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REDEMPTION OF PREFERENCE SHARES Redemption of Preference Shares means returning the capital to the preference shareholders either at a fixed date or after a certain time period during the lifetime of the company provided company must complied certain conditions. ACCORDING TO THE COMPANIES ACT 2013 “A company is not allowed to return to its shareholders…
ACCOUNTING FOR INCOMPLETE VOYAGE Voyage Accounting is done in case of Shipping Companies. To know the results of the marine business voyage accounts are prepared. It is prepared to know the profit or losses on each voyage or shipment undertaken by the shipping company. Sometimes the accounting year of shipping company has come to an…
MEANING Voyage Account is an account which is prepared by the shipping companies. This account is prepared to get a complete record of the profits earned and loss incurred on the particular voyage undertaken by the shipping company. It records both inward and outward journey. It is prepared separately for each voyage. FEATURES OF VOYAGE…
INCOME AND EXPENDITURE ACCOUNT Income and Expenditure Account is an account prepared by the non- profit organisations to find out the surplus of deficit of the non-trading concern. This account records all the income and expenditure of the non- trading concerns for an accounting year. Income and Expenditure is just like profit and loss account…
SCOPE OF STATISTICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. It is often said that “Statisticians is what Statisticians do”. This explains the scope of statistics as very wide and extends extensively to…
MEANING Balance Sheet is also known as Position Statement. It is a summary of all the assets and the liabilities of the business concern prepared at the end of the year. It is a part of final accounts. All the nominal accounts i.e. Trading Account and Profit and Loss Account are closed by transferring to…
FUNCTIONS OF STATISTICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. ACCORDING TO ROBERT W BURGESS “The fundamental gospel of statistics is to push back the domain of ignorance, prejudice, rule of thumb, arbitrary…
MEANING Slip System of Posting refers to the method in which the transaction is entered into the books of accounts on the debit or credit side as per the nature of the transaction. It is adopted by the banking companies to keep a record of the deposits made and withdrawals made by the customers out…
STATISTICS IN ECONOMICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. Statistics word has been derived from Latin word ‘Status’ Italian word ‘Statista’ German word ‘Statistik’ French word ‘Statistique’. GOTT FREID ACHENWALL is known…
PROFIT AND LOSS ACCOUNT Profit and Loss Account is an account prepared by the trading organizations to know about the net profit or net loss of the firm. This account records all the incomes on credit side and expenses on debit side of a particular year. This account is prepared at the end of the…