Bookkeeping

Inter-Departmental Transfers Goods are often supplied from one Department to another – Inter-Departmental transfer. Such transfer must be credited to Supplying Department and debited to Receiving Department. If the trans­fers are made at cost price, then it can be treated…

Partnership The Basic Characteristics of a Partnership Describe the basic characteristics of a partnership Definition: The proprietorship form of ownership suffers from certain limitations such as limited resources, limited skill and unlimited liability. Expansion in business requires more capital and…

Consignments The Account in the Consignors and Consignee’s Books Show the account in the consignors and consignee’s books Consignment Overview Consignment occurs when goods are sent by their owner (the consignor) to an agent (the consignee), who undertakes to sell…