23Feb, 2021

Journal Entry of fixed deposit in Accounting

What are fixed deposits?

When a fixed amount of money is deposited in the bank and the bank promises to pay the interest along with the fixed deposit amount to its customer this amount is called a fixed deposit.

Fixed deposit accounting Entry

Fixed Deposit A/c Dr . xxxx

To Bank A/c xxxxx

(being fixed deposit made with the bank)

In accounting Fixed deposit is an Asset by nature.

Rule when we increase our Asset we Debit it in Books of Accounts and when we decrease our Asset we Credit it in Books of Accounts.

Now understand it with its journal entry with the example given below.

Question:

Mr. Malik makes a Fixed Deposit with the bank on 1 April 2019 of Rs 100000 for 3 years and the bank promises to pay Rs 7,000 interest rate per annual.

Solution :

When a fixed deposit is made with the bank the following journal entry needs to pass

FD A/c Dr	100000
To Bank A/c	100000
Being fixed deposit made with bank

Fixed deposit is Asset hence we are adding Asset in Business year then We Debit Fixed Deposit accounts.

Bank accounts is credited because we use the money of bank to make Fixed Deposit .

Now in when we get accrued interest on Fixed deposit.

After end of accounting year on 31 march 2020

Journal entry needs to pass

Accrued Interest On FD A/c	7,000
To Interest On Fd	7,000

Note accrued Interest is interest earned but received it is Asset by nature therefore to increase our asset we debit the accounts.

After end of accounting year on 31 march 2021

Journal entry needs to pass

Accrued Interest On FD A/c	7,000
To Interest on FD.	7,000

Note: Similarly accrued Interest is interest earned but received it is Asset by nature therefore to increase our asset we debit the accounts.

After end of accounting year on 31 Marches 2021.We have to adjust the accrued interest and debit our bank accounts and credit our fixed deposit

Journal entry needs to pass

Bank A/c Dr	121,000
To Accrued Interest on Fd	14000
To interest on FD	7000
To Fixed Deposit accounts	100000

Note we adjust our Accrued Interest on FD accounts by Crediting it and interest on Fd for current year need to written and we closed our FD accounts by crediting it as our FD is matured and money is transfer to our Bank A/c.

Fixed deposit is Asset and Interest on Fixed Deposit is income .

Now in this entry we created new Asset Bank with balance Rs. 121000

and income or interest on Fixed deposit Rs. 21000 our Fixed deposit account is closed.

Example of Journal entry of Fixed Deposit

Another Example of Fixed Deposit in of FD.

Make fixed deposit with the bank on 1 Dec 2019 for Rs 100000 . Interest receivable Rs 12,000 per annual. Financial year close on 31 March 2020.

Case 1 Interest received Rs 2000.

Case 2. Interest received Rs 8000

Case 3. No interest received.

Case 1 Interest received Rs 2000.

In such case the journal entry will be at the end of accounting year will be

Bank A/c Dr.	2000
Accrued Interest On FD	2000
To Interest on FD	4000

Note : Interest on FD to be received is Rs 4000 as we made FD on 1 December 2019 and Financial Year Close on 31March therefore 12000/12 = 1000 is interest for one month for 4 months it is 4000. But we received on Rs. 2000 it means 2000 is accrued which is not received.

Case 1 Interest received Rs 8000.

In such case the journal entry will be at the end of accounting year will be

Bank A/c Dr.	8000
To Advance Interest On FD	4000
To Interest on FD	4000

Note : Interest on FD to be received is Rs 8000 as we made FD on 1 December 2019 and Financial Year Close on 31March therefore 12000/12 = 1000 is interest for one month for 4 months it is 4000. But we received on Rs. 8000 it means 4000 is advance Interest received which is not received.

Case 3 No Interest received Rs

In such case the journal entry will be at the end of accounting year will be


Accrued Interest On FD	4000
To Interest on FD	4000

Note : Interest on FD to be received is Rs 4000 as we made FD on 1 December 2019 and Financial Year Close on 31March therefore 12000/12 = 1000 is interest for one month for 4 months it is 4000. But we received no interest it means 4000 is accrued which is not received.

