Kiran Nair (-) (86 Points)
14 August 2009Hai,
I'm science graduate currently doing my CPT course. I'm now studying Journalizing.
Can anyone give me a list of assets,expenses,liabilities,incomes based on Modern Law of Accounting ?
Also gve me a list of important assets,expenses,liabilities,incomes etc. I need to notice while Journalizing
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 15 August 2009
Hi,
Some Examples of Assets - Land & Building,Plant & Machinery,furniture etc etc(All fixed assets)
Cash or Bank Balance,Stock,Bills Receivable (All Current Assest)
Some Examples of Expenses - Salary to Employees,Wages to Casual workers,Electricity Bills,Insurance Premium,interest on loan,Commission paid etc etc.Pls note that payment made against acquring any asset(Land,building,furniture) are "not" expenses.
Some Examples of Liabilities - Creditors,Bank Loan,Bank Overdraft,Bills Payable etc etc
Some Examples of Income - Interest on Bank Balance,Interest on Loan(Received),Commission Received etc etc.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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