New clause (16C) of section 2 inserted by the Amendment Act defines ‘Securities Appellate Tribunal’ as under: (16C). Securities Appellate Tribunal means the ...

When the demand for different complementary goods is created at one time, it is termed as the joint demand. For example, the demand for computer hardware and ...

Go swami Committee Recommendations. During the phase of liberalization initiated in 1991, it was felt essential to take some preventive steps to check ...

Default and Repossession in Hire Purchase:  Where the buyer makes default in the payment of any installment the vendor has a right to repossess the ...

Dependent Branch:  When the policies and administration of a branch are totally controlled by the head office, who also maintains its accounts, the ...

Debtor System of accounting is suitable for the small-size branches. Under this, a Branch Account is opened for each branch in the head office ledger. All ...

Hire Purchase System: Under the Hire Purchase System the customer (Hire Purchaser) obtains possession of the goods at the outset and can use it, while ...

Dissolution of the Partnership:  A partnership is dissolved when a new partner is admitted or on old partner retires or dies.The business of the firm ...

Consignment: Parties: Consignor and consigneeOwnership of a goods: In consignment, there is no transfer of ownership in the goods from consignor ...

Meaning of Incomplete Records (or Single Entry System). Incomplete accounting records are those accounting records which, at present, are not complete ...

Conversion of Receipts and Payment Account into Income and Expenditure Account. When it is desired to convert a receipts and payments account into an ...

A Journal is a book of original record where every transaction is recorded. It is the book in which transactions are recorded first under the double-entry ...