The purpose of the Cash Stolen journal entry is to record the monetary loss sustained by the Company 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 due to … [Read more...] about Cash Stolen Journal entry
Personal Car Introduced in the business Journal Entry
Personal Car introduced in the business Journal entry is to record the assets brought into the business. If there is some asset inflow by owner into business and it assists in advancement of business operations, then we need to recognize it as capital. Are you aware of the … [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
Purchase Typewriter Journal Entry
Recording the Purchase Typewriter Journal Entry, we will understand some basic understanding of typewriter. A typewriter is a mechanical device that allows you to type characters and create documents. It was before the invention of computers. The Typewriter's major flaw is that … [Read more...] about Purchase Typewriter Journal Entry
