Accounting

Goods are the commodities in which a business deals. But to record goods, we make use of specific words as under…

Here, we’ll construct journal entries for purchase and sale of goods including where cash was paid instantly and where it wasn’t.

The Purchase or Sale of goods may happen on cash or on credit. But the return of goods generally follows a set sequence.

Since we have talked about entries for buying and returning things, I would like to draw your attention to probably one of the most ignored things in business: The Law. Suppose, a dispute arises between…

Discount, put simply, is a deduction from the usual cost of something. In here, we’ll take a look at the journal entries for discount.

I now bring you to Banking Transactions-1 where we’ll think of the transactions that we undertake with the bank in our routine life.

In Banking transactions-2, we’ll take a look at payments made through issue of cheque, withdrawal for personal use, etc.

In Banking Transactions-3, we’ll deal with the interest component and charges levied by bank including SMS charges, passbook issuance charges, etc.

Special Entries for Goods refer to entries made for transactions that fall outside the simple buy and sell exchange.

To protect businesses from events like loss by fire or theft, there are entities called ‘Insurance Companies’ in the market who offer Goods Insurance.