'liability,' which is the amount a business owes to others, including internal liabilities like capital and external liabilities such as loans and outstanding payments. Liabilities are categorized into internal and external, as well as long-term and short-term, based on when they are due for payment. 'Assets' are then introduced as resources that provide future economic benefits and are controlled by the organization. The types of assets discussed include non-current assets, which provide long-term benefits, and current assets, which can be quickly converted to cash. Fictitious assets, which do not convert into cash but are shown due to their debit balance, are also mentioned.

15:04

🤝 Debtors, Creditors, and the Importance of Accounting Basics

In this paragraph, the speaker defines 'debtor' as a person to whom goods have been sold on credit and from whom payment is due. They also discuss the difference between tangible and intangible non-current assets, with examples provided for each. Tangible assets are physical items like land and machinery, while intangible assets include rights like copyrights and patents. The speaker encourages students to review the basic terms covered in the session and offers to create additional content if needed. They also invite viewers to share the video, like it if they find it helpful, and to leave comments for any doubts that will be addressed in future videos.

Keywords

💡Accountancy

Accountancy is the systematic recording, reporting, and analysis of financial transactions related to a business. It is the language of business, as mentioned in the script, and is essential for understanding the financial health and operations of a company. In the video, accountancy is the main theme, with the instructor introducing basic accounting terms and concepts to lay the groundwork for further study.

💡Accounting Terminology

Accounting terminology refers to the specific vocabulary used within the field of accountancy. These terms are the building blocks for understanding more complex accounting concepts. In the script, the instructor emphasizes the importance of knowing these terms to effectively read and interpret financial records, such as 'transaction,' 'debit,' and 'credit'.

💡Transaction

A transaction is an event that involves the exchange of money, goods, or services between parties. It is a fundamental concept in accounting, as every business activity that has a financial impact is recorded as a transaction. The script uses examples like sales, purchases, and even internal activities like depreciation to illustrate different types of transactions.

💡Economic Activity

Economic activity refers to the actions and behaviors of individuals, businesses, and organizations that involve the production, distribution, and consumption of goods and services in an economy. In the context of the video, economic activity is synonymous with a transaction, which changes the financial position of a business.

💡Debit and Credit

Debit and credit are the two sides of an account in double-entry bookkeeping. Debit refers to the left side of an account, where increases in assets and expenses, and decreases in liabilities and equity are recorded. Credit refers to the right side, where increases in liabilities and equity, and decreases in assets and expenses are recorded. The script explains these concepts as part of the basic accounting process.

💡Account

An account is a record of all financial transactions related to a specific item, individual, or entity. It provides a structured way to organize and summarize economic events. The script describes an account as a 'box' with a debit (LHS) and credit (RHS) side, where all business transactions are recorded.

💡Capital

Capital, in the context of business, refers to the money invested by the owner or proprietor to start or run the business. It is a critical component of a company's financial structure and represents the initial funding used to generate profits. The script explains that capital is a liability for the business, as it is money the business owes to the owner.

💡Drawings

Drawings represent the money or value of goods withdrawn by the owner of a business for personal use. It is the amount taken out of the business's profits for the owner's private expenses. The script uses the term to describe a common practice in business ownership where personal and business finances intersect.

💡Liability

Liability is a legal or financial debt or obligation that arises during the course of business operations. It represents what a business owes to others, such as loans, overdrafts, or unpaid bills. The script distinguishes between internal liabilities, such as capital, and external liabilities, such as amounts owed to creditors or banks.

💡Assets

Assets are resources owned by a business that have future economic value and can generate income or benefit the company. They can be physical, like machinery, or intangible, like copyrights. The script explains that assets are created when money is spent and is expected to provide long-term benefits to the business.

💡Non-Current Assets

Non-current assets, also known as long-term assets, are resources a business owns that provide economic benefits over a long period, typically more than one year. Examples include land, buildings, and machinery. The script mentions these assets as part of the broader category of assets and distinguishes them from current assets, which provide benefits over a shorter time frame.

💡Current Assets

Current assets are short-term assets that can be quickly converted to cash or used to pay debts. They include cash, bank balances, inventory, and accounts receivable. The script explains that current assets are distinct from non-current assets because they provide immediate liquidity and are essential for the day-to-day operations of a business.

