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What are the top accounting and finance professional courses in India ?

Accounting courses in 2021 With the increasing demand from the accounting industry, there is a huge transformation in the way an individual is trained for the corporate environment. “Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money event and transaction which are at least of financial …

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Journal entry of Discount received and Discount allowed in Accounting

Accounting

What is a discount Received in accounting? When cash or cheque is paid to supplier discount is received from him. Discount received is profit for the business. The discount during the time of payment to the party. The only that is shown in the books of accounts are Cash discounts whereas Trade discounts are not …

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What is the meaning of contingent liabilities and its examples ?

Accounting

A contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event. A contingent liability is recorded if the contingency is likely and the amount of the liability can be reasonably estimated. If the amount can be estimated, the company sets aside …

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What is the journal entry for cheque dishonoured?

Accounting

What is the journal entry for cheque dishonoured? When a business received a cheque it debited its bank account and credited it party from which cheque is received. Now understand it with example Example 1 Sales made to Mr Mohan by cheque Rs 10,000. Journal entry of same will be : Bank A/c Dr 10,000 …

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What are Fictitious Asset Meaning in Accounting

Accounting

What are Fictitious Asset meaning in Accounting Fictitious Assets are not assets at all but shown however, they are shown as assets in the financial statements only for the time being. Fictitious Assets are expenses incurred in one accounting period and written off in more than one accounting period. Fictitious assets are expenses & losses which for …

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How to make Journal entry for interest on drawing

Accounting

How to make Journal entry for interest on drawing What is Drawing? When ower of the business withdrawal money from business for his personal use it is known as Drawings. But it the business keeps on withdrawing money from the business for personal use it affects it business, therefore, to refrain him from withdrawing money …

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Salary outstanding journal entry in Accounting

Accounting

Salary outstanding journal entry in Accounting What is salary? Salary is an expense for the business. It is to pay to an employee in exchange for services taken from him. When salary is not paid on time its becomes outstanding therefore it needs to show in the balance sheet as it is now a liability …

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Journal Entry of Bill of Exchange in Accounting

Accounting

Journal Entry of Bill of Exchange in Accounting Example On 1 may 2015 Mr A sold of goods to Mr B for 50000 on Credit. Mr B ask for 3 month time .Mr A ask for security .Mr B say he ready to sign any document you like as security.Mr A on White paper an …

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Journal Entry of Loss or profit on Sale of Asset in Accounting

Accounting

Journal Entry of Loss or profit on Sale of Asset in Accounting Sometime business need to sale their Fixed assets .Before we go further, we have to understand that what are Fixed Assets . Fixed Assets : Fixed assets are the long-term tangible assets that are used by business in generating income. Example Land and building …

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How to make a journal entry of Sale in Accounting

Accounting

How to make a journal entry of Sale in Accounting Before we go further, we have to understand the what are goods. Goods are item which are purchased to be sold . Sales accounts are made when goods purchase is sold. Sales account is nominal by nature or some considered it as real account as …

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