Accounting

Concept of Departmental Accounting Departmental Accounting refers to maintaining accounts for one or more branches or departments of the company. Modern life is very mechanical,…

Accounting Procedure in Departmental Accounts Departmental Accounts are accounts relating to the several departments or sections of a busi­ness drawn up with a view to…

Allocation of Expenses in Departmental Accounting Cost allocation is the process of identifying, aggregating and assigning costs to cost objects. Departmental Accounts are accounts relating…

A branch is a segment of a business company located outside the head office. Department is a different functional area within the business organization. The…

Journal Entry for Inter-departmental Transfers Departmental Accounts are accounts relating to the several departments or sections of a busi­ness drawn up with a view to…

Concept of Containers Account A container is anything in which goods are packed for sale. The word containers may be substituted for drums, boxes, packages,…

In order to determine the turnover on the sale of the package, a Package Stock Account is arranged which records the opening balance in the…

Methods for Accounting Treatment of Containers Accounting for containers is very important if you pack your product in containers before selling it to your consumers.…

Concept of Royalty The term royalty is concerned with the assets of tangible or intangible in nature. It means a payment to the holder of…

Royalty is the sum payable by the lessee to the lessor for the use of rights vested in the lessor. Royalty payments are made according…

Concept of Hire Purchase System Hire purchase system refers to the system wherein, the seller of goods delivers the goods to the buyer without transferring…

The hire-purchase system is a special system of purchase and sale of goods. It is a special system of purchase and sale of goods. Under…