*Assistant Professor, International Agribusiness Management Institute, Anand Agricultural University, Anand, India
**Professor, P. G. Department Of Business Studies, Sardar Patel University, V.V.Nagar, India
For a business to survive in the competitive era, accounting contributes significantly, irrespective of the period it relates to. But most of businessmen give less attention towards accounting of their business transactions. They usually concentrate more on selling and buying of their products and this has been more in two case of wholesale and retail business.
The output of the accounting process is information. In the modern knowledge and technology based economy and information backed-up competitive business world, quick and reliable availability of information is a pre-condition for success of business.
The accounting in the past was restricted to the record keeping but today it covers a wide range of activities involving business planning and control, decision making, problem solving, performance measurement and evaluation, co-coordinating and directing auditing and tax determination and cost planning and management, etc. But the accounting in wholesale and retail business is restricted to cash book, ledger, trial balance, trading account, profit and loss account and balance sheet and submitting these to tax authorities and banks at the end of financial year for verification and tax purpose and for continuation of banking facilities.
Accounting Practices, Wholesalers, Retailers
