Concept of Non-Trading Concerns There are many concerns that have the main motto of rendering services instead of making profits. Such concerns are call non-trading of non-profit-making concerns. Examples of such concerns include different types of clubs, schools, colleges, hospitals, libraries, Guthies, professional associations, and unions. These concerns render services to their members and to … Read more
A provision is the sum of the amount set aside by charging against the profit and loss account. It is created for meeting a known loss or liability. It is maintained for meeting an anticipated loss or liability of an uncertain amount. Such an amount of anticipated loss or liability of uncertain amount. Such an … Read more
Meaning of depreciation Every business wons and uses fixed assets such as land, building, machinery, tools, equipment, vehicles, furniture, patents, patterns, designs, etc. for the purpose of generating revenue through its production and selling operations. These assets have relatively long lives such as 5, 10, 20 years or so. and are not meant for resale. All … Read more
Definition of Journal Voucher Journal Voucher can be defined as the form of original entry of government transactions as and when they occur by debiting and crediting two separate accounts with equal amounts and a narration thereon. When the financial transactions take place in the government office, they have to be recorded systematically in the … Read more