💡Fictitious Assets

Fictitious assets are items that are recorded on a company's balance sheet as assets but do not have a physical form or do not generate economic benefits. They are often the result of capitalizing costs that would normally be expensed. The script introduces this concept as assets that never convert into cash but are shown in the assets section due to their debit balance.

💡Tangible and Intangible Assets

Tangible assets are physical items that can be seen and touched, such as land, buildings, and machinery. Intangible assets, on the other hand, are non-physical, such as patents, copyrights, and goodwill. The script explains that while both types of assets are important to a business, they differ in their nature and the benefits they provide.

Highlights

Accountancy is introduced as the language of business, emphasizing the importance of understanding basic accounting terms.

The class is divided into two parts to cover both theoretical and practical aspects of accountancy.

The concept of 'transaction' is explained as an economic activity involving the inflow and outflow of money.

NTT (Name of the Trading and Trading) is defined as the identity of a business, distinguishing it from the owner's personal identity.

The difference between business and non-business entities is clarified based on their purpose of earning money or serving society.

The features of business transactions are outlined, including their impact on financial positions and the involvement of debits and credits.

External and internal transactions are differentiated based on whether they occur within or outside the business.

Depreciation is introduced as an internal transaction that reduces the value of assets over time.

An event is described as the outcome of a transaction, such as profit, loss, or the ultimate result of an economic activity.

An account is defined as the place where all business transactions are recorded, with a structure including debit and credit sides.

Capital is explained as the amount invested by the proprietor in a business to start and run it.

Drawings are identified as the money or value of goods withdrawn by the owner for personal use from the business profits.

Liability is defined as the amount a firm owes to outsiders, which can be classified as internal or external.

Assets are described as future economic benefits controlled by the organization, resulting from the outflow of cash.

Non-current assets are distinguished from current assets based on the duration of the benefits they provide.

Fictitious assets are introduced as assets that never convert into cash but are shown in the assets due to their debit balance.

Tangible and intangible assets are categorized based on their physical existence, with examples provided for each.

The instructor encourages students to review the material, offers to make a video on the book if requested, and invites questions in the comment section.

A call to action for subscribers to help reach a goal of 3 million families, emphasizing the channel's growth and community support.

Transcripts

What's up everyone, welcome back to the channel.

Guys, we are going to start our class 11th accountancy.

And in accountancy, you have two things.

There is some theoretical portion and some practical portion.

But before starting all that, First of all, see accountancy is a language of

business.

And whenever you learn a language, Before that, you learn its words, basic.

So we will start accounts with basic accounting terms.

In which we will cover all those small terms, Which are used in technical

accounts.

And you have to understand them very carefully.

Two parts of this chapter will be made.

One today and one tomorrow.

Our chapter will be complete.

And we will be able to prepare very well.

So let's start quickly.

And let's start learning what is in this account.

Let's begin.

Intro So

let's start with basic accounting terms.

And the first term we have is accounting terminology.

What is the meaning of accounting terminology?

See terminology means terms only.

See accounting is such a subject, In which you will learn a lot of new words.

Which you will hear for the first time.

So you should know the meaning of everything.

That's why you will be able to read this subject well.

So sir, what is this terminology in it?

See it is written, before recording the transaction.

Now sir, what is this transaction?

See, whatever the transaction is, Wherever the inflow and outflow of money will

be.

So what are we saying to that economic activity?

Here we are saying transaction.

So any transaction, sale purchase, Whenever money will come or go, So while

recording any transaction, It is very important that whatever terms will be

used, You learn them well.

We call these terms accounting terminology.

So let's start now, The first term that is coming is, We have NTT.

What is the first term?

NTT.

Sir, what is this NTT?

See, whenever you start any business, You will start any business, You will try

to make anything big, So you will keep its own name.

If your parents do business, Then your shop will have some name.

Your shop must be known by some name.

For example, XYZ provision store, XYZ enterprises, XYZ confectionery store, XYZ

medical store, Anything can happen.

Right.

So your business has its own identity.

The owner has its own identity.

The business has its own identity.

So we call the identity of the business as NTT.

So what is NTT?

Any economic unit, That is, a capable unit in itself, Which may be business, It

can be business or non-business.

Sir, what will be the difference between business and non-business?

The difference will be that If you have started any business, Whose purpose is

to earn money, Whose aim is earning income By providing services or by selling

goods, Like LG, Wipro, Maruti Suzuki, You see big brands.

