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Audit and Accounting Solutions

Personal Car Introduced in the business Journal Entry

July 12, 2022 Runner

Personal Car capital contribution JE

Personal Car introduced in the business Journal entry is to record the assets brought into the business. If there is some asset inflow by owner into business and it assists in advancement of business operations, then we need to recognize it as capital. Are you aware of the … [Read more...] about Personal Car Introduced in the business Journal Entry

Accounting capital introduced journal entry, personal assets introduced into business journal entry

Rent of Proprietors Residence Journal Entry

July 10, 2022 Runner

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

Accounting owners rent journal entry, rent drawings entry, rent of proprietors residence journal entries

Life Insurance Premium paid by Cheque Journal Entry

June 21, 2022 Runner

Life Insurance Premium paid by Cheque Journal Entry 1

Life insurance covers the policyholder's life in case of a mishap. So, premium is an expenditure for the individual taking the policy. The frequency of payments can be monthly or quarterly, half-yearly, or annual. It depends on the agreed terms between the … [Read more...] about Life Insurance Premium paid by Cheque Journal Entry

Accounting Insurance Premium paid JE, Life Insurance Premium paid, life insurance premium paid will be treated as, paid life insurance premium journal entry

Purchase Typewriter Journal Entry

June 20, 2022 Runner

Typewriter JE

Recording the Purchase Typewriter Journal Entry, we will understand some basic understanding of typewriter. A typewriter is a mechanical device that allows you to type characters and create documents. It was before the invention of computers. The Typewriter's major flaw is that … [Read more...] about Purchase Typewriter Journal Entry

Accounting office equipment journal entry, purchase typewriter entry, typewriter purchase journal entry

Sold machinery for cash journal entry

June 14, 2022 Runner

Sold Machinery JE

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

Accounting accounting entry for sale of asset, journal entry for selling equipment, sale of equipment, sale of equipment journal entry, sale of machinery

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