The basic accounting procedures are: Identifying the transactions. Posting the transactions into journal books. Posting from journal books... View Article
Expenses and costs ordinarily have debit offsets that are expanded with a debit entry. Since they are generally increasing, think “debit” when... View Article
Bookkeepers record costs through one of two bookkeeping techniques: cash basis or accrual basis. Under cash premise bookkeeping, costs are... View Article
A promissory note is a legitimate promise to reimburse cash acquired. Individuals can acquire cash from one another, or from banks and other... View Article
A promissory note is a Negotiable Instrument as covered under the Negotiable Instruments Act of 1881. Segment 21 of the Indian Currency Act... View Article
The parts of a promissory note are: Lender details and contact information. Borrower name and contact information. Interest rate and how... View Article
The calculation of promissory note on single payment of simple interest is: S=P(1+rt) Where: S= maturity value. P= face value specified in... View Article
In case a promissory note is not paid it is deemed dishonoured and the original debt amount is yet payable. A new promissory note can be drawn... View Article
In case of non-payment on a promissory note, these are the following steps that will likely be taken upon: To begin with, it is regular to... View Article
The types of promissory notes are: Personal promissory notes: This is a specific advance taken from family or companions. However, individuals... View Article
A promissory note is a legal written document that contains a composed guarantee to pay an assured amount of cash to a certain individual on a... View Article
A basic promissory note may be for a single amount reimbursement on a specific date. For instance, you loan your companion rupees 10,000 and he... View Article
A bill of exchange is used in a foreign trade that obligates one party to pay an assured sum of money to another on a certain due date. In simple... View Article
We can redress the mistakes or errors of omission by passing a journal entry by giving the right debit and credit to the records. To amend a... View Article
Trade bill: Where the bill of trade is drawn and acknowledged to settle an exchange of trade, it is known as a trade bill. This bill of trade is... View Article
A bill of exchange is a genuine use of a written legal document that is acknowledged by the individual coordinated to pay the sum. For instance,... View Article
Some of the software used in accounting are: Wave: free software for users. QuickBooks Online: overall good rating for accounting software.... View Article
