Written on Mar, 10, 2012 by in | 236 Comments.

From accounting point of view provision means when a certain amount is kept separate for a particular purpose at a particular point of time, normally, at the time of preparation of final accounts. Provisions relate to expenditures only and are the part of profit and loss account. If the provision are not made then the correct position of profit or …

Written on Dec, 04, 2011 by in | Leave a comment

These liabilities relate to day to day transactions of a business firm. In a normal way, the liabilities which are to be paid in the current financial year or within twelve months are called current liabilities. Current liabilities never remain same.  For Example: Sundry, creditors, Bills Payable and Bank overdraft etc. Each transaction relating to current liabilities will change the …

Written on Dec, 04, 2011 by in | Leave a comment

Any person who supplies the goods or services or consumable items to a business firm on credit basis, will be called as sundry creditor by the firm who avails this facility. The suppliers of various items relating to expenses on credit basis, are also called sundry creditors. Sundry creditors are the liabilities of the firm because the firm is supposed …

Written on Dec, 03, 2011 by in | Leave a comment

Balance sheet is a statement which shows assets and liabilities of the business firm on a particular date. Balance sheet is not an account, it is only a statement. At the end of the year, the balances of all accounts relating to income and expenditures are transferred to profit and loss account and the balances of remaining accounts are shown in the …

Written on Nov, 12, 2011 by in | Leave a comment

Brief Description:- No one knows what will happen in next moment? It is not a philosophy but very true. In general life, we make the estimate for all the genuine expenditure to be done. But we make a provision for certain wanted or unwanted expenditures also. For example we keep the reserves for medicines, social obligations and some other legal …


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