Journal Entry of Fixed Deposit With TDS

Mr. Malik makes a Fixed Deposit with the bank on 1 April 2019 of Rs 100000 for 3 years and the bank promises to pay a Rs 10,000 interest rate per annual and TDS @ 10% on interest.

In this case TDS is applicable on Interest on FD therefore It to be shown when interest is received.

Solution : When FD is made.

FD A/c Dr

100000

To Bank A/c

100000

Being fixed deposit made with the bank.

After the end of the accounting year on 31 March 2020.

Journal entry needs to pass.

FD A/c Dr.	9000
TDS Payable A/c Dr.	1000
To Interest on FD	10,000
(being interest Received on FD

After the end of the accounting year on 31 March 2021.

FD A/c Dr.	9000
TDS Payable A/c Dr.	1000
To Interest on FD	10,000
(being interest Received on FD

When FD is matured.

First This year interest on FD and TDS.

FD A/c Dr.	9000
TDS Payable A/c Dr.	1000
To Interest on FD	10,000
(being interest Received on FD

100000+9000+9000+9000

Maturity of FD entry

Bank A/c Dr.	127,000
To Fixed Deposit A/c	127,000
(being FD matured and paid into bank)

Fixed Deposit in Balance Sheet

Fixed Deposit is asset by nature therefore Fixed deposit is shown in the Asset side of balance sheet .

Liabilities	Amount	Asset	Amount
		Fixed Deposit	xxxx

Accrued interest on Fixed Deposit and intererst on Fixed Deposit .

Accrued interest on FIxed deposit is shown in the credit side of Profit and loss account and added to Interest on Fixed Deposit if given.

Particular

Amount

Particular

Amount

Interest on Fixed Deposit xxx

+ Accrued int on Fixed

Deposit xxx

xxxx

Accrued on fixed deposit is also shown in the Asset side of the Balance sheet.

FAQ

What is the difference between fixed deposit and recurring deposit?

In Fixed Deposit, we deposit an amount for a fixed period. A fixed deposit provides interest on the deposited amount. Whereas, in recurring deposits, the customer deposits fixed amounts in small intervals for a long period.It is also now as RD. The primary purpose of a RD is to develop the habit of saving regularly.

When TDS applies on fixed deposit financial year 2020-21 ?

The TDS rate on fixed deposits (FDs) is 10% This TDS deduction limit on FD has been increased to Rs. 40,000 annually, which applies in AY 2021-22

Key difference between Fixed Deposit and Loan

Aspect	Fixed Deposit	Loan
Nature of transaction	Investment	Borrowing
Journal entry for	When money is invested in a bank or financial institution.	When money is borrowed from a bank or lender.
	(Depositing money in a fixed deposit account)	(Taking a loan from a bank or lender).
Debit	Bank/Fixed Deposit Account	Loan Account
Credit	Cash/Bank	Cash/Bank
Purpose	To earn interest on the deposited amount.	To use the borrowed money for various purposes.
Interest	The interest earned is credited to the fixed deposit account.	The interest paid is debited to the loan account
Repayment	Upon maturity, the principal amount plus interest is credited to the bank account.	Repayment of the loan is done in installments over a specified period.
Accounting treatment	An asset is created, and cash is reduced.	A liability is created, and cash is increased.
Effect on balance sheet	Increases the asset side (cash and fixed deposit).	Increases the liability side (loan payable) and the asset side (cash)
Risk	Generally considered low-risk.	Depends on the borrower’s ability to repay; can be considered higher risk.

22Feb, 2021

Journal entry of Bad debts in Accounting

21Feb, 2021

Journal Entry of Interest on capital and Interest on Drawing in Accounting

18Feb, 2021

Journal Entry of Goods loss by fire in Accounting

Goods are Nominal by nature. When goods are lost by fire it means we have to reduce our purchase in the books of accounts as our goods are no more remains with the business and goods are loss by fire which means we lost our goods.

