Mr. Agarwala started Agarwala Electricals shop with a capital of Rs. 1,00,000. As this Amount is insufficient, he has borrowed Rs. 50,000 from Syndicate Bank. As he is not Keeping good health, he appointed Mr. Ram Naresh to look after the business on a salary Of Rs. 1,000 per month. Pavan Electrical Works supplies electrical goods to Agarwala Electricals on credit. Mr. Mirchand, Mr. Sabir and Mr. Wilson are the other persons working in Agarwala Electricals, as salesmen. Mr. Agarwala wants to expand the business. But he is not in a position to invest more money. Mr. Shyamlal wants to join as a partner.

From this, identify the names of the following parties and explain their relationship with MR Agarwala.

Outline the need for accounting and briefly describe the objects of accounting.

10 marks question