Meet Juana Medina! | Reading Rockets

Juana Medina was born in Bogotá, Colombia, the place she has stated that her drawings obtained her in bother together with her lecturers. Fortunately for the kids’s guide world, Juana has turned her creative expertise to writing and illustrating. Juana obtained the celebrated 2017 Pura Belpre Award for Juana and Lucas (Candlewick), positive to be the primary of many honors. She studied on the Rhode Island College of Design (RISD) the place she additionally taught. Juana at the moment teaches at George Washington College in Washington, D.C. and continues to…

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Meet Juana Medina! | Reading Rockets

Juana Medina was born in Bogotá, Colombia, the place she has stated that her drawings acquired her in bother along with her academics. Fortunately for the kids’s e book world, Juana has turned her creative abilities to writing and illustrating. Juana obtained the celebrated 2017 Pura Belpre Award for Juana and Lucas (Candlewick), certain to be the primary of many honors. She studied on the Rhode Island College of Design (RISD) the place she additionally taught. Juana at present teaches at George Washington College in Washington, D.C. and continues to…

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What are TED Talks? What do you Know about this?

TED Talks

TED Talks- What do you knoww about this? TED Talks – It is an unknown word to many people today. What dou you think?  What does it mean? What people do here? . Ted talk is a very simple concept basically it is a platform where people speak about their journey of life, business or anything which give knowledge or inspiration to the general public. It is a nonprofit organization where people spread ideas, usually in the form of short, powerful talks ( 18 minutes or less). This is a short…

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Journal Entries for issue and redemption of Debentures

Debentures A debenture is an instrument of debt executed by the company acknowledging its obligation to repay the sum at a specified rate and also carrying an interest. It is only one of the methods of raising the loan capital of the company. A debenture is thus like a certificate of the loan or a loan bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures become a part of the company’s capital structure, it does…

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Introduction to Accounting

Accounting “Accounting is the art of recording, classifying and summarizing in a significant manner and in term of money, transactions, and events which are, in part at least of financial character, and interpreting the results thereof. ” Accounting Cycle The Accounting cycle is defined as the sum of all process of recording and processing of the accounting events and activities of a company. Accounting Cycle begins when t the transaction happens and ends when the same got entered into the financial statements. Difference between Bookkeeping and Accountancy ObjectiveBasic Basis Book Keeping…

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Users of Financial Statements and adjustments in Accounts

Profit and loss

Financial Statement “A Financial Statement is the organized and summarized detailed information about the financial position and performance of the business”. Interested Users of Financial Statements. Users Information Requirement Investors. They need information to help them determine whether they should buy, hold or sell. Shareholders are also interested in information which enables them to assess the ability of the entity to pay dividends. Lenders Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paid when due. Creditors Suppliers…

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Depreciation, Provisions and Reserves

Depreciation

Depreciation, Provisions, and Reserves Depreciation Depreciation is the decrease in the book value of the fixed assets due to normal wear and tear, the passage of time, changes in economic environment and expiration of legal rights. Factors affecting the amount of Depreciation. Historical cost. Expected useful life. Estimated residual value. Methods of charging Depreciation 1. Straight Line Method This method is also termed as Original cost method because depreciation is charged at a fixed percentage on the original cost of the asset. Advantages Limitations ü Simplicity. ü Equality of depreciation.ü Assets can be completely written off. ü Undue pressure in later years. ü Unapproved by tax authorities. 2. Diminishing Balance Method This method is also termed as Written down value method because the value of depreciation goes on decreasing year after year. Advantages Limitations ü Easy calculation. ü Approved by tax authorities. ü Equal charge against income.   ü Omission of the interest factor. ü Knowledge of the original cost. ü Assets cannot be completely w/off. Difference Between Provision and Reserve Basis Provision Reserves Purpose Created for a particular purpose. Not necessarily created for a particular purpose. Utilisation Cannot be utilised for the payment of dividends. Can be utilised for the payment of dividends. Disclosure in Income  Statement Shown on the debit side of Profit & Loss Account. Shown on the debit side of Profit &  Loss Appropriation Account. Disclosure in Balance  Sheet Deducted from the amount of item from which it has been created. Shown under Reserves and Surplus. Points to Remember 1. AS – 6 is applicable for Depreciation. 2) Expected useful life of a depreciable asset implies the expected number of years…

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