Journal Entries

16 posts

Capital Redemption Reserve (CRR) : Uses, Tax Benefits, Calculation & Journal Entries

Last Updated: 17 April 2024

What is Capital Redemption Reserve?Capital redemption reserve is a reserve that is created by the company out of its profits, during the red...read more

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Accountancy

Journal Entries

Commerce

Finance

Journal Entry for Carriage Inwards

Last Updated: 28 January 2024

Carriage inwards refers to the transportation costs incurred by a business to bring goods or materials into its premises. It is considered a...read more

Journal Entry for Credit Sales

Last Updated: 28 January 2024

When goods/services are sold in credit, the transactions are known as Credit Sales, i.e., when the customer promises to pay in future, credi...read more

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Journal Entry for Accrued Expenses

Last Updated: 28 January 2024

Accrued expenses are costs that have been incurred but not yet paid for by the business. These are expenses that are recognized in the finan...read more

Journal Entry for Interest Receivable

Last Updated: 28 January 2024

Interest receivable is the amount of interest that a business has earned but has not yet been received in cash. When interest is accrued but...read more

Journal Entry for Accounts Payable

Last Updated: 28 January 2024

A journal entry for accounts payable is typically recorded when a business makes a purchase on credit, meaning it acquires goods, services, ...read more

Journal Entry Questions and Solutions

Last Updated: 20 December 2023

A journal is a book of original entries in which transactions are recorded, as and when they occur. The journal provides data-wise records o...read more

Accounting treatment of Accumulated Profits, Reserves, and Losses in case of Dissolution of Firm

Last Updated: 05 April 2023

Accumulated profit refers to a part of the firm's net profit that is preserved by the firm for future growth. It is also known as retained e...read more

Accounting Treatment of Amount Due to Deceased Partner

Last Updated: 05 April 2023

After making all the adjustments related to the partners, the balance due to the deceased partner is transferred to his/her executor's accou...read more

Accounting Treatment of Joint Life Policy in case of Death of a Partner

Last Updated: 05 April 2023

What is Joint Life Policy?Joint Life Policy like any other life policy gives coverage against the death of the policyholder, however, under ...read more

Adjustment of Interest on Deceased Partner's Capital, Deceased Partner's Share in Goodwill and Accumulated Profits and Reserves

Last Updated: 05 April 2023

Journal Proper: Meaning, Format and Examples

Last Updated: 05 April 2023

What is Journal Proper?Journal Proper is the book that is maintained to record those transactions which are not recorded in the special book...read more

Suspense Account : Meaning, Journal Entry & Format

Last Updated: 18 January 2024

What is Suspense Account?A Suspense Account is a ledger account used for the temporary recording of business transactions. The necessity for ...read more

Last Updated: 05 December 2023

A Journal is a book in which all the transactions of a business are recorded for the first time. The process of recording transactions in th...read more

Rules of Journal Entry

Last Updated: 22 December 2023

What is a Journal?A Journal is a book in which all the transactions of a business are recorded for the first time. We know that every tran...read more

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