Single Entry

Single Entry

A single entry system of accounting is a form of bookkeeping in which each of a company’s financial transactions are recorded as a single entry in a log. This process does not require formal training and is usually used by new small businesses because of its...
Cost Sheet

Cost Sheet

Cost Sheet is a statement, prepared at given intervals of time, which provides information regarding elements of cost incurred in production. It discloses the total cost as well as the cost per unit of the product manufactured during the given period. If it is desired...
Valuation of Stock

Valuation of Stock

Stock Valuation FIFO & Weighted Average Method FIFO METHOD: This method assume that the items received first are issued (Sold or consumed) first, So that the latest items are in Stock. In this method, an issue is valued at the oldest rate, while the closing stock...
Bills Of Exchange

Bills Of Exchange

A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at some point in the future. A bill of exchange often includes three parties—the drawee is the party that pays the sum, the payee receives that sum, and...
Internal Reconstruction

Internal Reconstruction

Internal reconstruction is an arrangement made by companies where by the claims of shareholders, debenture holders, creditors and other liabilities are altered or reduced, so that accumulated losses are written off, assets are valued at its fair value and balance...