BCOC-131 FINANCIAL ACCOUNTING

Journalise the following transactions : 2018 Rs. June 1 Cash sale to Ashok 18,000 June 2 Bought goods from Vinod 10,000 June 2 Paid cartage on the goods bought 200 June 3 Old newspapers sold 100 June 4 PAID Municipal taxes by cheque 900 June 4 Paid for repairs to machinery 600 June 8 Received commission by cheque 1,700

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Introduction Journal entries are the foundation of the accounting process. They are used to record all financial transactions in chronological order, ensuring that every debit has a corresponding credit. The following are journal entries for the given transactions, based on generally accepted accounting principles. Main Body Journal Entries for June 2018 Date Particulars Debit (Rs.)

Journalise the following transactions : 2018 Rs. June 1 Cash sale to Ashok 18,000 June 2 Bought goods from Vinod 10,000 June 2 Paid cartage on the goods bought 200 June 3 Old newspapers sold 100 June 4 PAID Municipal taxes by cheque 900 June 4 Paid for repairs to machinery 600 June 8 Received commission by cheque 1,700 Read More »

What are Accounting standards? What is the need of issuing accounting standards?

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Introduction Accounting standards are formal guidelines and principles that govern the preparation and presentation of financial statements. They ensure consistency, transparency, and comparability across financial reports. Issued by recognized bodies like the Institute of Chartered Accountants of India (ICAI) or the International Accounting Standards Board (IASB), these standards bring uniformity to financial reporting. Main Body

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What do you mean by double entry system? Distinguish it from single entry system.

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Introduction The double entry system is the cornerstone of modern accounting. It is a scientific method of recording financial transactions, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced. Unlike the single entry system, which is simpler and often used by small businesses, the double entry system provides a complete view of

What do you mean by double entry system? Distinguish it from single entry system. Read More »

What are the qualitative characteristics in accounting information? Briefly Explain.

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Introduction Accounting information is vital for decision-making by various stakeholders including investors, creditors, regulators, and management. To be useful, this information must possess certain qualitative characteristics that enhance its relevance and reliability. These characteristics ensure that financial reports communicate the financial position and performance of a business accurately and effectively. Main Body 1. Relevance Information

What are the qualitative characteristics in accounting information? Briefly Explain. Read More »

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