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Yogita Ingle 7 years, 1 month ago
Just as some of the expenses incurred during the year may not be settled in cash at the end of the year, similarly some incomes may have been earned but have not been received. Thus, accrued incomes are those incomes which have been earned during the accounting period but have not been received till the end of the accounting period. Such incomes are called 'Outstanding incomes' or 'Incomes earned but not yet received'. Common examples of such incomes are commission receivable, income on investments due but not yet received etc. As per the accrual concept of accounting, the full income of the period, both received and yet to be received, should be shown in the Final Accounts otherwise the profit and assets will remain understated. An adjusting entry passed is:
Posted by Mohan Rawat 7 years, 1 month ago
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Yogita Ingle 7 years, 1 month ago
The normal loss means loss which is inherited and can not be avoided. It should also be considered while valuing the closing stock.
or example: If a certain amount of oranges are consigned, some of them will be destroyed in loading and unloading whereas some of them will not be in a state to be sold. Suppose, 10,000 oranges were sent to the consignee at ₹30 per kg and freight of ₹60,000. It is known that there would be a normal loss of 10%.
Cost per kg = (300000 + 60000) / 9000 (i.e. 10000-10% of normal loss) = ₹40
If unsold quantity is 500 its value will be (500*40=20000).
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Yogita Ingle 7 years, 1 month ago
| Cash Basis of Accounting | Accrual Basis of Accounting |
| Only cash transactions are recorded in the books of accounts | All cash and non-cash transactions are recorded in the books of accounts |
| Correct profit or loss is not ascertained because it records only cash transactions | Correct profit or loss are ascertained because of the complete record of all the transactions |
| Entries are made only when cash is received or paid | Entries are made on accrual basis i.e. all transactions are recorded in the books of accounts whether incurred or earned |
|
It is rarely used |
It is widely used |
| It is recognised under Companies Act, 1956 | It is not recognised under Companies Act, 1956 |
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Yogita Ingle 7 years, 1 month ago
Revenue is creation of wealth by the process of doing business. It is the reward for doing business while expense is the sacrifice.
Revenue represents what the company charges its customers for the goods and services it provides. Revenue is generated from production, trade and service.
A manufacturing company generates revenue from production. A merchant generates revenue from trade and service firms such as audit firms advocates etc. earn revenue from service.
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Yogita Ingle 7 years, 1 month ago
| Bookkeeping | Accounting |
| Bookkeeping is an activity of recording the financial transactions of the company in a systematic manner. | Accounting is an orderly recording and reporting of the financial affairs of an organization for a particular period. |
| It is the subset of accounting. | It is regarded as the language of business. |
| Bookkeeping does not reflect the financial position of an organization. | Accounting clearly shows the financial position of the entity. |
| Journal and Ledgers | Balance Sheet, Profit & Loss Account and Cash Flow Statement |
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Syed Nabeel Haider 7 years, 1 month ago
1Thank You