Bank Reconciliation Statement with Illustration
Crystal Clear Definition: A Bank Reconciliation Statement is a statement prepared on a particular date to reconcile the bank balance as per the Cash Book
Difference Between Provisions and Reserves
"A Provision is the amount written off or retained by way of providing depreciation, renewals or diminution in the value of assets or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy."
Special Purpose Books [Purchase, Sales, Bills, Journal]
Learning Inside: This Post would enable you to understand: Purchases Book #Purchases Return Book #Sales Book #Sales Return Book #Bills Receivable Book #Bills Payable Book #Journal Proper; its Role and…
CASH BOOK – Special Purpose Books
Abstract Cash Book: Cash Book records cash transactions. Even banking transactions can be recorded in the Cash Book. When a Cash Book is maintained there is no need of opening…
WHAT IS TRIAL BALANCE? With Illustrations
Abstract A Trial Balance is a statement of accounts appearing in the Ledger. It may be prepared either by taking the balance of each account or the total amounts of…
RULES OF DEBIT AND CREDIT – (GOLDEN RULES)
Transaction are recorded in the books of accounts on the basis of evidences, i.e., source documents, such as bill of purchases, invoices for sales, debit and credit notes, etc. Rules…
GLOSSARY OF ACCOUNT
Here you can see some Glossary of Account which is frequently used in account like following and that meaning: A Accommodation Bill: A bill of exchange drawn and accepted for…
WHAT IS MEAN BY BASES OF ACCOUNTING
Bases of Accounting: For recording financial transactions, there can be two broad approaches to accounting. These are: Cash Basis and Accrual Basis...
WHAT IS JOURNAL & LEDGER?
The business transactions are recorded in the books of accounts which are customarily divided into two classes (1) Journal and (2) Ledger. A Journal is a book in which transactions…
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Learning Inside: Introduction #Objective of IASB #Meaning of IFRS #Table of Accounting standards issued by the IASC #Table of IFRS Issued by the IASB #Assumptions in IFRS #IFRS Based Financial…