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MC Shukla Advanced Accounting
Benedict received are denoted by debits and benefits given are denoted by credits.
If A and B go to see a locket match and A boys the ticket for B also, one says that bea been placed under an obligation.
A debt and that bea dene a creditable thing and, there. fore, entitled to a credit. In the accountant’s language, will be debited and will be credited.
At the next match, might repay the debt and buy tickets both for himself and for A.
Repaying a doubt is also creditable and the accountant will be making another entry, this time debiting A and editing B. One must treat each transaction separately.
From this one develops the rule: “Debit the receiver and credit the giver.” This holds good in the case of all transactions with persona.
Now suppose the business receives ossa. It will certainly appoint a person to receive and pay cash.
Following the rule of “Debit the receiver and credit the giver, one should debit Mr. Cashier whenever he receives cash (and credit the person who gives it).
And credits him whenever he pays out cash (and debit the person who receives it). It is convenient to name Mr. Cashier’s Account as just Cash Account.
In case of receipt of goods, one could debit Mr. Godown Keeper and in case of issue of goods (on sale or otherwise), one could credit him. But this will raise difficulties.
Mr. Godown Keeper is merely an employee who looks after stores and godowns as best as he can.
He is responsible for the goods only in a general way and not in a very strict sense which is applicable to the cashier.
|Author||M C Shukla|
|PDF Size||107.9 MB|
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