The Income and Expenditure Account is a part of the final accounts for non-trading entities. It helps in determining whether an entity earned a surplus or deficit for a specific period. The structure resembles that of a profit and loss statement. What are the features … [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 the use of digital money. Thus, cash deposits are rare. Thanks to the digital era! There are a lot of tech advancements. Cash … [Read more...] about Cash Deposit JE
Started Business with Cash Journal Entry
Started Business with Cash Journal entry is probably the initial accounting transaction. Any Entity needs Capital to achieve its primary business objective. Owners bring Capital into the business through We will learn some basic concepts before moving on to the main … [Read more...] about Started Business with Cash Journal Entry
Installation of Machinery Journal entry
Machinery is a Fixed Asset that helps achieve the business's primary objective, such as Manufacturing goods or processing raw materials. So, purchasing this machinery involves high costs, and the machinery is so large that it might take a couple of days to install. We need to … [Read more...] about Installation of Machinery Journal entry