Explain different methods of recording transactions relating to joint ventures. Methods of recording transactions relating to joint ventures. There are two distinct methods of recording transactions concerned with the joint ventures. These are ( A ) NO SEPARATE SET OF BOOKS ( A ) No Separate set of Books:- When the size of business is …
What is a voyage account? Give the accounting treatment in case of incomplete voyage. Meaning of voyage:- When goods are transacted throughout the water way is called voyage. However these carrying ships contain some passengers from whom they get freight. These services are paid for by the rent. Whether they earn income from their customers …
Define Departmental Accounting. What are the basis upon which the joint expenses are allocated to different departments. Meaning of Departmental:- Department are different segments of a business under the same roof. These departments or sections in a business house deal in different types of goods, products or services. These segments and sections are called departments. …
What do you mean by Consignment Account. Briefly Explain the treatment of Commission, Normal Loss and Abnormal loss Under Consignment Account. Meaning of Consignment:- It is a business in which one person sends goods to another person for the purpose of sales. Such a transaction is called consignment. The person who sends goods is called …
Every business contains some type of loss. Whether such firms may be types of manufacturing or rendering services. As some losses can be avoided and some are unavoidable losses. These types of loss can be two types as follows. LOSS OF STOCK IN the consignment goods have to move from one place to another Place. …
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Meaning of Joint Venture:- Joint venture is a temporary partnership between two or more persons. Without the use of a firm name. In such business two or more persons who agree to undertake a particular venture. In such business only a number of transactions and projects. Which are carried mainly for a short period. In …
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What are the main propositions of the modern theory of Rent. In what respect is it an improvement upon the Recardian theory. (2017) Modern Theory of Rent Modern theory first of all developed by the J.S.Mill. After this, it was developed by Jevons, Pareto and Jones Robinsons. Modern theory is that a surplus which rent …
Elaborate the Recardian theory of rent in case of Extensive and Intensive Cultivation. ricardian theory of rent notes Meaning of Rent:- In economics, which payment is made to the landlord for the purpose of using his land for production is called rent. Definition According to Oser, “Economic rent is the payment for the use of …
Explain the significance of variance analysis in decision making. Classify the various material and labour variance. Also give reasons for their occurrence. Meaning of Variance:- The difference between the standard cost and actual cost is known as the variance. So it is the next process, after the establishment of standard cost. When actual cost is …
Meaning of Indifference curve:- An indifference curve is that line of points which shows different combinations of two commodities which yield equal satisfaction to the consumer. Definition According to the leftwich:- “A single indifference curve shows the different combinations of X and Y that yield equal satisfaction to the consumer”. In other words:- The combination …