Provision for Doubtful Debts

However cautious a business maybe, there will be some debtors regarding whom there is no certainty whether they will pay or not. So there is an element of doubt related to...
Single Entry System

Single Entry System: Accounting for Small Business from Incomplete Records:

Introduction to Single Entry System Who use the Single Entry System and Why? Single Entry System of Accounting, also known as Accounting from Incomplete Records, is a non-standard and non-scientific system of accounting....

Difference between Bad and Doubtful Debts

Credit Sales are a normal phenomenon in a business and with the credit sales, there are bound to be Debtors. Now the Debtors bring with them the component of risk factor...

Bad Debts and Bad Debts Recovery: How to do the accounting?

Credit sales are a normal phenomenon of any business and we all know that an element of risk is associated with credit sales. No matter how careful the business owner is...

Accounting for Depreciation

In this article we will discuss the alternative methods to account for depreciation in the books of accounts. If you want to read about the concept of depreciation and why it...
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...

Reserves and Provisions

Provision   The word 'Provision' is used to denote an amount written off against or set aside out of profits. It is created to provide for a known liability the amount of which...

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...
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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need Accounting is the language of the Business. It is used to express the financial results and the state of financial affairs of a...
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...

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