Rule of Nominal Accounts :

Debit all expenses and losses
Credit all income and gains

Note: We reduce our Purchase as goods are no more with the business so we need to deduct it and to deduct The accounts which we have Debited earlier need to be credited later Similary The account which we Credited earlier need to be Debited later..
Loss by fire is nominal Accounts and we have to follow the rule of Nominal Account with loss by fire.

.

When we purchase goods are nominal in nature therefore when they are purchased we debit purchase accounts because goods purchase is our expense and as per the Nominal rule we have to debit all expenses and losses.

When Goods are purchased

Purchase A/c Dr. XXXX

To Bank A/c XXXX

(being goods purchased)

Similarly, when we sell goods we Credit our sale accounts means we are adding profit to our purchase and sale to customer, and as per Nominal Accounts Credit all income and gain. .We are opening Sale Accounts in place of Purchase Accounts because Sale includes profit which is added to purchase and while selling we use Sale accounts.

Bank /Cash A/c Dr XXX

To Sale A/c XXX

(being goods sold)

In case of Goods loss by fire

This means the goods which we purchase witch are with use are no more with us and we got loss and as the loss is by Loss by Fire, therefore, new nominal Accounts Loss by fire need to be open and reduce the value of goods by crediting Purchase accounts in the books of accounts.

Note Purchase is also nominal accounts in this case we are reducing our purchase in Books of accounts. Loss by FIre is Nominal and here we follow the rule of Nominal Accounts

Loss By Fire A/c XXX

To Purchase A/c XXXX

(being Goods loss by fire)

Loss by fire in Trading Accounts

Loss by fire means our goods are destroyed therefore we have to deduct the value of goods in our Trading accounts and deduct it from the purchase

Particular

Amount

Particular

Amount

To Purchase XXX

– Loss by fire xxx

xxxx

Goods loss by Fire in Profit and loss Accounts

Loss of goods by fire is profit and loss Accounts

When goods are loss by fire they are loss by nature therefore they will be shown in the debit side of Profit and Loss Accounts

Particular	Amount	Particular	Amount
To Loss By fire A/c	XXXXXX

Insurance company claim in the loss by fire

Example suppose goods by fire on 10 May was Rs 50,000 and on 10 June Insurance company give claim of 50% of goods then the journal entry for the same will be

Example suppose goods by fire on 10 May 21was Rs 50,000 and on 10 June 21 Insurance company give claim of 50% of goods then the journal entry for the same will be

When goods are destroyed

Date	Particular	Amount	Amount
1 may 21	Loss by fire	50000
	To Purchase		5000
(being goods loss by fire)

When send for claim to Insurance company

Date	Particular	Amount	Amount
1 may 21	Insurance company	50000
	To loss by fire		50000
(Being goods loss by fire)

When insurance company give claim 50%.

Date	Particular	Amount	Amount
10 June 21	Bank A/c	25000
	Profit and Loss A/c	25000
	To Insurance Company		50,000
(being claim adjusted with profit and loss accounts)

Note here our actual loss is Rs 25000 which will be shown in profit and loss accounts and in trading accounts loss will be shown 50,000

Loss goods by fire Under GST Journal entry

Example :

Purchase good Rs 20,000 from local A ltd and GST paid Rs 5%.

Now the journal entry for the same will be

Purchase A/c Dr	20000
Input CGST	500
Input SGST	500
To A ltd	21,000
(being goods purchased from A Ltd
When goods are destroyed by fire ITC is not available on goods lost, stolen, destroyed, or written off
A New Loss by the fire under Nominal account is opened
Loss By Fire A/c Dr	21,000
To Purchase A/c	20000
To Input CGST	500
To Input SGST	500
(being goods destroy by fire and ITC not available as per Law)

FAQ

loss by fire is an example of__________

Ans: Abnormal Loss

What is Abnormal Loss ?