They are all business entities.

What are non-business?

Whose purpose is not to earn money, Whose purpose is social service, To help

the society.

So what is said in non-business?

Not for profit organizations, Like clubs, charitable hospitals, Public

libraries, Religious institutions have come.

Their purpose is not to earn money.

Their purpose is to serve society, To help in growth.

We have these non-business entities.

After this, children are coming, What is the transaction?

So I just told you the transaction.

Whatever economic activity you do, Whatever you do, Whatever sale you do,

Wherever there will be a donation of money, That is, there will be an exchange.

So you will record it in the business.

So that particular transaction is called it.

Like I paid you on Google, Or I paid you on Paytm, You paid me on Paytm, You

paid on Google, You paid on phone, Whatever it is, What do we say?

Brother, what is the transaction?

So whenever money will go from someone's pocket, It will come in someone else's

pocket.

So we are calling this whole process a transaction.

So what is the transaction?

It is an economic activity of the business, Which changes its financial

position.

After this, children come, What will be the features of the business

transaction?

First of all, It will be related to the exchange of goods or services.

It will impact in two places.

Impact in two places means, Someone's benefit, Someone's loss.

One is debit, Other is credit.

One is debit, Other is credit, What does it mean?

We will discuss this now.

It involves an economic activity, Some business, Some money is being exchanged.

Business transactions can be of two types, External and internal.

What is external?

Which is happening between two business entities.

Like purchase and sale of goods.

What is internal?

Which happens inside the business.

Means it does not go out of the business.

Like depreciation.

Sir, what is depreciation?

See, you take any asset.

For example, this is a mic.

Now you will say, Sir, what is the asset?

We will study this too.

Any such thing of yours, Which helps you in the business.

Like some furniture, There is a laptop.

Now when you buy it with time, Then it gradually becomes cheaper.

As you use it, Its value will continue to decrease in the market.

You buy a car, After some time, Its value will continue to decrease.

You buy a bike, You buy anything, The value decreases.

This is called depreciation.

This is also a transaction.

But this is happening inside the business.

So this is an internal transaction.

External when it is happening from outside.

Okay.

After this comes the event.

Sir, what is the event?

Event is the result of a transaction.

You have done any transaction, There must have been some result of it.

What was the profit or loss?

Or what was the ultimate outcome?

So it is called an event.

Okay.

This is not very important.

After that, We have an account.

Sir, what is the meaning of an account?

See, all the transactions Are happening in the business.

Right.

Whenever you go to a business, If you go to a business, If you go to a job, If

you come at night, Then at your home only.

Similarly, All the transactions that are happening, Sale, purchase,

depreciation, Loss is happening, Some kind of fire has started, There was a

theft, Anything is happening.

All these transactions Will be written somewhere.

So that place, Where all these transactions are written, We call it an account.

Okay.

Now, sir, How does the account look?

Is it very beautiful?

See, Account is of this kind, In which we make a box, In which one side is

this, One side is this.

That is, One left side LHS, One right side RHS.

So one will be LHS, One will be RHS.

Right hand side.

Okay.

Now see kids, Whenever there will be a business transaction, Then either money

will come in your pocket, Or money will go from your pocket.

Similarly, Either goods will come or go.

Similarly, Either service will be given or taken.

So both things can happen.

So what we do, One side writes that money came, One side writes that money

went.

So that there is no confusion.

Right.

So all the transactions Will be recorded in this.

So this is called an account, Kids.

So what is an account?

It is such a place, It is such a place, Where all the transactions Are

recorded.

Now the left hand side of the account, Kids, This is called debit side.

So today I told you Left hand side.

But after today, Whenever I will say, I will say debit side.

So understand debit, We call LHS.

What is RHS in accounts?

Credit side.

What is RHS, kids?

We call credit side as RHS.

So LHS is debit side, RHS is credit side.

Okay.

So there will be two sides of the account.

One is debit, The other is credit.

Now what is written here, As we will read the chapters, I will teach you.

Okay, sir.

Done, sir.

He also learned.

He also learned the account.

Let's go.

After the account, What is coming to us?

Capital.

Sir, what is capital?

Who will say capital?

So look, sir.

India's capital is Delhi.

Is it the same?

No, son.

This is not that.

