According to the Cost Concept, an asset is recorded in the books of account at the price paid to acquire it and the cost is the basis for all subsequent accounting of the asset.
Since the acquisition...
Why is Tally the most popular accounting software in India?
The top 10 reasons follow.
1.Easy maintenance :
Maintaining an accounting software package hasn’t been more comfortable. A transformation...
Dear Students,
Final Accounts question is a very scoring question in the accountancy Paper and is also a compulsory question for most of the boards.
So here is the list of simple steps to be follwed...
Personal Account-
Debit the receiver
Credit the giver.
Real Account-
Debit what comes in
Credit what goes out
Nominal Account-
Debit all expenses and loss
Credit all incomes and gain
Fundamentals of partnership:
A partnership comes into existence by an agreement. This agreement can be verbal or written. When two or more individuals enter into a partnership and sign a written agreement...