Category: Book Keeping Study Notes

Business can be classified into two types, which are merchandising and manufacturing. Merchandising, this trading firm / business deals with the buying and selling of manufactured goods...

Trading Account & Profit and Loss Account Purpose of business is to earn profit. Trader is in position to know how well he has fared during a...

Book keeping: can be defined as the art of recording financial business transaction in the set of books in terms of money or money‘s worth. Objectives of Book...

Is the book of original entry used to record transactions that cannot be entered in any of the subsidiary books such as sales returns day book purchases...

NATURE OF CONSIGNMENT. When a trader sold directly to the customer which they are in home countries or overseas, these are ordinary sales. However a trader may...

 ELEMENTARY BALANCE SHEETIs a statement which shows that list of assets, liabilities and capital of business at as specific period. The purpose of preparing the balance sheet...

NON –TRADING ORGANIZATIONNon trading organizations are those organizations which their main purpose is not to make profit but to provide services and entertainment to their members, the...

When the money is deposited by us into bank, we debit the cash book in the bank column, on the other hand, on receipt of money from...

THE THREE COLUMN CASH AND DISCOUNT.  Is the cash book which contains three columns namely;-  cash column, bank column and discount column. DISCOUNT         Is an allowance...

Account can be classified into two main categories;      a). Personal account.    b). Impersonal account. 1. PERSONAL ACCOUNTPersonal account is for a name of persons or organizations....