Whenever you want to do any business, Want to do any business, Want to make a

big company, Want to become an entrepreneur, Then you have to invest money.

Business does not happen without money.

Business will start with money.

So the money you invest in business, To start a business, To earn more money,

What do we call that money?

We call it capital.

So sir, what will be capital?

It refers to the amount Invested by the proprietor In a business.

Sir, what is a proprietor?

So son, we call a proprietor A businessman.

We call it an owner.

So the money that the owner has invested in the business, The amount may be in

the form of Whether it is cash, Whether it is goods, Whether it is assets.

I will tell you about assets later.

So we call it capital.

Okay.

So whatever money the owner has invested in the business, To run the business

well, We call it capital.

Now for business, Capital is a liability.

You take care for 10 minutes now That capital is a liability for business.

Until I come to your liability term.

Okay, otherwise I will clear your liability now.

Okay, capital done.

Done sir.

What is coming next?

Drawings.

Look, if the owner takes any money home For his personal use.

Money will be needed at home.

So whatever the profit is, I take some money from that profit and take it home.

To run the expenses of the house.

Brother, there is household ration, water, There is a school fee for children,

There is a tuition fee.

There are multiple expenses of the house.

Electricity, fuel, internet.

A lot happens.

So money is needed for all these expenses.

So I will take it out of the business.

So whatever money the owner takes home For personal expenses, We call it

drawings.

Any cash or value of goods withdrawn by the owner For personal use or for

private payments.

We call it drawings.

Now drawings can be in cash too.

It can also be in goods.

It may be that I take out cash and go.

It may be that I take out goods and go.

Because maybe it is needed.

Okay.

After this, son has come.

Now look, finally liability.

Sir, what is liability?

If you have to give anyone any money, Then you call it liability.

Okay.

Anyone's money.

I took a loan from you.

I have to pay.

It is a liability for me.

I bought goods on loan from you.

I have to pay.

It is a liability for me.

So I have to give anyone any money.

Whose due date has come.

I have not paid yet.

I will do.

It is called liability.

Similarly, see what was behind now.

Capital is a liability for the business.

So the money that the owner has invested in the business.

Whenever the business will be closed.

So that money has to be returned to the business owner.

So what happened to the business?

It became a liability.

That's why.

Understood.

So what is the liability we have?

The amount which the firm owes to outsiders.

Owes means.

Which you have to pay to outsiders.

We call it liability.

Liability son is of two types.

Internal and external.

Internal I told you.

Capital.

Who will give the business to the owner.

We call it internal.

And it is external.

Who has to give money to outsiders.

Like a bank overdraft.

I have bought goods on loan.

By which we call it a creditor.

Whose money has to be given.

For example, I am a cloth trader.

So I bought some clothes.

Brother, I will give you money after two months.

Or I will give it after a month.

So for me it is my creditor.

So please keep in mind.

Who is the creditor?

Whose money has to be given.

So creditor.

Bank overdraft.

Bills payable.

Some are due.

Bills have to be paid.

Outstanding expenses.

Outstanding expenses also means.

That some particular payment had to be done.

Like there is some rent.

Its due date has come.

I have not given it yet.

Have to give.

So it is called outstanding expenses.

Okay.

So liabilities are of two types.

Internal and external.

After this.

After this, liabilities are classified in two more ways.

Long term and short term.

That is, if you have to pay any liability.

Within a year.

Then it is short term.

We call it current liability.

Any money you have to give in the long term.

Have to give in more than a year.

Like I took a loan for 5 years.

Took a loan for 8 years.

Took a loan for 10 years.

More than a year.

Whenever there is a time limit.

I have to give more than a year.

Have to give later.

I call it non-current liability.

Say non-current.

Say long term.

It is the same thing.

So see the liabilities which fall due for payment.

In a relatively longer period.

Normally after more than 1 year.

We call it long term liability.

And will be in less than 1 year.

We will call it current liabilities.

Okay.

Now kids are coming to us.

Assets.

Sir, what is assets?

When many children hear in the beginning.

So listen to acid.

Because you have studied science.

But it is not acid.

It is acid.

Sir, what is acid?

See whenever money goes from your pocket.

So it gives birth to two things.

Money is going from the pocket.

Right.

If I have gone to the market.

So money will go from my pocket.

Expenses will be there.

