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Introduction Rural credit is an extremely important step in financing agriculture, which is a major resource for generating food for millions of citizens. Many farmers in rural areas are unable to bear the burden of farming by themselves and they need assistance from either banks or the government. Rural credit, when provided to the right people, makes farming easier for the underprivileged farmers and artisans who reside in rural locations of the country. What is Rural Credit? India’s rural population is mostly engaged in agriculture. The people who are involved in agriculture need financial assistance to harvest crops. The ... Read More
What is Sacrificing Ratio? The term "sacrificing ratio" is used in partnership firms. Sacrificing ratio is the ratio in which the partners decide to share the losses when one of the partners of the firm dies or retires from the business. Sacrificing ratio is used to distribute the losses among the remaining partners when a partner goes out of the partnership firm. Usually, the assets and liabilities of the partnership firms need to be reassessed when one partner leaves the business. This results in either gain or loss. This is where the sacrificing ratio comes into play. The sacrificing ... Read More
Introduction Both sales books and sales return books are crucial for the accounting and financial management of a business. They provide a chronological and systematic record of sales transactions and returns, which help understand the actual sales and how and why purchased goods have been returned. Let us learn what are sales books and sales return books, their content, and their advantages and disadvantages in this article. Sales books and sales return books are special types of registers or records in commerce and accounting that are used to track sales transactions and sales returns. Sales Books and its Contents Sales ... Read More
What is a Scatter Diagram? A scatter diagram is a graph that shows the relationship between two different sets of data. Also known as a scatter plot, it is a simple and visual way to represent information. Examples of scatter diagram Suppose you have two sets of data, which are the number of hours passed studying and the corresponding marks obtained in the exam of a group of students. In a scatter diagram, you will need to plot each student's data point on a graph. On the graph, one axis will represent the hours spent studying, and the ... Read More
Introduction: What is SEBI? The Securities and Exchange Board of India (SEBI) is the regulatory body that manages and oversees the securities market in India. SEBI was established on April 12, 1988, as an autonomous and statutory body, under the Securities and Exchange Board of India Act, 1992. SEBI's primary goal is to keep the securities market fair. So, it primarily protects investors from unfair practices and promotes the development of the securities market in India. SEBI works as a watchdog that formulates rules and regulations and ensures their implementation to keep the securities markets fair and transparent. Structure of ... Read More
What is a Secret Reserve? A secret reserve is a hidden or undisclosed sum of funds that banks or other financial institutions set aside for unseen future needs. These funds are not publicly reported in their financial statements. These funds are meant for sudden needs; they are kept confidential for strategic reasons. Secret reserves are manually created by the accounting team by deliberately underreporting profits or overstating company liabilities to create a cushion against future losses or risks. The concept of secret reserves has been a story of much controversy and so their use has become less common nowadays due ... Read More
Total Products, Marginal Products, And Average Products Total product, marginal product, and average product are used to analyze and examine the relationship between outputs and inputs in the production process. It is important to understand how changing inputs change the product output; so, the concepts of total, marginal, and average products are used to understand the relationship between inputs and outputs. Total Product (TP) TP means the total quantity of output generated by a firm or an entity during a given period. TP represents the sum total of all individual output units produced by utilizing various combinations of inputs, such ... Read More
Introduction A partnership firm has two or more members who share the profits or losses of the firm according to pre-set limits. These limits and all other rules and regulations that will guide the firm are mentioned in a partnership deed. The partnership deed is the Bible of a partnership firm. However, if no partnership deed is formed among the partners of the firm, the Partnership Act of 1932 is applied to the partnership firms in running the businesses. The partnership ratios mentioned in the partnership deeds may need to be restructured. This restructuring leads to a change in the ... Read More
Introduction A partnership business consists of many individual partners who share the profit and losses of the firm according to the profit-sharing ratio mentioned in the partnership deed. The partnership deed is a legal document that contains all legal procedures that may be needed to follow while operating the partnership firm. However, when a partner retires or dies, a new partnership deed has to be created for the remaining partners. There are legal bindings as to how to proceed with the new deed in place after paying the due amount to the representative of the deceased or retired partner. A ... Read More
Introduction Rectification of errors is a term that is mostly associated with accounting. It refers to revising a mistake and making amendments to rectify the mistake. These errors can creep in while classifying these accounts, posting the journal entries to the ledger accounts, carrying the balance forward, etc. It must be noted that the accounts team of an organization usually works diligently to avoid any factual mistake. However, in many cases, they are unable to avoid the mistakes which seem correct at first sight. Therefore, the accounts team must carry on checking data even after these are accounted for. Many ... Read More