All is Accounting

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Contra Entry :- If a transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry&...

Dual Aspect Concept or Accounting Equivalence Concept

This is the basic concept of accounting. According to this concept, every financial transaction involves a two-folded aspect, (a)yielding ...
example of rectification of errors - illustration 1

Illustration 1 Rectify the following error and find out the effect of the errors on Net Profit. a. Purchases of Rs.300 from Raman passe...
Classify the below accounts...

Classify the following accounts into (a) personal accounts, (b) real accounts, and (c)nominal accounts: Furniture Account Salaries Acc...

Accounting posts

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