Now from that expense.

I take long term benefit.

Or I take short term benefit.

This is the thing to think about.

If money came out of my pocket.

And the benefit from it.

I will get in a long time.

So such an outflow of cash.

Is called an asset.

Like I bought this digital board.

Money went from my pocket.

But I will get its benefit for a long time.

I have taken it for 2-3 years.

And now I feel that it will run for 2-3 more years.

It will not go anywhere.

It will not make a problem.

So it became an asset for me.

I bought a camera.

Money went from my pocket.

Benefit will give me for long term.

It is an asset for me.

So what is an asset?

Assets are the future economic benefits.

The rights of which are owned and controlled by the organization.

Okay.

After this, we also have some categories of assets.

Like non-current assets, current assets, fictitious assets.

Sir, what will be non-current assets?

Non-current are those.

Which will basically give us benefit for a very long time.

Will give benefit for a very long time.

Like bought some land.

There is some building.

There is some machinery.

There is some furniture.

All these run for 4-5 years.

So all these assets come in non-current assets.

Now these current assets are non-current.

You understood.

Current assets are those assets whose benefit you will get.

But they will convert into cash very quickly.

That is, they are not going to give you benefit for a very long time.

Like your own cash.

Your bank balance.

Your stock will be sold quickly.

Similarly, children, like I just taught you a creditor.

Who has to pay money.

From whom you have bought goods on loan.

He is a creditor.

Now you must have sold goods on loan.

So that person in front of you will also give you money.

It is called debtor.

D-E-B-T-O-R Many children read debtor.

No children.

B is silent in this.

So who is a debtor?

A person whom you have sold goods on loan.

And you have to take money from him.

So he is called a debtor.

He also comes in your current assets.

Then we have fictitious assets.

Children, understanding fictitious assets on the first day is a little

difficult task.

But for now, you keep in mind that fictitious means imaginary.

Or it is fake.

Which is not actually an asset.

But its balance is such that we have to show it in assets.

So this is the asset that never converts into cash.

You write this much in the exam.

You will get the full number.

To understand, you will have to go into a little accounting in detail.

And you will gradually understand in the chapters.

So what is a fictitious asset?

An asset that never converts into cash.

But due to its debit balance, we have to show it in assets.

Okay.

This is called a fictitious asset.

Now I will try to explain it to you in great detail.

So you will not understand.

Because you do not know any basics of accounting.

So just take care of the basic things for this.

It will be clear to you in the next 2-3 chapters.

After this, children are coming to us.

Non-current assets are of two types.

Tangible and intangible.

What are tangible?

Which you can see with your own eyes.

Like your land, building, plant, machinery, furniture.

You can see, you can touch.

You can feel them well.

Intangible are those assets that benefit you.

Like your reputation.

Like you have some copyright.

This is my video.

If someone else will put my video, then I have the right that this is my

content.

I will give him copyright.

Isn't it?

So this is my asset for me.

But it is an intangible asset.

I can't see it.

It is my right.

Rights are always intangible.

Some computer software.

Software will always be intangible.

So these are also the two categories of non-current assets.

Tangible and intangible.

Okay.

What are tangible?

Which can be seen and touched.

Land, building, plant, machinery, computer.

What are intangible?

Those who do not have any physical existence.

That's why you can't see them.

You can just feel them.

Okay.

It is perfect.

What are the examples?

Goodwill, patent, copyright.

This happens.

Then we have receipts.

We will read the receipts in the next class.

All the basic terms I have made you today.

You have to go through them very well once.

Whatever book you are following.

If you want me to review the book.

If I make a video on books, then I will make that too.

Just let me know in the comment section.

I will make a video on books for you soon.

Along with that.

Share this video to all people.

If you liked everything, then like it.

If you have any doubts, then tell me in the comment section.

I will definitely solve it in the coming videos.

I will clear all your doubts.

And I can assure you that you will study very well.

And my target is also that we have to reach 3 million families.

If you want to reach this year, then keep subscribing.

Keep your love and support the same.

Like your seniors have given so much love to this channel over a period of

years.

I will work as hard as I will work harder.

And I hope that you will also love in the same way.

Will show support and will take the channel forward.

Right.

Thank you so much guys for joining in.

Let's meet tomorrow with some more new videos.

Till then see ya.

Take care.

Bye Bye.