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RESERVES ACCOUNTING

Posted on April 12, 2019January 23, 2022 By commerceiets No Comments on RESERVES ACCOUNTING
RESERVES ACCOUNTING

RESERVES ACCOUNTING It refers to the amount set aside out of profits of the business to strengthen its financial position or to meet future contingencies or losses. Reserves Accounting aims to provide the firm with sufficient finance to safeguard itself for upcoming adverse situations. Usually the firm does not distribute the whole amount of profits….

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FINANCIAL ACCOUNTING, 11 ACCOUNTANCY

HIRE PURCHASE ACCOUNTING NOTES PDF

Posted on April 12, 2019January 23, 2022 By commerceiets 2 Comments on HIRE PURCHASE ACCOUNTING NOTES PDF
HIRE PURCHASE ACCOUNTING NOTES PDF

HIRE PURCHASE Hire Purchase system is a system in which the goods are delivered to the purchaser at the time of agreement before the payment of instalments. However, the title of the goods is transferred after the payment of all instalments as per the hire purchase agreement. It is a special system of purchase and…

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FINANCIAL ACCOUNTING

DEPRECIATION ACCOUNTING

Posted on April 11, 2019January 23, 2022 By commerceiets No Comments on DEPRECIATION ACCOUNTING
DEPRECIATION ACCOUNTING

DEPRECIATION ACCOUNTING Depreciation denotes the decrease in the book value of the fixed assets. It is the permanent and gradual decrease in the value of fixed assets. It is due to use, effluxion of time, obsolescence, expiration of legal rights or any other cause. Depreciation Accounting is done to provide the assets at true value…

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FINANCIAL ACCOUNTING, 11 ACCOUNTANCY

DEPRECIATION

Posted on April 11, 2019February 2, 2022 By commerceiets 2 Comments on DEPRECIATION
DEPRECIATION

Depreciation is the permanent and gradual decrease in the value of fixed asset due to use, effluxion of time, obsolescence, expiration of legal rights etc.

FINANCIAL ACCOUNTING, 11 ACCOUNTANCY

VALID CONSIDERATION

Posted on April 10, 2019May 16, 2022 By commerceiets No Comments on VALID CONSIDERATION
VALID CONSIDERATION

Valid Consideration means something in return i.e. Quid Pro Quo. It is a price that the promisor agrees to pay to the promisee to form a valid contract.

COMMERCIAL LAW

VALID ESSENTIALS OF ACCEPTANCE

Posted on April 9, 2019May 16, 2022 By commerceiets No Comments on VALID ESSENTIALS OF ACCEPTANCE
VALID ESSENTIALS OF ACCEPTANCE

ACCEPTANCE The valid essentials of Acceptance are as follows: According to Section 2(b) of Indian Contract Act, 1872 “When the person to whom the proposal is made signifies his assent, it is an acceptance of the proposal and accepted proposal is called a promise or an agreement”. Thus, when the offeree to whom the proposal…

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COMMERCIAL LAW

KINDS OF OFFER IN BUSINESS LAW

Posted on April 8, 2019February 7, 2022 By commerceiets No Comments on KINDS OF OFFER IN BUSINESS LAW
KINDS OF OFFER IN BUSINESS LAW

Offer is an expression of will or intention and also known as proposal. An offer may be express, implied, general, specific, counter, cross and standing.

COMMERCIAL LAW

ESSENTIALS OF VALID OFFER

Posted on April 7, 2019May 16, 2022 By commerceiets No Comments on ESSENTIALS OF VALID OFFER
ESSENTIALS OF VALID OFFER

ESSENTIALS OF VALID OFFER WHAT IS OFFER? The term offer is also known as proposal. It is the starting point in the formation of a contract. According to Section 28 of the Indian Contract Act, 1872 “When one person signifies to another his willingness to do or abstain from doing anything with a view to…

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COMMERCIAL LAW

INDIAN CONTRACT ACT 1872

Posted on April 5, 2019February 7, 2022 By commerceiets No Comments on INDIAN CONTRACT ACT 1872
INDIAN CONTRACT ACT 1872

The Indian Contract Act was enacted on 25th April, 1872 and came into force on the first day of the September 1872. It is applicable to every state of India except the state of Jammu and Kashmir. It contains the general principles regarding contracts.

COMMERCIAL LAW

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