List of Important Head Trading and Profit and Loss Account

Income Sale of Goods Income Sale of services Income Interest income Income Dividend income Income Profit on sale of fixed assets Income Profit on sale of other investment Income Rent Received Income Commission Received Income Profit on account of currency fluctuation Income Agriculture Income Income Round Off Credit Balance Income Other Income Income Closing Stock…


ACCOUNTING POLICIES FOR SMALL BUSINESS ORGANISATIONS

A. SINGNIFICANT ACCOUNTING POLICIES: 1. Basic Assumptions: The Financial Statements are prepared on a going concern concept and as per the historical cost convention on accrual basis. 2. Revenue Recognition: (a) Sale is recognized on dispatch of goods to customers (b) Sale of service/commission is recognized as and when the right to receive arises (c)…