Transactions and other events are grouped together in broad classes and in this way their…

We have said that accounting consists of these functions: ·         Recording ·         Classifying ·         Summarizing ·         Reporting and evaluating…

The practical steps involved in the preparation of a Receipts and Payments Account from an…

The practical steps involved in the preparation of an Income and Expenditure Account from the…

Balance Sheet of a non-trading concern is prepared in the usual way and contains particulars…

It is a nominal account of non-trading institutions equivalent to the Profit and Loss Account…

Introduction Non-profit making organisations, also known as non-trading institutions or organisations, include such voluntary associations…

Under this method, instead of investing the money in securities an insurance policy for the…

Business assets become useless at the expiry of their life and therefore, need replacement. However,…

Sofar we have described such methods of charging depreciation which ignore the interest factor. Also,…