Here are the details of systems of petty cash accounting:  1. Open System:  Under this system the petty cashier at first receives from the chief cashier a fixed sum of money for meeting petty expenses. As soon as the said amount is spent, the chief cashier again pays the required sum to the petty cashier.  … Read more

It is another cash book which is maintained, generally, in large business concerns to reduce the burden of 'Main Cash Book', in which numerous transactions involving petty (small) amounts are recorded. For this purpose, a petty cashier is appointed by the chief cashier. The chief cashier advances a sum of money to the petty cashier … Read more

If there is a dispute between two friends, or they fail to agree about some matter, the disagreement may temporarily end the friendship between them. When they become friends again we say they have reconciled with one another. Reconciliation is, therefore, resuming of friendly relations as a result of reasonable explanations between them. In business … Read more

In business we keep our bank account in the cash book, as a part of the three column cash book, i.e. Bank account in the cash book means two bank columns on the both sides of two column or three column cash book. It is made up everyday, and we record in it (bank columns) … Read more

When cash is received from the debtors, discount may be allowed to them. And when cash is paid to creditors, discount may be received from them. It means the cash and the discount are very much related to each other. Another interesting thing is that when the cash is received, the discount is allowed and … Read more

The cash A/c and bank A/c are two business accounts in ledger and they should be removed from the ledger to reduce its volume and size. As you might now that the cash A/c is removed from the ledger and instead of it the cash book is kept to record transactions. In the same way … Read more

Generally cash transactions are numerous. What is credit transaction today will be cash transaction tomorrow. In other words, all credit transactions are finally settled by cash. If like all other transactions cash transactions are also recorded primarily in Journal. So the Cash book is the substitute for the Cash Account. In fact, no separate Cash … Read more

The book in which all cash transactions (either cash is received or paid) are primarily recorded according to dates, is called 'cash book'.  A cash book has the following features:  A) It plays a dual role. It is both a book of original entry as well as a book of final entry. All cash transactions … Read more

When a business supplies goods to a customer, an invoice is made out. The top copy is sent to the purchaser who records it in his Purchase journal book. The delivery of the goods will now take place, but meanwhile the seller who made out the invoice has to record the transaction in his book. … Read more

Under double entry system transactions are first of all recorded in journal and thereafter posted to ledger. As you might now that the 'Ledger' is the main book of account. The book which gives additional help to the main book (Ledger) is called subsidiary book. Thus the journal is a subsidiary book and the ledger … Read more

It is defined as: 1. A person who wants to purchase goods but has no money, may agree to accept a bill of exchange drawn upon him at some future date for the value of the goods he want to purchase. For example, Mr. Jacky (a retail trader) wishes to purchase furniture from a furniture … Read more

There are three methods for the preparation of Trial Balance; 1. Total or Gross Trial Balance. 2. Balance or Net Trial Balance. Under the Total or Gross Trial Balance, the two sides of all the ledger accounts are totaled up. Thereafter, a list of all the accounts is prepared in a separate sheet of paper … Read more

The fundamental principle of Double entry system is that at any stage, the total of Debits must be equal to the total of credits. If entries are recorded and posted correctly, the ledger will reflect equal debits and credits, and the total credit balances will then be equal to the total debit balances. Every business … Read more

Journal has the following characteristics: a) Journal is the first successful step of the Double Entry system. A transaction is recorded first of all in the Journal. So, Journal is called the book of Original Entry. b) A transaction is recorded on the same day it takes place. So, Journal is also called a Day … Read more

To let your computer know how to talk with Motorola Razor v3 mobile, you need USB device drivers. The software for this is usually included with your phone and will give a detailed step by step guide. If not it can be purchased from the manufacturers. This information will be with the user manual.

Double entry system is acknowledged as the best method of accounting in the modern world. The following advantages are derived from it. a) Under this system both the aspects of each and every transaction are recorded. So, it is possible to keep complete account. b) Since both the aspects of a transaction are recorded, for … Read more

Every business transaction causes at least two changes in the financial position of a business concern at the same time. Hence, both the changes must be recorded in the books of account. Otherwise, the books of accounts will remain incomplete and the result ascertained therefore will be inaccurate. For example, we buy machinery for US$ … Read more

The three basic fundamentals of bookkeeping are assets, liabilities and owners' equity (capital). The assets represent the things of value that a business owns. The liabilities are the claims of the creditors adjacent to those assets. The owner's equity (capital) is the claim of the owner against those assets. Whatever is not claimed by the … Read more

These are the fault codes for the Peugeot car under fuel and air metering category. P1100 - The mass air flow which shows us that the sensor blinking or Systems check not comprehensive P1101 - The mass air flow which shows us that the sensor out of self test array P1102 - The mass air … Read more

To access fault codes for the Honda ALB2 ABS car, first you have to turn ignition off. Then turn the ignition on. If you see that the ECU is working accurate notice which should come on for 2 seconds and then turn off for 2 seconds. After this the lamp should start on to flash … Read more