what is accounting cycle ?
The accounting cycle is the process of rotating the financial balances of the company. The accounting process is Journals, Book keeping, Ledgers, Subsidiary books, Trail balance, Profit and loss a/c, Balance sheet. This is the process, then the process will start from the journals, automatically this process is runes in the organisation.
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Depreciation comes under direct or indirect expense
Who uses accounting?
credit card expenses entry kisme pass karenge
I am kind of confused between VAT and income tax! and am i supposed to use them both in the income statement?
journal entry for commission received
Mention what are the rules for debit and credit for different accounts to increase the amount in your business accounts?
What is debit and credit?
what is golden rule of accounting
2 Answers Ahmed Amin Group, TATA,
some example of prepaid expance
loan a/c is blong to which a/c acc. to golden rule
pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
The jouranl entry of purchage of fixed assets are assents a/c dr. to cash/bank account why we not make journal entry for this is purchage a/c dr. to cash/bank .