MGT610 FINAL TERM PAST PAPER
Deals and buy are not dependably for cash. A few times the installment/receipt is deferred to a future date (Deal/buy for “UDHAR”). The journal that we have examined above, records cash exchanges as it were. The “UDHAR” (credit) exchanges might be noted in isolated journal. Presently we have two journals.
Money and one for credit. We really want to know all out deals and buys (both money and credit) and other data like the sum that is payable and receivable. How might we come by our expected outcomes now? Do we really want one more journal to consolidate data from both these journals?
Yet, when we get or pay cash for the credit exchanges will we again record the exchanges on the day, When money is gotten or paid? Provided that this is true, where to record? So the issues continue to increment with the size or volume of business. In any case, one thing is becoming.
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Certain and that will be that an exact impression of business executed must be acquired if both money and credit exchanges are recorded in such a way that there is no duplication but the exchanges aretotally recorded. This is conceivable just under Commercial Accounting. MGT610 FINAL TERM PAST PAPER
Business Accounting Business Accounting is done through a framework that is known as Double passage accounting. Single Entry and Double Entry Accounting Single section bookkeeping/Cash bookkeeping. This framework records just money development of exchanges and that too up to the degree of recording one part of the exchanges. MGT610 FINAL TERM PAST PAPER
This implies that main receipt or installment of money is recorded and no different record is kept up with (about the wellspring of receipt and installment) as to from whom the money was gotten or to whom it was paid. Twofold section accounting/Commercial bookkeeping. Twofold section or business bookkeeping framework records the two parts of exchange for example receipt or installment and wellspring of receipt or installment. It likewise records credit exchanges for example recording of Electricity.
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