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You have learned about the business and its proprietor is reacted as separate entities. It implies that separate accounts must be kept in the ledger for recording transactions among the proprietor and the business. Generally, two accounts that are: Capital Account and Drawings Account are kept for this purpose. Anything the proprietor brings in the business is termed as his capital and credited to his Capital Account. As the same, when he withdraws cash from the business for his personal utilize, he is to be debited along with the amount withdrawn through him. That debit is specified to his Drawings Account. Drawings Account is also debited while the proprietor acquires goods from business for domestic utilize. Note here the proprietor can be charged only through the cost of goods taken and not its selling price. In the cost of these goods are credited to the Purchases Account as this is which it was purchased for him and should therefore be excluded from the purchases for the business
Imputed Interest - If no interest or an unrealistic amount of interest is charged in a salve involving certain kinds of deferred payments, then transaction would be treated as if r
Along with a view to harmonise varying accounting policies and practices recently utilize in India, the Institute of Chartered Accountants of India (ICAI) created the Accounting St
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The term goods refer to articles that are traded through the firm articles bought for resale. For illustration, for book seller, books are goods, for an electrical store fans, fo
Q. Accounting Education Change Commission? Accountants in practice as well as business executives have generally been dissatisfied with accounting graduates' capability to thin
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Accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of time. Such concepts enjoy a wi
This time of year we all here about football. For me it is the bad news of how poorly the Buffalo Bills are performing. Hopefully your favorite team is doing well. One thing we all
how many tipe of accounts
QUESTION An important function of Environmental Accounting is to bring environmental costs to the attention of corporate stakeholders who may be motivated to identify ways of r
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