Std 11,Commerce,Organization of Commerce,Ch 3,Private,Public and Global,Module 01

Hi, kids, we are going to start with the third chapter of OCM, Private sector, Public sector and Global enterprises. So, let’s enjoy this chapter no. 3. Let’s check up the first module.
And the first question, how are business sectors classified? Now, business organisation is set up which undertakes business activities by producing or distributing goods and services. You can see, production going on in all these clips alongside, manufacturing of planes and plane parts, automobiles, soft drinks and some of the products being shown. So, business is not only producing but also distribution. So, once goods are produced they need to be distributed through transport services and different, different middlemen. You can see, loading and unloading taking place and truck is in motion, right. So, transportation and distribution is compulsory.
The main objective of business is to earn profit money. Nowadays, profit is not only the aim of business organisation but they have to fulfil, they have to do something for society, we call it as social responsibilities. You are correct, we call it as social responsibilities. Now, Indian economy has got mixed economy which is divided or includes private sector and public sector organisations. So, the private sector organisation mostly focuses on profit, profit and profit motive, that’s goal or aim. Whereas, public sector focuses on service motive. So, you can see in the picture shown private sector, speaks only and talks only of profit, public service, right. Do remember, in India now these business sectors are classified as, as we saw just now a private sector and a public sector. Now, let’s understand this a little bit in more details. It is run by private individuals or maybe group of individuals, right. It is controlled by them and not by state government or central government, do remember that. Whereas on the other hand public sector undertaking owned, managed and controlled by Sarkar or the government, do remember, right.
Further down we have different types under private sector.
So, let’s check one by one sole trading is first, it is owned, managed and controlled by single individual. So, that’s the picture of sole trader, right. Sometimes we even call him as one man show because he does everything for his business, do remember. Joint Hindu Family Business, you can see all family members living together, right, so all of them when they enter into business together we call it as Joint Hindu Family business. Do remember, when all family members come together and start business, it is called as (JHFB) Joint Hindu Family Business.
Third we see, Partnership Firm. Now to overcome the demerits of some sole trading we have partnership firm coming up, wherein two or more than two people they come together and have sharing in profit as per profit sharing ratio.
Next, we see Joint Stock Company, herein large number of people they invest their money, correct, and what they get, they get in return shares. And what the money collected in hand of company becomes share capital. So, they share ownership of the company. Each and every individual becomes the owner of the company.
Next we see is, co-operative association of persons coming voluntarily by their own willingness together with a service motto or motive to serve the society. So, these all makes your private sector.
Now, let us understand Public Sector. The very first we see, Departmental Undertaking, you can see chook chook gadi here, that’s the railways. Now, these enterprises are fully owned and controlled and managed by government and their management is with ministry sitting at the centre, that in New Delhi. So this is departmental undertaking, ministers are incharge of those departments.
Next, we see Statutory Co-operations, now these types are autonomous corporate body set up under special Act of Parliament or maybe of Legislature, right, examples are Reserve Bank of India, LIC, what are all these, statutory co-operatives, right. They are formed and take birth just by passing an Act, in parliament or state legislature.
Now, third type Government Companies that is a company where minimum 51% of equity are owned by government of India, do remember that. Example Indian Oil Corporation, right, kids, 51% with government means government companies, do remember, right. So this was the third and last type under Public Sector.
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Std 11, Commerce, Book-Keeping, Depreciation, Module 01