An abnormal loss refers to a situation where a business or firm is making profits below the normal limits.
In an abnormal loss situation the total revenue of a business does not cover total cost incurred for the business.
Example of Abnormal Loss
1. Loss by Fire
2. Loss by theft
3. Loss by breakage
4. loss on mishandling of goods

15Feb, 2021

Journal Entry of Capital Expenditure and Revenue Expenditure in Accounting

Capital Expenditure	Revenue Expenditure
Expenditure incurred for acquiring assets, to increase earning the capacity of an existing asset that results in increasing its lifespan	the expense incurred for maintaining the day-to-day operation activities of a business
The time of capital expenditure is long term	The time of revenue expenditure is short terms
It enhance the value addition of existing or new asset	It does not enhance value addition of any assets
IT generally have physical existence	IT does not have physical existence
These expenditure are not recurring in nature.	These expenditure are recurring in nature.
It does not effects company revenue as it is not shown in the profit and loss accounts	It effects company revenue as it is not shown in the profit and loss accounts
It gives long term benefits for the company	IT gives short term benefits for the company
It appears on the assets side of the balance sheet	It appears on the Profit and loss side in the expense side.

JOURNAL ENTRY OF CAPITAL EXPENDITURE

Capital Expenditure is that expenditure that is made while purchasing any asset or acquiring any asset in business.

Example suppose If we have Purchased a Machinery and paid its carriage and installation charges there are some expense which we made while purchasing an asset, therefore, they will be added to the cost of machinery.

Example Machinery Purchased Rs 100000 and paid Rs.4000 on its installation and paid Rs 6000 on cartage.

hence the nature of expense is Capital:

Journal entry for the same will be

Machinery A/c	110,000
To Cash A/c	` 110000
BEING MACHIENRY PURCHASED

Example:
Suppose we owned a Mutiplex cinema where we have arrangement of 100 seats if we want to incease the size of mutiplex by adding 50 more seats by investing Rs 100000 on chairs Rs 20,000 on installation Rs 40,000 on repairthen the journal entry for the same will be.

Furniture and Fixture A/c Dr	1,60,00
To Cash A/c	` 160000
BEING SEATS ADDED IN MUTIPLEX

JOURNAL ENTRY OF REVENUE EXPENDITURE

Revenue expenditure is expenditure which is our operations expense which occur day to day . They are recurring in nature..Thet are shown seperately in accounting transaction as they are at the end of accounting year shown on the Profit and loss accounts.

Example

Suppose we purchased goods worth Rs 10,000 and paid carriage Rs 2000.

Hence journal entry for the same will be

Purchase A/c Dr	10,000
Carriage A/c Dr.	2,000
To Cash	12,000
(BEING GOODS PURCHASED AND CASH PAID

15Feb, 2021

Top 5 Reasons Why young kids should learn English ?

Top 5 Reasons Why young kids should learn English?

English is one of the world’s most widely used and commonly spoken language today and the need to learn English for kids has increased exponentially with this growth.

Most countries have now comprised the English language as a common value in communication across varieties of fields, from trade & finance to travel. It is this widespread use that has defined it as one of the most influential languages in the world and as such many parents prefer their children learning English as a second language.

International languages

English is the international language of communication and is used by hundreds of millions around the globe for entertainment, commercial and technical purposes.

Job opportunities

Increased job opportunities and higher salaries are proven outcomes to multi-language learning. Most businesses that handle international clientele, suppliers and business partners prefer to hire both native and non-native

Ability to learn

Young children have the ability to learn foreign language accent-free, while older children, especially after the age of 10-12 will almost never learn to speak English without an accent. Children are very adaptable. That’s why we often say that their brains are like a sponge.

Common languages

English is the most commonly spoken language in the world. One out of five people can speak or at least understand English! English is the international language of communication and is used by hundreds of millions around the globe for entertainment, commercial and technical purposes.

Bilinguals

Bilinguals are good at ignoring distractions and better at problem solving than monolinguals.

9Feb, 2021

Journal Entry of Exchange of Fixed Assets in Accounting

Fixed Assets are treated as Real Accounts in Accounting therefore When Fixed Assets are purchased they are debited and when fixed asset are sold they are credited in Accounting.

