Negotiable Instrument Act, 1881 defines a Promissory Note as “as instrument in writing (not being…

Introduction Business transactions are either cash transactions or credit transactions. In cash transactions, goods are…

The location of errors of omissions, compensations and principles are slightly difficult because of the…

Introduction Every concern is interested in ascertaining its true profit/loss and financial position at the…

Trading Account results in the gross profit/loss made by a businessman on purchasing and selling…

The concern which are engaged in the conversion of raw materials into finished goods, are…

Introduction The transactions of a business enterprise for the accounting period are first recorded in…

Purchases Book (also known as Invoice Journal/Bought Journal/Purchases Journal) is used for recording only the…

In every business organisation, there are a number of payments which involve small amounts e.g.…

This Cash Book has two amount columns one for cash and another for discount on…