Cash Sales Journal entry is Sales are crucial to the success of any business. Profits and Sales are directly proportional to each other. Thus, businesses adopt a variety of strategies to increase their sales volume and will always be favorable for Cash Sales. Who … [Read more...] about Cash Sales Journal Entry
Accounting
Accounting for Repair and Maintenance Journal entry
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