As we know the golden rule of accountancy includes three accounts, which are used to make journal entries. 1. Personal A/C Debit the receiver credit the giver 2. Real A/C Debit what comes in Credit...
Many times I have seen that students don't understand the basic accounting knowledge. Here I am not talking about the accounting principles or concepts. I am talking about the FUNDAMENTAL knowledge behind...
PSR refers to profit sharing ratio agreed amongst partners of a firm in order to share the profits and losses of the firm. Any chance in PSR will result in reconstitution of partnership and thus require...
What is national income? What do you mean by GDP? What do you mean by aggregate demand? What is fiscal deficit? What is demonetization? And how it affect our GDP AND MANY MORE IMPORTANT QUESTION...
Past adjustments in partnership firm means adjusting partners' capital or current account balances due to rectification of past errors and omissions that was not in accordance with the partnership deed....