Interest on Drawings: Drawings The amount withdrawn by partners in cash or in kind from the firm out of their capital or against profit to meet their personal expense is called drawing. Drawing may be…
Q1. Mr. Prem commenced business of trading in electronic goods with an initial capital of ₹ 15,00,000. Out of the said ₹15,00,000, he paid ₹10,00,000 towards purchase of electronic goods. He further spent ₹2,00,000 on…
Goods Goods are the products in which the firm is dealing or producing for sale purposes. Purchases The term 'Purchases' is used for the purchase of goods. In trading concerns, goods are purchased for resale…
https://youtu.be/mxFGIkxGnBs Interest on Capital : (a) For crediting interest on capital to partners' capital account : Interest on Capital A/c Dr. To Partners' Capital/Current A/c (Individually) (b) For transferring interest on capital to profit and…
Expenditure Money spent or liability incurred for acquiring goods or services or assets is called expenditure. Thus, expenditure is a payment for a benefit received. Examples: Payment of rent, salary, purchase of goods, purchase of…
An entity in accounting language refers to an economic unit engaged performing economic activities like Nikunj Enterprises, Maruti Suzuki, Dabur India, DLF, Bajaj Auto etc Business Transaction The term business transaction refers to a financial…
Definition "Accounting is the art of recording, classifying, and summarising in a significant manner and in terms of money; transactions and events which are, in part at least, of a financial character, and interpreting the…
Accounting for Partnership Firm| Fundamentals - Part 2| Profit and Loss Appropriation Account (with PDF & Video Lecture) – Class 12 (2022-23)| CUET/NCERT Division of Profits among Partners Profit is distributed among all partners after…
Management According to Marrie and Douglas, "Management is the process by which a co-operative group directs actions of others toward common goals." Management is a process of getting work done with the aim of achieving…
ExpenditureExpensesExample Purchase of goods, purchase of machinery, purchase of furniture etc.Rent, Salary, Wages, Electricity bill, telephone charges, Deprecation, etc. Meaning Spending money or incurring a liability for some benefit, service or property received is called EXPENDITURE. Cost incurred by…
Difference Between Capital Expenditure and Revenue Expenditure Capital ExpenditureRevenue ExpenditureExample Cost of MachineryCost of Building Cost of labour (Wages),Cost of Manager ( Salary)Rent of BuildingPurpose /NeedIt is incurred for the acquisition/acquiring or improving fixed assets of the…
https://youtu.be/AZGl46I55jQ
Modern Day research has shown that music has the ability to improve concentration while self-studying. We at Unique Learning Academy Believe that Students should have all kinds of proper tools for study.Right kind of music…
Partnership: Partnership is an association of two or more persons (should not be more than 50) who have agreed to share profits of a business carried on by them. Features of Partnership Association of two…