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Journal Entries

17 posts

Capital Redemption Reserve (CRR) : Uses, Tax Benefits, Calculation & Journal Entries

Last Updated: 21 August 2025

What is Capital Redemption Reserve?Capital redemption reserve is a reserve that is created by the company out of its profits, during the redemption of preference shares. W...read more

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Journal Entries

Carriage Inwards : Meaning, Accounting, Examples, Impact & FAQs

Last Updated: 23 July 2025

What is Carriage Inwards?Carriage inwards, prominently known as freight or transportation inwards, are the costs incurred in shifting products from the supplier's spot of ...read more

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Journal Entries

Journal Entry for Carriage Inwards

Last Updated: 28 January 2024

Carriage inwards refers to the transportation costs incurred by a business to bring goods or materials into its premises. It is considered as part of the cost of inventory...read more

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Journal Entries

Journal Entry for Credit Sales

Last Updated: 28 January 2024

When goods/services are sold in credit, the transactions are known as Credit Sales, i.e., when the customer promises to pay in future, credit sales occur. Credit sales jou...read more

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Journal Entries

Journal Entry for Accrued Expenses

Last Updated: 22 January 2026

Accrued expenses are costs that have been incurred but not yet paid for by the business. These are expenses that are recognized in the financial statements before the actu...read more

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Journal Entries

Journal Entry for Accounts Payable

Last Updated: 28 January 2024

A journal entry for accounts payable is typically recorded when a business makes a purchase on credit, meaning it acquires goods, services, or an asset but does not immedi...read more

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Journal Entries

Journal Entry for Interest Receivable

Last Updated: 28 January 2024

Interest receivable is the amount of interest that a business has earned but has not yet been received in cash. When interest is accrued but not yet collected, it is recor...read more

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Journal Entries

Journal Entry Questions and Solutions

Last Updated: 23 July 2025

A journal is a book of original entries in which transactions are recorded, as and when they occur. The journal provides data-wise records of all the transactions and the ...read more

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Journal Entries

Accounting treatment of Accumulated Profits, Reserves, and Losses in case of Dissolution of Firm

Last Updated: 21 April 2025

Accumulated profit refers to a part of the firm's net profit that is preserved by the firm for future growth. It is also known as retained earnings or undistributed income...read more

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Journal Entries

Accounting Treatment of Amount Due to Deceased Partner

Last Updated: 05 June 2026

After making all the adjustments related to the partners, the balance due to the deceased partner is transferred to his/her executor's account. This amount is paid to the ...read more

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Journal Entries

Accounting Treatment of Joint Life Policy in case of Death of a Partner

Last Updated: 05 June 2026

Joint Life Policy like any other life policy gives coverage against the death of the policyholder, however, under Joint Life Policy the coverage is of a minimum of two per...read more

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Journal Entries

Adjustment of Interest on Deceased Partner's Capital, Deceased Partner's Share in Goodwill and Accumulated Profits and Reserves

Last Updated: 21 April 2025

Similar to the case of retirement, the Executor of the deceased partner is entitled to receive the interest on capital up to the date of the death of a partner. The execut...read more

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Journal Entries

Last Updated: 02 May 2026

Journal Proper is the book that is maintained to record those transactions which are not recorded in the special books. Transactions that do not find a place in any other ...read more

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Journal Entries

Commerce - 11th

Suspense Account

Last Updated: 22 April 2026

A Suspense Account is a temporary account used in accounting to record transactions when there is uncertainty or incomplete information about their proper classification. ...read more

Journal Entries

Accountancy Format

Commerce - 11th

Journal Entries

Last Updated: 15 April 2026

A Journal is a book in which all the transactions of a business are recorded for the first time. Every transaction affects two accounts, one is debited and the other is c...read more

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Journal Entries

Commerce - 11th

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