Fixed Assets are also Assets in Accounting and as per Accounting law when Fixed assets added in business they are debited and when fixed assets are deducted they are credited in business accoutning.

Example of journal entry of Fixed assets exchange in Business.

Journal entry for exchange of old machinery

Example :

Purchase Machinery Rs 100000 from Mohan Brothers in exchange of old machinery Rs 40,000 whos book Value Rs 50,000.

Make journal entry of the above transaction

Here we are puchasing one machinery in exchanging of old machinery hence machinery purchased will be debited as that machinery is added to the business wheras old machiery will be credited as its exchange with new machinery and its going our of business.

The point to be noted we have given two cost of old machiney one its book value and the other its sale value but while making journal entry we have to take its book value under consideration.

The journal entry for the same will be:

Machinery A/c Dr.	100000
P/L A/c Dr	10,000
To old Machinery A/c	50,000
To Mohan Brother	60,000
(being machinery purchased in exchange of old machinery)

As we have to make the profit and loss accounts because we have sold that machinery with a value of 40,000 whereas its book value is 50,000..

This 10,000 is a loss in the books of accounts hence loss is debited as per the rule of nominal accounts that’s why loss is debited here.

Profit on sale of Assets in Journal Entry

Purchase Machinery Rs 100000 from Mohan Brothers in exchange of old machinery Rs 60,000 whos book Value Rs 50,000.

Here

This entry is similar to above entry but difference here is that we have sold the old machinery more than its book value so keeping all the rule in mind as mention above we have to make journal entry of the same in the book of accounts .

Machinery A/c Dr.	100000
To P/L A/c	10,000
To old Machinery A/c	50,000
To Mohan Brother	40,000
(being machinery purchased in exchange of old machinery)

The difference here is we sold the old machinery with a profit of 10,000 as per nominal accounts profit is credited in books of accounts

Journal entry of Advance received from Customer and advance paid to Supplier

7Feb, 2021

Journal Entry of Outstanding salary and Prepaid Salary In Accounting

1Feb, 2021

Journal entry of Advance received from Customer and advance paid to Supplier

Advance received form Customer

When Advance received from customers that is current liabilities as its our obligation for us to deliver goods and service in future. Before going further we have to understand what is Advance paid through the accounting rule of assets and libilities

When we have to ADD Asset in business,	we have Debit that accounts
When we have to Deduct MINUS Asset in business	we have Credited that accounts
When we have to ADD Liability in business	we have Credited that accounts
When we have to Deduct MINUS Liability in business	we have Debit that accounts

A cash advance received from customer journal entry is required when a business receives a cash payment from a customer in advance of delivering goods or services. in return of it.

Advance paid to Supplier

When an advance is paid to the supplier in such condition we are adding our asset as in the exchange of our money the supplier will provide our goods and services in future .When Advance paid to supplier hat is current Asset as its our right to get deliver goods and service in future. Before going further we have to understand what is Advance paid through the accounting rule of assets and libilities as mention above table.

Example of advance received and advance paid journal entry

Example

A ltd sign a contract with B ltd for consulting services Rs 50,000 and received Rs 20,000 cash in advance.

Here things to be noted that we did not need to make a entry of contract only journal entry of advance need to be made in the book A ltd and B ltd.

In the books of A ltd

Journal Entry will Be

PARTICULAR	AMOUNT	AMOUNT
Cash A/c Dr.	20,000
To Advance from B ltd		20,000
(BEING CASH RECEIVED IN ADVANCE FROM B LTD)

Note : Advance from B ltd is liability as the money received in advance for service to be provided in future therefore its our obligation to provide service and as we are adding liabilty to our business therefore we are adding to our business.

Account	Implementation
Cash	Debit as cash is coming in business
Advance received form B Ltd	Credit as liability is added to business

In the books of B Ltd

PARTICULAR	AMOUNT	AMOUNT
Advance paid to A ltd	20,000
To cash		20,000
(BEING CASH PAID IN ADVANCE FROM A LTD)

Note : Advance paid to A ltd is assets in the bookd of B ltd as he has to receive service in future hence we are increasing our asset in business therefore we are adding it .

