India self study

Scope of Total Income

Indian Contract Act, Types of Contract

The Indian Contract Act, Consideration

The Indian Partnership Act 1932

Contract of agency part 3

Nature and Essentials of a valid contract

Concept of redemption of preference share

Contract of Indeminity and Guarantee

LIFO Method Store ledger account

Fifo method store ledger account

Contract of bailment and pledge part -2

Contract of bailment and pledge part -1

Contract of agency part - 2

Contract of agency part -1

ACCOUNTING TERMS These are some common and important accounting term Business transaction :- Transactions of cash, goods, services and etc between two parties in a business is called business transaction. Account :- A statement of transaction affecting any particular asset, liability, expense, or income. Capital :- Amount which is invested by the owner in business is called capital. Drawings :- when businessman withdraws cash or gods from his business for personal use then it is called drawings. Drawings decrease the capital of the owner. Assets:- “Assets are the future economic benefits, the rights, which are owned or controlled by an organisation or individual.” Assets can be broadly classified as (a)            Non-current assets :- Assets which were purchased for the production of goods or service and held by the business for the long term is called non-current assets. Example:- building, machinery etc. (b) ...

  Contract of Indemnity and Guarantee (Section 124 – 147) Contract of Indemnity define (Section 124) A contract by which one party promise to save the other party from loss caused to him by the conduct of the promisor himself or by the conduct of the any other person, is called a “Contract of Indemnity”. Parties There are two parties in Indemnity contract Indemnifier :- who promise to save the other party from loss. Indemnified :- who is promised to be saved. Point to Remember A contract of fire insurance or marine insurance is always a contract of indemnity. But there is no contract of indemnity in case of contract of life insurance. Essentials of contract of indemnity Two parties :- there must be two parties in contract of indemnity first one is indemnifier and the other one is indemnified. Protection of loss: - The object of contract must be protecting the one party from the loss by the other party. Express or implied: - A contract of indemnity may b...