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A consignment account is prepared by the consignor of goods sent to be consignee. All transactions such as cost of goods supplied, expenses…

Epistolary Jurisdiction extended by the apex court is one of the most significant procedural innovations to secure justice for all.

Usually, at the time of closing of the books some of the goods remain unsold. For correct accounting it is necessary that such unsold stock should be valued properly.

The main points of distinction between a consignment and a sale are as given below:

Sometimes the principal gives extra commission to the agent for the recovery of credit sales made by him. Thus cash realization becomes his duty.

When goods are sent to the consignee, usually a statement showing the value of the goods is sent to the agent is known as proforma invoice.

Consignment is an agreement to sell goods on commission. Sometimes businessmen appoint their agent to sell goods with a view to increase sales and earn more profits.

The suspense account is a temporary account in which the difference in trial balance is placed and is wiped off when the errors are located and corrected.

After posting the accounts in the ledger, a statement is prepared to show separately the debit and credit balances such a statement is known as the trial balance.

In a democratic country like India, the role of judiciary is significant. Judiciary administers justice according to law.

There are a number of marine insurance policies to cover varied risks. The important policies are discussed below:

When the subject-matter is partially damaged, it will be a case of partial loss. It is of two types: 1. Particular Average Loss and 2. General Average Loss.

Total loss is divided into two categories: 1. Actual Total Loss and 2. Constructive Total Loss.

The insurance has become an integral part of business and human life. ‘The fear of losses has been a constraint on the growth of business and trade.

The person getting an insurance policy must have an insurable interest in the property or life insured.

An insurance company generally undertakes the risks according to its capacity. Sometimes a company undertakes more risks than its capacity.