Non Profit Accounting: Accounting for Non Profit Organizations

Introduction to Non Profit Accounting There are many organisations which are not run with the objective of earning profit. In this article we will learn how to do accounting for non profit...

Debit Note and Credit Note: Meaning and Uses

Debit note and credit note are frequently used documents in any business and is of paramount importance for adjustments in the balances of debtors and creditors. In this article, I am going...

Written Down Value or Reducing/ Diminishing Balance Method of Depreciation

Depreciation is the process of allocation of cost of an asset over its estimated useful life. This allocation is done by means of charging depreciation on the value of the Asset...
conversion method of single entry system

The Transaction Approach or The Conversion Method of Single Entry System

Introduction to the Conversion Method of Single Entry System The Conversion Method of Single Entry System is a more scientific way of preparation of Final Accounts from Incomplete Records. It is also...
Rectification of Errors

Rectification of Errors in Accounting: Nature and Types of Errors with Rectification Guidelines

Introduction In this article we are going to discuss the process of rectification of errors which can crop up into the bookkeeping process.  Since bookkeeping is a manual process, when transactions are...
An Introduction to Bills of Exchange

An Introduction to Bills of Exchange

Introduction You must be aware of the fact that in the modern business scenario, most of the business transactions are made on credit. Customers are lured with the facility of enjoying credit...
Journal Entries for bills of exchange

Accounting for Bills of Exchange: Journal Entries for Various Transactions

Accounting For Bills Of Exchange: Journal Entries for Bills of Exchange In this article I will be discussing the Journal entries for Bills of Exchange. Also read: An Introduction to Bills of Exchange Discounting,...
Statement of Affairs

Statement of Affairs Method for Calculation of Profit or Loss under Single Entry System

A trader may keep his accounting records under the single entry system due to lack of resources or expertise. However he would be equally eager to calculate his profit or loss...
Journal Proper

What is Journal Proper and When is it used?

Journal Proper is a term that every accounting student has heard. However lot of them are unsure of what a Journal Proper is and what is its purpose. If you are...
SELF BALANCING LEDGER

What are Self Balancing Ledgers and Why are they used.

Many students I encounter tell me that they get confused with the concept of Self Balancing Ledger (also called the Self Balancing System). This fact astonishes me as the concept of...

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