In partnership, accounting starts from transferring “Net profit” figure from P&L account to “P&L Appropiation a/c”. Below are accounting entries to be made. For transfer...
There are always two aspects of a Business Transaction. Examples: Purchase of Machinery for Rs 50,000. The two aspects in this transaction are: Incoming of Machinery Outflow of...
According to the Revenue Recognition Concept, revenue is considered to have been realised when a transaction has been entered into and the obligation to receive the amount has been established. It...
Let’s start with an example to understand this concept. Here it is: Suppose I buy 10 Books for Rs 1,000. This means that 1 Book costed me. Now, if I sell 5 Books at Rs...
Tips for scoring good marks in accounts:1. Always be attentive during the sessions2. Raise your doubts to clarify it immediately ao that it does not become your permanent doubt.3. Practice hard because...