METHOD OF PREPARATION OF ACCOUNT CURRENT
METHOD OF PREPARATION OF ACCOUNT CURRENT:
1) With the help of interest table.
1)
With the help of interest table.
2) By means of products;
(1) With the help of interest table:-
Under
this method all the transactions are arranged in the form of an account.
Two additional columns are made on both the sides of such an account.
Ø One
column is meant to indicate the number of days counted from the due date of
each transaction to the date of rendering the account.
Ø Other
column is meant for writing interest.
The interest column of both the
sides are totalled up and balance is drawn.
Note:- If no specific date is mentioned as the date,
on which payment is due, the date of the transactions is presumed to be the due
date.
(2) By means of products:—
Under this method, interest
columns are replaced by "Product" columns. Product in this case is
calculated by multiplying the amount with the number of days for which it has
been outstanding. Products of the debit side and the product of the credit side
are totaled separately. Interest is calculated for one day on the difference of
the two side totals and is entered on the bigger side. There are two methods of
calculating interest:-
(a) Forward method
(b) Backward method (Epoque
method)
Demo Videos for Accounts (CA/CMA/CS/B.Com/11-12th) by CA/CMA Santosh Kumar Sir: https://www.conceptonlineclasses.com/demovideos
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