What is purchase returns ? When goods purchsed from supplier to be sold but the goods purchased are given back to its supplier because of many reasons such as. Goods are not as per specification Goods in damaged condition The buyer acquired the wrong goods The seller sent the wrong goods The goods have proven …

Journal entry of Purchase Returns and sales returns in Accounting Read More »

What is cash flow statement Cash Flow Statement It contains three words Cash, flow, and statement. It is prepared for Accounting standard AS -3(revised) Cash means cash and cash equivalent. It means bank balance which is equal to cash. Marketable security (it can sell any time) Three types of cash are Cash Cash at Bank …

What is Cash Flow statement in Accounting ? Introduction and Basic Concept Read More »

Beyond the basic core accounting functionalities of general ledgers and bank reconciliation statements, the software also has powerful invoicing features like automatic invoice generation meant to speed up revenue collection for your enterprise. Accounting software offers in-built payroll services including calculating employee hours, processing payroll taxes, reimbursing expenses, direct account deposit Top 10 Best Accounting …

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What is trade discount ? A trade discount is discount generally given by whole seller to retailer . Trade Discount refers to the deduction given by the supplier to the customer in the catalog price of the goods.   Let’s understand with example : Whole seller has goods Item A List Price  Rs 1000 per …

What is difference between Trade discount and cash discount and its Journal entry ? Read More »