A Project On The Types Of Accounts Related To Goods Pdf Free BEST
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Balances are reported in the Closed Stock section of the balance sheet or in the contingent liability section of it if it is appropriate. Other assets and liabilities are reported in the related line items in the balance sheet.
A Company may raise funds from the public through sales and seeks to make good investments through planning and execution of its operational activities. These funds are raised on receipt of assets or proceeds from sale of assets. Normally, shareholders are the owners of an entity. They don’t receive income from its operations. Therefore, they are not expected to make any financial contribution to the operational activities of the company. In the absence of a shareholder, it is generally not treated as the holder of a capital account. Therefore, assets held are created by non-shareholders and liabilities for them are incurred.
A Payment refers to a transaction where a person pays an amount of money to another person (i.e. maker or taker of an instrument) on behalf of another person (i.e. the payor) and third persons (i.e. receiver and payee) can be beneficiaries of it or not. One can make a transfer to another person or company or institution on their behalf. The person on whose behalf the payment is made out may be different from its beneficiary. Payment transaction may contain more than one element. If there is a payment without an instrument (i.e. a check) and the process is termed as an electronic payment, it is reported in the account of Current Receivables. If there is an instrument valued more than the amount of the payment, it is termed as an overdraft and reported in the account of Current Liabilities. d2c66b5586