Unearned Income
Income received during a period but applicable to the next period is termed unearned income.Suppose for example,a company received on April 1 2016 apprentice premium amounting to 60000 for three years. Though the trail balance drawn up at March 31st 2017,Shows 60000 against apprentice premium the whole amount should not be treated as Income for the… (0 comment)
What is accrued Income?
An income which is due but not received on the date of closing the books is known as accrued income. For example,when the books are closed on 31st march March 2016,Interest on certain securities has fallen due. 2500. But the  interest received is only 2000; So the accrued  interest amounts to 500.Before the books are closed,the… (0 comment)
What is prepaid expense?
Certain expenses like insurance premium,rent rates etc, are often paid in advance.In this case a part of the amount paid during a given period relates to a subsequent period .For example the debit in the following expense account shows the premium cost of two-year fire insurance policy. In this case,We paid 12 months insurance premium,… (0 comment)
Outstanding Expense & Journal entries
The outstanding expenses are those expense which are due but not paid. In order to know the exact business result such expenses are accounted in the period as it occurred. The amount shown against an expense item in the trail balance represents the amount actually paid, and if any amount remains unpaid on account of an… (1 comment)
What is an Account Balance ?
The difference between the two sides of an account is known as an account balance.If  the total of debit entries in an account exceed the credit entries, the account has a debit balance.If the credit exceed the debits, the account has credit balance.For Instance, The balance of Cash account shown below is a debit balance.… (0 comment)
Ledger accounts balancing procedure
After  Ledger Posting is completed,the various accounts are balanced,in order to know the exact position of a particular kind of transaction. For example, To know total money spend on travelling, knowing the balance of ‘travelling account‘ is suffice. After arriving the balance of a particular period it can be arranged in the trail balance for… (0 comment)
What is cash book? format of a cash book.
The cash book is the most important subsidiary book in any business concern.It is used to record cash transaction in which cash is received or in which cash is paid is known as cash transaction.When cash is received cash account is debited,and when cash is paid cash account is credited in the journal.The other account… (1 comment)
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