Assets that are convertible into cash within the next accounting year are called current assets.…

The equation of equity is as follows: Owner Equity = Assets – liability The owner…

Financial statements are prepared to ascertain the profit or loss of the business, and to…

Trial balance is a summary of all the debit and credit balances of ledger accounts.…

On a particular date, reconciliation of our bank balance with the balance of bank passbook…

There is a difference between a purchase book and a purchase ledger. A purchase book…

Bills payable issues to the supplier of goods or services for payment, and the record…

Bills are raised by creditors to debtors. The debtors accept them and subsequently return them…

The reason of Sale return is same as for purchase return. Sometimes customers return the…

Sometimes goods are to be retuned back to the supplier, for various reasons. The most…