Principles of Accounting

Rules For Journalising

Rules For Journalising

| September 4, 2014 | 0 Comments

How an Entry is recorded in the Journal? Explain in detail that what are the Rules of Journalising the Transaction in the Journal? How an Entry is recorded in Journal, is discussed below: Suppose the transaction is; Purchase Furniture from Mr. Faisal Gondal on 4.9.2014 for Rs.10, 000. Here Furniture account is debited and Mr. Faisal Gondal account is credited.   […]

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Journal The Book Of Original Entry

Journal The Book Of Original Entry

| September 4, 2014 | 0 Comments

What is meant by Journal? discus in detail the main advantages of Journal the Books of Original Entry. What are the Characteristics of Journal? Journal: 1st Phase Of Accounting Cycle: According to double entry system transactions are recorded in the books of accounts in two stages: First Stage:          Journal Second Stage: […]

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Rules For Debiting And Crediting

Rules For Debiting And Crediting

| September 2, 2014 | 0 Comments

What are the rules for Debiting and Crediting? Explain in detail that when an asset may debiting, crediting in an account with example? Rules For Debiting And Crediting: Accounts of Assets. Accounts of Liabilities. Accounts of Owner or Owner’s Equity. Accounts of Expenses Accounts of Revenue 1. Rules For Debiting Or Crediting Accounts Of Assets: […]

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What Is An Account?

What Is An Account?

| September 2, 2014 | 0 Comments

Here you can learn about Account? What is an Account and what are the specimen of Account in the books and what are the methods for keeping Account? In business concerns, numerous transactions take place every day, For example, goods are sold to various customers every day, purchases are made from suppliers, cash is paid […]

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Explain Advantages And Disadvantages Of Double Entry System

Explain Advantages And Disadvantages Of Double Entry System

| September 1, 2014 | 0 Comments

What are the Advantages and Disadvantages of Double Entry System? Explain in detail the main Merits and Demerits of Double Entry System?   Advantages: Double entry system is acknowledged as the best method of accounting in the modern world. The following advantages are derived from it. 1. Under this system both the aspects of each […]

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