Co-ownership vs Partnership Co-ownership vs Partnership have different meanings. In partnership, there is an association of two or more persons who carry on common business for earning profit. They share its profits and losses as per oral or verbal agreement. Co-ownership refers to joint ownership in a property by more than one person. If two or […]
Difference Between Accountant and Auditor
Difference between Accountant and Auditor: Accountant: An accountant is a person who has knowledge of accounting and maintains the books of accounts of a company; he may or may not be a chartered accountant. An accountant is an employee receives salaries for his work. Auditor: Is a person who must be a chartered accountant. […]
Cash Book -Three column cash book practice
Cash Book -three column cash book practice The following problem will help you to understand that how to maintain record in Three column cash book. The cash book is very widely use in every business, it is important to understand that how it is maintained in business concerns. You may also […]
What is CashBook & its format – Three column Cashbook
What is Cashbook: A book in which receipts and payments of money are record,using debit and credit rules. CashBook: In small business where only one person is employed for receipt and payments of cash, only one book is used for recording of cash received and paid this book is called as cash book .Every page […]
What is Cash Receipts Journal & Cash Payment Journal
What is Cash Journal: Cash journal is used for transactions which are petty in nature. (petty cash book). For maintaining petty expenses cash journal transactions are recorded. In cash journal, we need to create business transactions first, like revenue items and expense items based on these transactions we will make postings in cash journal. Method […]