Account	Implementation
Advance paid to A ltd	Debit as Asset is added in business
Cash	Credit as Cash is going out

Adjustment of Advance received

Paid future remaining advance to B ltd Rs 30,000 and get a invoice from Party.

as mention above we have created our assets and libilities in the book of A

Journal entry In the books of A ltd

PARTICULAR	AMOUNT	AMOUNT
Cash A/c Dr.	20,000
To Advance from B ltd		20,000
(BEING CASH RECEIVED IN ADVANCE FROM B LTD)

Adjustment of advance in the book of A ltd

PARTICULAR	AMOUNT	AMOUNT
Advance from B ltd	20,000
To Consulting service A/c		20,000
(BEING ADVANCE ADJUSTED AGAINST SALES)

Comparison of Journal entry

ADVANCE RECEIVED FROM CUSTOMER	ADVANCE PAID TO SUPPLLIER
B is our customer	A is our supplier
When advance is received from customer Rs. 5000	When advance is paid to supplier Rs. 5000
Bank A/c Dr 5000 To B advance received A/c 5000 (Being advance received)	A advance paid A/c 5000 To bank A/c 5000 (Being advance paid)
When invoice is raised Rs 10,000	When invoice is received Rs. 1000
B advance received A/c Dr. 5000 B Dr. 5000 To Sales A/c 10,000 (being sale made)	Purchase A/c Dr 10,000 To A 5000 To A advance paid A/c 5000 (being purchase made)

Note :

B advance received is our liability.
A advance paid is our asset .
When bill are raised and received we adjust our assets and liabilities .

Advance receipt and Advance paid in balance sheet

Liabilities

Amount

Asset

Amount

Advance received

from customer

Xxxx

Advance paid

To supplier

xxxx

Journal entry of Receipt on Advace in GST in service

Advance received from the customer with GST

Mohan received Advance Rs 118,000 on 1 Jan 2021. from Krishna Traders local trader.

Particular	Amount
Bank a/c Dr.	118,000
To Krishna Traders	118.000
(being advance received from Krishna)

Now this advance include 18,000 GST amount which is

CGST 9000

SGST 9000

Now on 31 Jan 2021.

Particular	Amount
Tax on Advance a/c Dr.	18,000
To Output CGST	9.000
To Output SGST	9,000
(being tax paid in advance)

When a sale is made

Particular	Amount
Krishna Traders Dr	118,000
To Sales	100000
To Output SGST A/c	9,000
To Output CGST A/c	9,000
(being sales made )

Particular	Amount
Output CGST A/c Dr	9,000
Output SGST A/c Dr	9,000
To Tax on Advance A/c	18,000
(being an adjustment of advance)

Note no GST on advance on goods under GST but on service, it is still applicable.

Thus, advance payment under GST made in respect of the supply of goods would not attract any GST liability. However, the liability of on the advance payments for supply of services would continue to exist.

Difference between Advance received from Customer and advance paid to Supplier

Aspect	Advance received from Customer	Advance paid to Supplier
Definition	A prepayment received from a customer before delivering goods/services.	A prepayment made to a supplier before receiving goods/services.
Perspective	Supplier/Service Provider receives the advance	uyer/Customer pays the advance.
Nature	Recorded as a liability.	Recorded as an asset (prepaid expense).
Accounting Treatment	Initially, recorded as a liability account (e.g., “Advance from Customers”) When goods/services are delivered, the liability is reduced, and revenue is recognized.	Initially, recorded as an asset account (e.g., “Prepaid Expenses”). When goods/services are received, the asset is reduced, and expenses are recognized.
Purpose	Provides assurance to the supplier that the customer is committed to the purchase.	Ensures the supply of goods/services from the supplier or secures favorable terms.
Example	A company receives $1,000 in advance from a customer for a future order.	A company pays $2,000 in advance to a supplier for an upcoming shipment of goods.

