Category Archives: Accounting

Types of Cash Book, How Many Types of Cash Book, Contra Entry

Types of Cash Book

Types of Cash Book: Cash book is the book in which all transactions concerning cash receipts and cash payments are recorded. Cash Book is in the form of an account. It serves the purpose of Cash Account also. On the debit side, all cash receipts are recorded while on the credit side, all cash payments […]

Balance of payments (BOP) & Its components – With Definition

Balance of payments

Balance of payments (BOP) & Its components – With Definition. BOP Information With Definition. Here we are providing Complete Details of Balance of Payments with Definition of Balance of Payments. in this article we also provide components of Balance of Payments. Recently we provide Complete details for TDS on Rent. Now you can scroll down […]

Basic Principles of Accounting and Golden Rules of Accounting

Golden Rules of Accounting

Basic Principles of Accounting and Golden Rules of Accounting. Guidelines on Basic Accounting Principles and Concepts. Here we provide complete guide for all Basic Concepts or Principles of Accounting with Golden Rules of Accounting. In this article you can find complete details regarding Basic Principles and Golden Rules of Accounting like – Basic Principles of Accounting, […]

Meaning of Accounting, Scope of Accounting, Functions & Types of Accounting

Meaning of Accounting, Scope of Accounting, Functions & Types of Accounting

Meaning of Accounting, Scope of Accounting, Functions of Accounting, Type of Accounting, Used of Accounting, Limitation of accounting. In this article you can find everything related to Meaning & Scope of Accounting like – Various Branches of Accounting, Need and Use of Accounting, Functions of accounting data, The users of financial statement & their information needs, Qualitative […]

12 Terms You Should Know Before Start Studying Accounts

12 Terms You Should Know Before Start Studying Accounts, In order to understand the subject matter clearly, you must understand the following commonly used expressions always used in connection with business accounting. in this article we provide complete details for how to start for study accounts subject means we provide details for commonly used terms in […]

Ind AS 27, Separate Financial Statements (all you need to know about)

Ind AS 27

Ind AS 27, Separate Financial Statements: The objective of Ind AS 27 is to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. The Standard shall    be applied in accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is […]

Goodwill Impairment Testing Disclosures under Ind AS (In Detailed)

Goodwill Impairment Testing

Goodwill Impairment Testing Disclosures under Ind AS: Transition from IGAAP to Ind-AS has resulted in change in treatment of goodwill. IGAAP prescribe amortization if it arises on amalgamation and impairment testing if it arises on consolidation, whereas Ind-AS prescribe only impairment testing. The purpose of the current study is to provide evidence of the extent […]

Accounting Cycle, Detail of Accounting Cycle, What is Accounting Cycle

Accounting Cycle

Accounting Cycle: When complete sequence of accounting procedure is done which happens frequently and repeated in same directions during an accounting period, the same is called an accounting cycle. Accounting cycle starts from the recording of individual transactions and ends on the preparation of financial statements and closing entries. The accounting cycle is the name given to the collective […]

Balancing Ledger Accounts, Check Ledger accounts balancing procedure

Balancing Ledger Accounts

Balancing Ledger Accounts: Balancing of an account means the process of equalizing the two sides of an account by putting the difference on the side where amount is short. After  Ledger Posting is completed the various accounts are balanced in order to know the exact position of a particular kind of transaction. Where the debit side of an account […]

Steps to Locate Errors | Rectification of Errors, Errors in Trial Balance

Steps to Locate Errors

Steps to Locate Errors: Even if there is only a very small difference in the trial balance, the errors leading to it must be located and rectified. A small difference may be the result of a number of errors. The following steps will be useful in locating errors: Whenever there is a difference in the trial […]