Carriage is an shipping expense. Such Carriage can be What does Carriage here mean? Expenses incurred for the Why to incur these expenses? To bring in the goods from suppliers or delivering goods to its customers. All these are Carriage expenses. … [Read more...] about Paid for Carriage Journal Entry
What is Contra Entry in accounting?
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 the 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
Does a free sample journal entry sound interesting? Let's understand this with real-time examples. Do you remember receiving some freebies when purchasing a product? For example, you noted a buy 1 get one offer for a Perfume. Here, the Second Perfume is a free … [Read more...] about Goods distributed as free sample journal entry
Cash Deposit JE
Cash Deposit in Bank JE is a seldom used journal entry. Physical cash usage is decreasing. That's due to use of digital money. Thus, cash deposits are rare. Thanks to the digital era! There are a lot of tech advancements. Cash Deposit … [Read more...] about Cash Deposit JE