1. Shaduf: In the shaduf system water is drawn from a well, river or canal by a bucket which is attached to a pole on one side and weight on the other side 2. Charsa : In charsa animal power is used to pull water from the well. The charsa system is not used by … Read more

Generally the liability of a partner is unlimited. Thus, each partner is liable not only to the extent of his share in partnership. But his personal property is also used up to clear the debts. According to the section 13(C) of partnership Act 1932, subject contract between the partners, the liabilities of a partner are … Read more

This mistake arises out of ignorance of fundamental principal of accountancy. Usually this type of error occurs because of: (a) Treating a capital expenditure as revenue expenditure and vice versa. (b) Creating inadequate provision in respect of doubtful debts. (c) Providing insufficient depreciation on fixed assets. For example, repairs to furniture have been wrongly debited … Read more