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Showing posts from August 2, 2013

Accounts for tally Part-1

Goods v/s Assets
Goods-The commodity in which we deal on regular basis .Assets -The commodity what we purchase for long term uses 

Assets Any person ,organization,commodity,article or any  factor which brings utility over the years and increases the profitability is termed as asset
Example : building,plant and machinery,furniture,cash,debtors etc.

Expenditure  EXPENDITURE IS THE OUTFLOW OF CASH 
TYPES:

REVENUE NATURED EXPENDITURE(EXPENSE)regular basisshort term utilityeg: purchase of raw material,salary,rent     2.   CAPITAL  NATURED EXPENDITURE(ASSETS)
once/sometimeslong term utilityeg: purchase of building,plant &machinery,furniture