Archive | Articles

The caste is a social group, while the tribe is a territorial group. Max Weber writes in social structures, that when Indian tribe loses its territorial significance it assumes the form of an Indian caste.

The important characteristics of a tribe are Definite Territory, Common Language, Blood Relationship, Endogamy, Common Culture, Common Religion, Common Name, Political Organization.

According to some European scholars the Caste System in India has been created by Brahmins in order to maintain their supremacy in the society.

The traditional theory of caste system in India is completely based on ancient literature of India.

It is not possible to predict about the future of caste system in India. But as Prof. M.N. Srinivas says: Caste system is an organic part of Hindu social organization…

The special features of Caste System in India can be described on the following heads:

India is a plural society both in letter and spirit. It is rightly characterized by its unity and diversity.

Social stratification is a universal social phenomena. Hence some form of stratification is found in every society. The form and proportions of stratifications may vary but it’s essence is permanent.

A Joint Venture account will be prepared but not as part of accounts. The name of such an account is Memorandum Joint Venture Account.

The popular methods of preparing accounts of joint venture are as follows:-

The main points of difference between consignment and joint venture are as follows:-

A joint venture is an association of two or more person who undertake business venture like building erection, underwriting of shares of new companies…

For knowing the correct profit on consignment, it is desirable to value the closing stock or unsold stock correctly.

Abnormal loss is that loss which could have been avoided. It occurs because of negligence, carelessness, theft, mischief, fraud of employees or inefficiency.

Normal loss of goods is that part of loss which is unavoidable. Normal loss occurs because of some inherent, natural or unavoidable reasons.

Generally there are two different methods of preparing accounts relating to the consignment of goods. These are (1) Cost Price Method and (2) Invoice Price Method.