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
Joint Ventures The Meaning of Joint Venture Define a joint venture An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation; also called a joint adventure. A joint
Bills of Exchange Meaning of a Bill of Exchange Define a bill of exchange Bill of exchange is written order letter in which there is not any condition. Writer’s sign will be in it. In this letter, order to other
Bills Of Exchange Bills of Exchange Define a bill of exchange Explain the nature of interest of a bill of exchange Account for bill received Account for: Accrued interest; Default of bill; Default or dishonor; The discounting of a bill
Government Budgeting Procedure Meaning of a Budget Define a budget : A budget is a set of interlinked plans that quantitatively describe an entity’s projected future operations. A budget is used as a yardstick against which to measure actual operating results,
Accounting of Non-Profit Making Organizations Preparation of Statement of Affairs Prepare statements of affairs Certainly, proper accounting is essential for non-trading institutions. These concerns maintain, generally, a cash book and later they prepare a summary of cash transactions appearing in
Incomplete Records Statements Showing Profit or Loss From Incomplete Records Draw up statements to show profit or loss from incomplete records Some times, businesses, especially small businesses do not maintain a full set of double entry records. Consequently, no trial
Control Account Control Account from Subsidiary Records Construct control account from subsidiary records Definition: A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts. Control
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