Summarized below the basic accounting treatment for Operating Lease.
 

In The Books of Lessee

The lease payment should be recognized as an expense in the Income Statement on a straight line basis over the lease term.

In The Books Of Lessor:

The asset in its balance sheet is under fixed assets

Lease income is recognize in the Income Statement on […]

For those unfamiliar between Finance Lease and Operating Lease, tabulated below in summary some of the differences:

Finance Lease

Operating Lease

Lease period is normally related to the useful life of the asset

Usually of a shorter duration and bears no relation to economic life of the assets.

Is a non-revocable contract.

Is a revocable one.

The […]

Understand some of the basic Types of Joint Ventures
 
Understand the basic difference between Joint Venture and Partnership
 
Understand the basic difference between Joint Venture and Consignment
 
Drafting the Joint Venture agreement
 
Understand the Potential Issues And Challenges In Joint Venture
 
Accounting Treatment for Joint Venture

For those unfamiliar between Hire Purchase and Installment System, tabulated below in summary some of the differences:

Hire Purchase

Installment System

Is an agreement of hiring

Is an agreement of outright purchase

Property in goods or the ownership remains with hire vendor until the last installment is paid by the purchaser.

The title to goods passes to the buyer immediately […]

 This article looks at some of following reasons / justifications / advantages of having department accounts 

Advantages

      Each department is viewed as separate profit centre where department accounts is useful to evaluate performance of individual department by ascertaining trading, profit or loss of each department

       The financial results namely trading profit or loss of each department […]