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Category Archives: Accountancy

Each business wants to know the operating results (profits) from its operations. The last step of the accounting cycle is to analyse the Gross Profit… Read More
Interest on Capital is an interest allowed to the partners on the capital amount invested by them into the firm. Such interest is not paid… Read More
The Balance Sheet of an organisation is a statement showing its financial position on a particular date. The Balance Sheet prepared by Not-for-Profit organisations is… Read More
A Limited Liability Partnership is a form of partnership where all or some of the partners have liability limited to their capital contribution. No personal… Read More
A partnership generally means a relationship among people sharing a mutual interest. In accountancy, a partnership means a business set up together by two or… Read More
Accounting equation is based on the principle of dual aspect concept of accountancy because it holds true to the change that occurs due to any… Read More
Every Accounting transaction affects at least two accounts simultaneously. These effects can be both positive and negative, depending upon the nature of the transaction. Some… Read More
Operating profit is the profit that the company earns over a period of time from the operating activities of the business. It is also defined… Read More
Income and Expenditure Account is a nominal account prepared by not for profit organisations to ascertain the surplus or deficit of the organisation for the… Read More
The Income and Expenditure Account is prepared by Not for Profit Organisations to ascertain the surplus or deficit for a particular time period.  It is… Read More
Every business unit sells goods for cash or on credit and sometimes at a profit or loss accordingly. When a good is sold either at… Read More
Every accounting transaction, at a minimum, affects two accounts at the same time, either positively or negatively. Accounting Transaction that causes an increase in capital… Read More
Business these days had grown immensely. With the growth of the firms, the number of transactions in the business has also increased. The transactions in… Read More
An organisation that works with the motive to render services to society and not for profit-making is a Not for Profit Organisation. It is also… Read More
Not for Profit Organisations are organisations that are set up for the welfare of society. Their main aim is to provide service to a specific… Read More

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