Financial Information: Financial Information arises from Business Transactions. So, let us first understand what are Business Transactions. Business Transaction: The term “Business Transaction”...
Personal account: Debit the receiver and credit the giverReal account: Debit what comes in and credit what goes outNominal account: Debit all expenses & losses and credit all incomes & gains
Lesson Partnership Sacrificing Ratio At the time of admission of a Partner, the old partners will sacrifice from their profit sharing ratio. For example , a firm has two partners A and B who were sharing...
Dependent Branch: A branch which is dependent upon Head Office mainly for “Goods and Cash”. Books of accounts relating to such branch also will be maintained by Head Office. Features of Dependent...