Trying to understand the accounting of repair and maintenance journal entry? Pat yourself on the back. You've found the ideal blog. The definition of repairs and maintenance will be covered first (of course with an example), followed by journal entry, provision for repairs, … [Read more...] about Accounting for Repair and Maintenance Journal entry
Cash Stolen Journal entry
The purpose of the Cash Stolen journal entry is to record the monetary loss. Loss sustained by the Company is due to theft or robbery. Embezzlement can occur either due to internal employees or with help of external parties to the company. A high chance of such loss are … [Read more...] about Cash Stolen Journal entry
Personal Car Introduced in the business Journal Entry
Personal Car introduced in the business It results in bringing new assets into the business. We can recognize any expense as capital if Are you aware of the Business Entity Concept? We need to treat the business and its Owner as two separate persons for … [Read more...] about Personal Car Introduced in the business Journal Entry
Rent of Proprietors Residence Journal Entry
Recording of Rent of Proprietors Residence Journal Entry happens in case of Partnership business. There will be no requirement for the business to pay its Owner's rent expenses. It's because residential rent is a personal expenses. Furthermore, the business and Owner are treated … [Read more...] about Rent of Proprietors Residence Journal Entry
Life Insurance Premium paid by Cheque Journal Entry
Life insurance covers the policyholder's life in case of a mishap. So, premium is an expenditure for the individual taking the policy. The frequency of payments can be monthly or quarterly, half-yearly, or annual. It depends on the agreed terms between the … [Read more...] about Life Insurance Premium paid by Cheque Journal Entry