The subsidiary books may be defined as books where the transactions are entered first and then ledger accounts are opened. These subsidiary books are also known as ‘Books of Original Entry.’ This subdivision of books is essential due to the expanding size of the business.Advantages of subsidiary booksWork is Assigned According to Ability : There […]
The process of recording transactions is known as journalising. Such transaction is separately recording after determining the particular amounts to be debited and credited. The first column in a journal is date which shows the date of transaction. The second column is of particulars. In this column the account to be debited is written in
The recording of transactions considering the debit and credit aspect is known as double entry system. The different books in which the transactions are recorded are as follows :Books of Original Entry : The book in which the transactions are recorded for the first time is called journal or book of original entry. The transactions
Various transactions are made in business everyday, such as sales & purchases of goods and services, receipt and payment of cash, etc. Every business transaction is required to be supported by documentary evidence, such as invoice or bill, debit or credit note, cash receipt, cash memo, cheque, etc. All such documents are known as source
Basic assumptions or postulates guide the recording of transactions in the books of account. These are the foundation of accounting records.Basic AssumptionsThus the basic assumptions may be defined as, “Basic postulates or assumptions which serve the basis of actual recording.” They are referred to as generally accepted accounting principles.These assumptions are :Accounting Entity/Business Entity Assumptions
Business Transactions : All those activities which are related to exchange of goods, and services in monetary nature come under business transactions. Their special features are as follows :(a) They are monetary in nature.(b) They involve exchange of goods and services like packaging, storage, transportation etc.(c) All business transactions are recorded in accounting books.(d) Owners
Accounting is the process of identifying, measuring, recording and communicating the economic events of the organization to interested users of the information.Definitions1. “Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events, which are, in part or least, of financial character, and interpreting the
➢ Simile Simile is a figure in which a comparison is made between two objects of different kinds, which are alike at least in one point. e.g. (1) He is as strong as a lion. (2) Helen like was a lovely rose. ➢ Metaphor Metaphor is a figure in which there is a comparison of
Our God, our help in ages past, Our hope for years to come, Our shelter from the stormy blast, And our eternal home: Under the shadow of thy throne Thy saints have dwelt secure; Sufficient is thine arm alone, And our defence is sure. Before the hills in order stood Or earth received her frame,
The sun descending in the west, The evening star does shine, The birds are silent in their nest, And I must seek for mine. The moon like a flower, In heaven’s high bower, With silent delight Sits and smiles on the night. Farewell green fields and happy grove, Where flocks have took delight. Where lambs
It is an ancient Mariner, And he stoppeth one of three. ‘By thy long beard and glittering eye, Now wherefore stopp’st thou me? He holds him with his skinny hand, ‘There was a ship,’ quoth he. ‘Hold off ! unhand me, grey-beard loon!’ Eftsoons his hand dropt he. The Wedding-Guest sat on a stone: He
Among the smoke and fog of a December afternoon You have the scene arrange itself—as it will seem to do—With “I have saved this afternoon for you”; And four wax candles in the darkened room, Four rings of light upon the ceiling overhead, An atmosphere of Juliet’s tomb Prepared for all the things to be
Sometime this world was so steadfast and stable, That man’s word was held obligation; And now it is so false and deceivable, That word and work, as in conclusion, Be nothing one; for turned up so down Is all this world, through meed and willfulness, That all is lost for lack of steadfastness. What makes
For all we have and are, For all our children’s fate, Stand up and meet the war. The Hun is at the gate! Our world has passed away In wantonness o’erthrown. There is nothing left to-day But steel and fire and stone. Though all we knew depart, The old commandments stand: “In courage keep your
Late came the God, having sent his forerunners who were not regarded—Late, but in wrath; Saying: “The wrong shall be paid, the contempt be rewarded On all that she hath.”He poisoned the blade and struck home, the full bosom receiving The wound and the venom in one, past cure or relieving. He made treaty with