Accounting Principle Question - QS Study

Format of Purchase Book

Format of Purchase Book Explanations to Various Columns of Purchase Book: (a) Date: It represents the date on which the deal took place. In this......

Difference between Cash Discount and Trade Discount

Difference between cash discount and trade discount Trade discount differs from cash discount in the following respects. Trade Discount Parties: It is a reduction granted......

Posting and Balancing in Accounting Journal

Posting and Balancing in Accounting Journal After journal entries are complete the subsequently step in the accounting phase is to post the journal entries into......

Trade Discount

Trade Discount A trade discount is an amount by which the price of something is reduced for a person or business in the same trade.......

Purchases Book

Purchases Book Purchases book also known as Bought Day Book is used to record all credit purchases of goods which are intended for resale in......

Advantages of Subsidiary Books

Advantages of Subsidiary Books Subsidiary Books helps to save time and labor by recording similar type of transactions in a separate book. It also helps......

Purpose of Subsidiary Books

Purpose of Subsidiary Books Subsidiary book is the sub division of Journal. These are known as books of major entry or books of unique entry......

Necessities of Subsidiary Books

Necessities of Subsidiary Books Subsidiary Books are those books of unique entry in which transactions of comparable nature are recorded at one place and in......

Subsidiary Books

Subsidiary Books are those books of unique entry in which transactions of comparable nature are recorded at one place and in sequential order. In an......

Distinction between Journal and Ledger

Distinction between Journal and Ledger: Books of original entry (Journal) and Ledger can be distinguished as follows: Journal Book: It is the book of prime......

Procedure for Balancing an Account

Procedure for Balancing an Account While balancing an account, the following steps are involved: Step 1: Total the amount column of the debit side and......

Balancing of Different Accounts

Balancing of different accounts Balancing is done once in a while, i.e., weekly, monthly, quarterly, half yearly or yearly, depending on the necessities of the......