Resignation is the voluntary separation initiated by the employee himself. Reasons- Ill Health, Marriage, Better opportunities in other organizations, etc. PDF
Transaction: Bought furniture for ₹160,000 and cheque was issued on the same day. Analysis of transaction: This transaction increases furniture (assets) and decreases bank (assets) by ₹160,000.Â
Transaction : Opened a bank account in Bank of India with an amount of ₹5,00,000. Analysis of transaction: This transaction increases the cash at bank (assets) and decreases cash (asset) by ₹5,00,000.
In accounting, the terms — debit and credit indicate whether the transactions are to be recorded on the left-hand side or right-hand side of the account. In its simplest form, an account looks like the letter T. Because of its …
Every transaction involves give and take aspect. In double-entry accounting, every transaction affects and is recorded in at least two accounts. When recording each transaction, the total amount debited must equal to the total amount credited. All accounts are divided …
Accounting vouchers may be classified as cash vouchers, debit vouchers, credit vouchers, journal vouchers, etc. There is no set format. A transaction with one debit and one credit is a simple transaction and the accounting vouchers prepared for such transaction …
” a happening, as a consequence of a transaction, a result.” In laymen term- End Result, from the number of transactions.
The transaction involves two aspects, i.e. Give and Take. Business transactions are exchanges of economic consideration between parties and have two-fold effects that are recorded in at least two accounts. Business transactions are usually evidenced by an appropriate document such …
Accounting standards are written statements of uniform accounting rules and guidelines in practice for preparing the uniform and consistent financial statements. These standards cannot override the provisions of applicable laws, customs, usages, and business environment in the country.
The two broad approaches of accounting are cash basis and accrual basis. Under a cash basis, transactions are recorded only when cash is received or paid. Whereas under accrual basis, revenues or costs are recognized when they occur rather than …