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 is a perfect Competition? How equilibrium of a firm is determined under perfect Competition in the short period and Long Period. (2017) Perfect Competition:- Perfect Competition is that market where there are a large number of buyers and sellers of homogeneous products. It is impossible to distinguish between the units being sold by them. …
difference between capital expenditure and revenue expenditure
Meaning of Balance Sheet:- Balance Sheet involves liability and assets which all are equal in all terms. Both sides of the Balance sheet must be Tally liability to assets. In Other words:- Balance sheet reflects two sides as debit or credit. Debit side shows Liabilities as well as credit side shows Assets. Capital + Liabilities …
Meaning of Profit and Loss Account:- It is also a financial statement of business which shows profit or loss of business. It also leads to direction as it is running on profit or loss. However we can consider it from the format of profit and loss account. It is a statement which reflects the Net …