Breif Explaination about accounts & Finance
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Answer / neelam
ACcounts: it is an art of
classifying,analysing,recording,summarising the available
financial information for the purpose of mis reports.
Finance: it is process of employing the available funds in
different business activities with main moto of raising(
increase) those funds.
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Answer / sridhar
Accounts:- is the art of recording, classifying, summarizing
the accounting information which are in financial terms to
know the profit or loss
Finance: finance is nothing but a gathering funds and
effective utilization of funds and getting optimum result
form that.
| Is This Answer Correct ? | 3 Yes | 0 No |
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my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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