According to the Money Measurement Concept, only those transactions and events are recorded in the books of accounts which can be measured in terms of money. Therefore, a transaction which cannot...
A Bank Reconciliation Statement (BRS) is a financial document that compares the bank's records of an individual or a company's account with the corresponding entries in their own accounting records. It...
The term Forfeiture of Shares refers to Cancellation of Shares by the Company. The company decides to cancel/forfeit the shares of a member/shareholder as, the shareholder must not have responded to the...
Personal account: Debit the receiver and credit the giverReal account: Debit what comes in and credit what goes outNominal account: Debit all expenses & losses and credit all incomes & gains