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Rebate on Bills Discounted is also known as Discount Received in Advance, or, Unexpired Discount or, Discount Received but not…

It is a method of rapid posting in books maintained under Double Entry principle. Under this system, posting is done…

New set of books are opened The following are the entries recorded by the purchasing company: 1. Purchasing consideration payable…

Sometimes the purchasing company does not take over the debtors and creditors of the vendor company but it agrees to…

Reconstruction is a process of the company’s reorganization, concerning legal, operational, ownership and other structures, by revaluing assets and reassessing…

Specimen form of Liquidator final statement of account Liquidators final statement of Account:

But if the company desires to continue with the same set of books, the following accounting treatment should be suggested…

Accounting Treatment in the Books of Transferor/Vendor Company: So far as the books of the transferor company are concerned, the…

Amalgamation, as the name itself suggest, is a form of external reconstruction, in which there is a combination of two…

Liquidation is the process in accounting by which a company is brought to an end in India, Canada, United Kingdom,…