Hi, friends let’s start with a fresh topic. The name of the topic is Depreciation. Let’s see what is that depreciation?
Our first module for depreciation, fixed assets versus goods and depreciation. So, here we want to see fixed assets, goods already known to us and what is
depreciation. So let’s understand introduction to the depreciation chapter. Now, fixed assets versus goods that is the subject matter for this particular
module. So, let’s understand. Fixed Assets are the assets, which are acquired by the businessman not for the purpose of re-sale, but for the purpose of
using them somewhere in the business for a longer period of time. So, we are buying certain assets, which we want to use for our business purpose and
obviously we are buying them or intention is to use them for a longer period of time, such assets are called as fixed asset. Let’s see some examples. Now
fixed assets, examples – machinery, so machinery used in the business for production purpose. After that furniture, it is used in a business or factory.
After that building, obviously without building it’s not possible for us to conduct the business activity, so we require certain central place to conduct
our business activities and then while doing the business we require certain vehicles. So, all such kinds of assets are called fixed assets. So, such
assets are purchased in a business and intended to use for a longer period of time. They are called as fixed assets. So, when we are buying our intention
is very clear, we want to use them in the business for a longer period of time and they are fixed assets. Now, continuous use of them and due to some other
reasons, continuously we are using them in our business, apart from that there are some other reasons their values goes on decreasing. So, value goes on
decreasing and such reduction in the value of fixed assets is known as depreciation. So, depreciation, meaning of depreciation in simple words, values of
fixed assets decreased and the decrease is mainly because of use of fixed assets, so that reduction is called as depreciation.
Let’s continue with this. Now, take one example, this is the first year of machinery purchased for the business. So, very new machinery, you can understand
by looking at the physical appearance of this particular machinery. We put that particular machinery in use, after using it for one year, now the condition
is like this, after third year, I mean to say after using it for three years now the condition is like this. After that, fourth year now again it is
deteriorated, and then fifth year, if you observe it physically then we find that again it is damaged. So, this is happened because of using of this
particular machinery continuously. And now from this you can understand, with the usage of fixed assets, the physical life as well as economical life goes
on decreasing. Obviously, we are using physically as well as economically because the productivity will be affected, it goes on decreasing over the period
of time. So, continuously we are using this particular machinery and such continuous use goes on decreasing the value of the asset. So, likewise the value
of fixed assets also goes on decreasing. And then after that, day by day the value of year will keep on decreasing when we are using it for a business.
Such fall in the value of fixed assets is called as depreciation. So, when we use the asset, its value decreases and that reduction is called as
depreciation.
So, the word depreciation is derived from the Latin word, Depretium which means reduction, decrease, decline etc. in the value. So, originated from Latin
language, the word is Depretium, so meaning is reduction, decrease or decline. Here, the value of fixed asset is declining and so we are using the word
depreciation. Depreciation is mainly because of wear and tear of fixed assets and also due to some other factors like efflux of time, obsolescence etc. So,
a number of reasons are there but the main cause is wear and tear of that particular asset. So, depreciation is treated as loss to the business. Obviously,
value of our fixed assets goes on decreasing and so that reduction is treated as loss to our business.


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Std 11, Commerce, Book-Keeping, Introduction to Book-Keeping, Module 01

Hello, friends, myself Nitin Mahajan and going to introduce you this subject, which is all new subject for you. And name of the subject is Book-keeping and Accountancy. So, we are going to start with Introduction to Book-keeping and Accountancy. Let’s see what is there in this particular subject.
So, first of all, basic accounting terminologies. Now there could be questions on terminologies, as define or explain or write a short note on some particular terms. So, from that point of view, this part is important to us, that is what I am talking about, examination of view. But not only that to understand this new subject, you must understand these particular terms, they are important terms. So far this subject is concerned and so that we must understand this particular subject minutely. So, let’s start with these particular accounting terminologies.
Now, the very first term that is module no.1.1, chapter number 1 and module number 1, here we are going to discuss the term business. So, let’s see accounting terminologies and the very first term is business, so, on this there could be a question. What is business or write a short note on business. So, let’s see what is business? Business includes any activity continuously carried on by a person or persons and when conducting these particular activities that is intention is to earn profit. So to earn a profit when any kind of economic activity is conducted with an intention to earn profit and that activity is called as business. Let’s see further, now as example, production of goods, now goods are produced. Whenever the producer is producing the goods, why he is producing? Because he wants to sell them, so for the purpose of selling it he is making the production. And this production process is a continuous process, so in this factory they are producing and this product will be sold out in the market. And so this is one type of business which is known as manufacturing business. So, manufacturing of goods continuously for the sale to earn profit that is the business.
Then we will see another example, buying and selling of goods. So, now here goods are purchased and sold. They are bought and sold and from that businessman is earning a profit. So, buying and selling of goods continuously to earn profit, again it is a business.
Let’s see next example, providing services. Every time it is not necessary that we are manufacturing something or we are buying or selling only, so sometimes certain businesses, they are providing services. Now, providing services through couriers and then after that this another type of service wherein we are providing the information as per requirement of the customer and if this particular activity is continuously carried on then that is called as business. So, providing different types of services regularly to earn profit again it is a business. Thus, from this we can understand business is an economic activity. Second feature, we can say that it is continuous activity. So, if any activity is conducted once or twice, even if the intention is to earn profit then it cannot be called as business. So business is continuous activity, so it is continuous activity with intention to earn profit, requires different types of resources like men, machinery, material, money. So all these factors are bought together and with this help of these, the business activity is conducted. Then after that next intention is to earn profit, yes, that is very much essential to call it as a business, there must be intention to earn profit. So, these particular activities they are called as business.


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