The Sale of the Fixed asset is not a routine business transaction. However, that does not mean it shall not happen at all. There will be a specific period for which an asset will function, considering the normal wear and tear. Sold Machinery for Cash Journal entry is to remove … [Read more...] about Sold machinery for cash journal entry
Identifying the GLs is the first and foremost step in recording any transaction. The GLs in the Purchase goods for Cash transactions are Goods GL and Cash GL. Its general practice to record all transactions relating to the inventory or stock of goods through any of the following … [Read more...] about Purchase Goods for Cash Journal entry
Advertisement helps in marketing. Its a core indirect expenditure. What's the purpose of ads? Promote business and Maximize customer reach Thanks for the new digital era! The advertising medium has drastically changed these days due to digital marketing. This … [Read more...] about Advertisement journal entry
Posts help communicate a message from one place to another and facilitate the delivery of goods. The charges for such service are levied in the form of Stamps. So, the Sender of Post needs to purchase Stamps depending on the Pin code and weight of the Postal Cover. The usage of … [Read more...] about Bought Postage Stamps Journal Entry
Audit documentation deals with the questions What needs to be documented?Quantum and Extent of documentation requiredHow to add documentation? Audit documentation means the context of how the auditor and their team rationalize the testing performed. Work not documented … [Read more...] about What does Audit Documentation Deals with?