Basics
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Journalize the following transactions and post them in to ledger account: S.No. Transactions Amount 1 Commenced business and…
August 16, 2021 · Boomi NathanAuthor: Boomi Nathan
J. BoomiNathan is a writer at SenseCentral who specializes in making tech easy to understand. He covers mobile apps, software, troubleshooting, and step-by-step tutorials designed for real people—not just experts. His articles blend clear explanations with practical tips so readers can solve problems faster and make smarter digital choices. He enjoys breaking down complicated tools into simple, usable steps.
Basics
Important Points Regarding Ledger
● Each side of a journal entry is posted in the same side of the ledger. It means the…
August 16, 2021 · Boomi NathanBasics
Ruling of Account in Ledger Account
Let us see various formats of ledger accounts: Format-1 In the books of M/s. ABC Company Ledger account…
August 16, 2021 · Boomi NathanBasics
Financial Accounting – