WHAT IS GAIN? ACCOUNTS. CLASS 11TH .BASIC ACCOUNTING TERMS. CHAPTER 2.

WHAT IS GAIN? ACCOUNTS. CLASS 11TH.BASIC ACCOUNTING TERMS. CHAPTER 2.

Transcript

00:00Hello guys, this is Sonia Setia, your accounts and eco-tutor.

00:04Basic accounting terms we were doing for class 11th accounts.

00:07Term number 11, we have gain.

00:09So what do you mean by gain?

00:11Whenever you get profit from non-operating or non-recurring activity, that is known as gain.

00:18Whenever you earn income from non-operating activity, that is known as gain.

00:23Suppose I have a shampoo manufacturing business.

00:25You call the income earned from that as profit.

00:29But other than operating activity, if you get income from anything else, that is known as gain.

00:36So what is it?

00:37Income earned from irregular or non-recurring nature activities.

00:40It's a profit that arises from the transactions which are not operating activities of the business.

00:45But it is incidental.

00:47It is incidental.

00:48It is not going to happen every day.

00:50What is the example?

00:51Suppose we did land sale, machinery, invested.

00:54The income that came from it, that is known as gain.

00:57I have given the telegram link.

00:59Thank you so much.