Before proceeding into the topic of What is Contra Entry in Accounting, lets understand some foundation topics. Contra Entry is a journal entry that records cash and/or bank account transactions. The accounting treatment of this entry does not change the balance at the financial … [Read more...] about What is Contra Entry in accounting?
Income and Expenditure Account
The income and Expenditure Account is a part of final accounts for non-trading entities. It helps in determining whether an entity earned surplus or deficit for a specific period. The structure resembles that of a profit and loss statement. What are the features of … [Read more...] about Income and Expenditure Account
Goods distributed as free sample journal entry
Have you remembered receiving some freebies for purchasing a product? For example, you noted a buy 1 get one offer for a Perfume. Here, the Second Perfume is a good, given as a free sample. Such goods distributed are nothing but a kind of advertising charge. Let's see how to … [Read more...] about Goods distributed as free sample journal entry
Cash Deposit JE
Cash Deposit in Bank JE Its a seldom used journal entry. Physical cash usage decreasing. That's due to use of digital money. Thus, cash deposits are not frequent. Thanks to digital era! There are lot of tech advancements. Cash Deposit machines are one such … [Read more...] about Cash Deposit JE
Started Business with Cash Journal Entry
Any Entity needs Capital to achieve its primary business objective. Owners bring Capital into the business either as Equity Shares, Preference Shares, Capital from the Partners (if the entity is a partnership firm), or debt/financings from borrowers. We will learn some basic … [Read more...] about Started Business with Cash Journal Entry