An amount paid to the local authority for ownership of land. Land revenue or any other tax levied by the state government in respect of property is deductible. The final, official and accepted record of all the accounts in a business. Balances of every account along with the explanatory entries are posted in the ledger. Let-Out Property Property that is owned by a person and given on rent or lease to another.
Liabilities Is the legal obligation that one person has to pay back another in cash or kind.
Listed shares Shares that are recognised by the Stock Exchange and are allowed for trading. Loss When expenses are more than earnings in a given period. When an expense is not covered by insurance and is taken from earnings. Top Mercantile System of Accounting A method of keeping a record of accounts, where both the revenue and the expense are recorded for a particular period, irrespective of it being a receipt or a payment. Minor Child A child below the age of 18 years.