Accruals in Accounting are the expenses or revenues that have been recorded by the firm but not yet realised. In simple terms, they are the financial transactions already estimated in the current accounting...
According to the Accrual Assumption, a transaction is recorded in the books of account at the time when it is entered into and not when the settlement takes place. For Example, if goods are sold...
1. Interest on Loan taken by Firm should be 6 percent per annum. 2. Interest on Loan given by the Firm should be nil 3. No partner could be admitted in the firm without the consent of the exisiting partners. 4....
Is accountancy science and art?:--Accountancy plays a very important role in these days of growing commercial and trade. Frequently various laws and Acts like—Company’s Act, M.R.T.P. Act are...