Definition: Double entry book keeping is the system of keeping account, which take advantages of the two-fold aspect of every transaction, whereby one account that
Author: Mr. Peter Tunde
Contra is a latin word which shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from
Meaning: The two column Cash book so-called because for both debit and credit entries, it has two columns, one for recording cash transactions and the
INTRODUCTION: This is the book for recording receipts and payments of money in cash or cheque. NOTE: No credit transaction should be recorded in the
Methods of stocks valuation are devices which aim to deal with some of the problems. W shall consider some of those commonly adopted. (I) FIRST-IN-FIRST
This is similar to the two column cash book except that the discount column is added to both the debit side and the credit side.
There are two main classes of ledger accounts. These are Personal Accounts Impersonal Account. Impersonal Accounts are sub-divided into two, namely real account and nominal
THE LEDGER This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called
Meaning THE ACCOUNTANT POINT OF VIEW Accountants define capital as the original fund or money with which a person used to start a business.
THE SOLE TRADER The sole trader or the sole proprietor is a person who owns and runs a business i.e by himself and for himself.
Business: The term “business” describes the activities of individuals, institutions organizations to promote and distribute goods and services satisfying human wants in the society at
Definition of Shares Shares can be defined as units of capital of ownership of a limited company. It is an ownership right in a company.
Format of Trading Profit & Loss Account Trading Profit & Loss account for the year ended 31/12/9x Opening Stock x Stock x Add purchases x
A Company is a business owned, managed, controlled and financed by association of people which possess legal entity with the usual motive of maximizing owners’
Meaning To dissolve a partnership means to bring an existing partnership business to an end. This entails selling the assets of the business, paying its
ADMISSION OF NEW PARTNERS This occurs when a new partner is admitted into an existing partnership business. The reasons for such admission usually are: expiration
PROFIT AND LOSS APPROPRIATION ACCOUNT OF A PARTNERSHIP This, as the name implies, is the account where either the profit or loss of the partnership
PARTNERSHIP can be defined as the relationship which exists between two or more persons who are carrying on business in common with a view to