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Introduction Cash flow statement provides considerable information about what is really happening in a business beyond that contained in...

Below is the chart to identify how adjusting entities are marked in accounting. Click here to go back to Accounting Basics Day 8...

Introduction  Adjusting Entries are journal entries made at the end of the accounting period to allocate revenue and expenses to the perio...

A Balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership o...

After calculating the gross profit or gross loss the next step is to prepare the profit and loss account. To earn net profit a trader has t...

Trading means buying and selling. The trading account shows the result of buying and selling of goods. At the end of each year, it is nece...

Introduction The Stakeholders of a company will be interested in knowing whether the business has resulted in profit or loss and what the ...

Some times, a business may dispose an asset when it is worn out. In that case, it is advisable to find the profit or loss on sale of asse...

Depreciation is directly charged against the asset by debiting Depreciation account and crediting the Asset account. Depreciation account is...

This method is also called as Diminishing Balance Method. In this method depreciation is charged at a fixed percentage each year on the redu...

This method is also called as Fixed Instalment Method .In this method the same amount of depreciation is charged every year throughout the l...

Introduction Depreciation is a term used in accounting, economics and finance to spread the cost of an asset over the span of several year...

Introduction The accounting principles are accounting rules used to prepare, present, and report financial statements for a wide variety o...

Bills payable book is used to record bill accepted by us. When a bill drawn by our creditor is accepted particulars of the same are recorde...

This book is used to record the bills received from debtors. When a bill is received, details of it are recorded in the bills receivable boo...