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Current Assets
Assets that are convertible into cash within the next accounting year are called current assets.…
Posted inAccounting Basics
Owner’s Equity
The equation of equity is as follows: Owner Equity = Assets – liability The owner…
Posted inAccounting Basics
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the business, and to…
Posted inAccounting Basics
Trial Balance
Trial balance is a summary of all the debit and credit balances of ledger accounts.…
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Accounting – Process
Accounting cycle refers to the specific tasks involved in completing an accounting process. The length…
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Bank Reconciliation
On a particular date, reconciliation of our bank balance with the balance of bank passbook…
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Key Features of Subsidiary Books
There is a difference between a purchase book and a purchase ledger. A purchase book…
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Bills Payable Book
Bills payable issues to the supplier of goods or services for payment, and the record…
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Bills Receivables Book
Bills are raised by creditors to debtors. The debtors accept them and subsequently return them…
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Sale Return Book
The reason of Sale return is same as for purchase return. Sometimes customers return the…