what do you mean by rectification

vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 31st, 2008

There are three types of errors possible.Error of commissionError of omission andError of principleIn error of commission, the right amount is posted in wrong account.Say I buy something from you so i...

Sweete

 Profile Answers by Sweete Questions by Sweete

• Jun 20th, 2008

If any errors are made in accounting like posting wrong amount, posting to wrong account, making partial entries or giving credit to the account instead of debit etc all these kind of errors are commi...

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What is golden rule of accounts

Aruneshwari naik

• Jul 15th, 2019

Golden Roles of Accounting:
1) Personal Account:
Debit the receiver
Credit the giver

2) Real account:
Debit what comes in
Credit what goes out

3) Nominal account:
Debit all expenses and losses
Credit all gains and income

Àkash Salve

• Apr 14th, 2019

Real Account-Credit what comes into the business and debit what goes out from the business
Nominal Account-Credit Income and gains and Debit Expenses and losses
Personal Account-Credit to giver and debit to receiver

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Sweete  

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• Member Since Jun-2008 | Jun 20th, 2008

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BRS - Bank Reconciliation Statement

A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.

The differences may arise because of the following reasons:
1. Cheques deposited into bank but not yet collected by bank
2. Cheques issued by the organization but not yet presented for payment
3. Cheques directly deposited by customers into the bank
4. Bank charges debited by bank
5. Interest credited or some receipts directly collected by bank based on org. request.
6. Some payments directly made by bank based on the organizations request.

So, the statement shows the reasons as what are the reasons for difference in balance.

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Sweete

jani basha

 Profile Answers by jani basha Questions by jani basha

• Dec 3rd, 2008

Bank Reconsilation statement through which comparison of the pass book amounts with cash book amounts or equal the cash book amounts with pass book amount by some adjustments.That adjustments are some...

mmanivannanca

 Profile Answers by mmanivannanca Questions by mmanivannanca

• Jun 20th, 2008

Bank reconciliation is the process of matching and comparing figures from accounting records against those presented on a bank statement. Less any items which have no relation to the bank statement, the balance of the accounting ledger should reconcile (match) to the balance of the bank statement

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hellomanishsharma

 Profile Answers by hellomanishsharma Questions by hellomanishsharma

• Jun 9th, 2010

There are 2 types of Fixed Assets:Tangible fixed assets:  Tangible assets are those that have a physical substance and can be touched, such as Land, Building, furniture & Fixture, Plant &...

Ravindar554

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• Sep 13th, 2008

There are 3 types of Fixed Asset:-1- Capitalized Assets2- CIP Assets3- Group Assets

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What are the objectives of Accounting?

Sweete

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• Jun 24th, 2008

There are two main objectives of accounting:1.  To ascertain the profit or loss earned by the firm2.  To know the financial position of the firm

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Goodwill is an intangible assets. it is exist in business.

kmananda

 Profile Answers by kmananda Questions by kmananda

• Oct 13th, 2008

Goodwill is a reputaion of the organisation and it will appearing in assets side of the balance sheet. It can be value based on diff- type of method based on financial statement of the company.

Sweete

 Profile Answers by Sweete Questions by Sweete

• Jun 20th, 2008

Goodwill is the extra amount paid at the time of acquiring the bussiness, it is got by reputation, brand name, fame of the company and loyalty of the company.  It is an intangible asset which is shown in the balance sheet on the asset side. 

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DHANANJAY KUMAR RAY

• Nov 3rd, 2011

EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented...

e46fanman

 Profile Answers by e46fanman Questions by e46fanman

• Aug 29th, 2011

There are many reasons to transfer funds from entity to entity, but there are really only two methods of transferring these funds. These methods are by either electronic funds transfer, called "EFT" ...

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