Mahesh Dr.	120,000
To Sales A/c	120,000
Being goods sold to Mahesh

Bad debts A/c Dr	90,000
Cash A/c Dr.	30,000
To Mahesh	120,000
(being cash received from Mahesh and bad debts written)

Rajeev Dr	15,000
To Sales A/c	15,000
Being goods sold to Rajeev

Bad debts A/c Dr	15,000
To Rajeev	15,000
Being bad debts written off

Cash A/c	15,000
To Bad debts Recover A/c	15,000
Being bad debts recover

Drawing A/c Dr	XXXX
To Purchases A/c	XXXX
(Being goods taken by the owner for personal use)

Drawing A/c Dr	XXXX
To Computer A/c	XXXX
(Being goods taken by the owner for personal use)

Monthly Archives: February 2021

Journal Entry of fixed deposit in Accounting

Journal Entry of fixed deposit in Accounting

What are fixed deposits?

Fixed deposit accounting Entry

In accounting Fixed deposit is an Asset by nature.

Example of Journal entry of Fixed Deposit

Another Example of Fixed Deposit in of FD.

Journal Entry of Fixed Deposit With TDS

Fixed Deposit in Balance Sheet

Accrued interest on Fixed Deposit and intererst on Fixed Deposit .

FAQ

What is the difference between fixed deposit and recurring deposit?

When TDS applies on fixed deposit financial year 2020-21 ?

Key difference between Fixed Deposit and Loan

Journal entry of Bad debts and Bad debts recovers in Accounting

Bad debts and its journal entry

Bad debts are given outside Trial Balance

Bad debts recover and its Journal Entry

Journal Entry for Recovery of Bad Debts

What are further bad debts and its treatment

What are further bad debts ?

Difference between bad debts and bad debts recover

MCQ bad debts

Journal Entry of Interest on Capital

What is Capital?

Interest on capital journal entry

Interest on capital On profit and loss Accounts

Interest on capital in Balance Sheet

Example of Interest on capital in case of partners

Journal Entry of Interest on drawing

journal entry for interest on drawing

Accounting Treatment of interest on Drawing

Some Accounting Treatment of interest on Drawing

Charge interest on drawings journal entry

Interest on Drawing in Profit and Loss Accounts

Interest on drawings

Interest on Drawing in Balance sheet

Example of interest on Drawings

Comparison of Journal entry

FAQ interest on Capital and Interest on Drawing

Why is Interest Charged on Capital?

What is the formula of interest on capital?

What is the purpose of charging interest on drawings of the partners?

Short MCQ

Journal Entry of Goods loss by fire in Accounting

Loss by fire in Trading Accounts

Goods loss by Fire in Profit and loss Accounts

Insurance company claim in the loss by fire

Loss goods by fire Under GST Journal entry

FAQ

loss by fire is an example of__________

What is Abnormal Loss ?

Journal Entry of Capital Expenditure and Revenue Expenditure in Accounting

Journal Entry of Capital Expenditure and Revenue Expenditure in Accounting

JOURNAL ENTRY OF CAPITAL EXPENDITURE

JOURNAL ENTRY OF REVENUE EXPENDITURE

Top 5 Reasons Why young kids should learn English?

International languages

Job opportunities

Ability to learn

Common languages

Bilinguals

Journal Entry of Exchange of Fixed Assets in Accounting

Example of journal entry of Fixed assets exchange in Business.

Journal entry for exchange of old machinery

Profit on sale of Assets in Journal Entry

Journal Entry of Outstanding salary and Prepaid Salary In Accounting

Journal Entry of Salary outstanding expense

Prepaid Salary Accounts

Journal Entry of Salay Prepaid expense

Outstanding and Prepaid Salary in Profit and loss account.

Outstanding and prepaid salary in balance sheet

Outstanding salary in the Balance sheet

Prepaid salary on the Balance sheet

Key difference Between prepaid salary and Outstanding salary

MCQ Quiz

Journal entry of Advance received from Customer and advance paid to Supplier

Advance received form Customer

Advance paid to Supplier