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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the same, when he withdraws cash from the business for his personal utilize, he is to be debited along with the amount withdrawn through him.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
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
The balance sheet lists assets, capital and liabilities separately. This is an accepted convention about the assets and liabilities are demonstrated in sub groups and listed in the
To finish this scenario, use the Sample Size Estimator Sheets A, B of this file. In the previous years of the twenty-first century, annual salaries for federal employees in the
last changes in accounting standard in aias?
These are assets or things of value without physical dimensions. They cannot be touched; they representing intrinsic value without material being and they are incorporeal. One of t
Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp
DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY
Standardization in UK and USA: although the Institute of Chartered Accountants in England and Wales began creating recommendations as 1942, real progress started along with the es
3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
a.Compute the number of preferred shares that were issued during 20X6, which is Preferred stock, $100 par value, 10% $580,000 $500,000
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