In this article we will discuss about the journal entries required for the issue of shares, explained with the help of suitable illustrations. Many times, it is seen that shares have been allotted to persons or firms, from whom assets have been purchased. Such issues of shares have been clearly shown in Balance Sheet and distinguish such shares from shares [...]
The purchase of own debentures in the market may be for different reasons: 1. Where Debentures are Purchased for Cancellation 2. When Debentures are Purchased for Investment. 1. Where Debentures are Purchased for Cancellation: When Company's own debentures are purchased by the Company, "Own Debenture Account" (or Investment in Own Debenture Account) will be debited as against cash paid for [...]
This article will guide you to learn about how to record journal entries in accounting. Journals are the books of primary entry in which the transactions and events are recorded at the first instance. Entry means record of a transaction or an event in the journal. Journalisation is the first phase of the accounting process by which transactions and events [...]