Basics
Current Liabilities
Like current assets, current liabilities are immediate liabilities of the firm that are to be paid within one…
August 16, 2021 · Boomi NathanBasics
Basics
Current Assets
Assets that are convertible into cash within the next accounting year are called current assets. Cash in hand,…
August 16, 2021 · Boomi NathanBasics
Owner’s Equity
The equation of equity is as follows: Owner Equity = Assets – liability The owner or the sole…
August 16, 2021 · Boomi NathanBasics
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the business, and to know the financial…
August 16, 2021 · Boomi NathanBasics
Trial Balance
Trial balance is a summary of all the debit and credit balances of ledger accounts. The total of…
August 16, 2021 · Boomi NathanBasics
Bank Reconciliation
On a particular date, reconciliation of our bank balance with the balance of bank passbook is called bank…
August 16, 2021 · Boomi NathanBasics
Key Features of Subsidiary Books
There is a difference between a purchase book and a purchase ledger. A purchase book records only credit…
August 16, 2021 · Boomi NathanBasics
Bills Payable Book
Bills payable issues to the supplier of goods or services for payment, and the record is maintained in…
August 16, 2021 · Boomi NathanBasics
Bills Receivables Book
Bills are raised by creditors to debtors. The debtors accept them and subsequently return them to the creditors.…
August 16, 2021 · Boomi NathanBasics
Sale Return Book
The reason of Sale return is same as for purchase return. Sometimes customers return the goods if they…
August 16, 2021 · Boomi Nathan