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...

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...
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...
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...

Events and Transactions in Accountancy

This article will give you a brief understanding and difference between events and transactions from the accounting point of view. Events In ordinary language an event means an occurrence that causes a change...

Sum of Years Digit Method of Depreciation

The Sum of years digit method of depreciation is a revised form of Written down value or Reducing balance method of depreciation

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...

Methods of Depreciation: Straight Line Method or Fixed Installment Method

In the field of accountancy, several methods of charging depreciation are adopted by different entities. However before beginning with the discussion I would like to clarify that the methods of charging...

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...

Depreciation: Meaning and Need

Fixed Assets are held in business concerns for regular use and not for resale. However a fixed asset cannot render unlimited service to the business. Except Land, all other fixed assets...

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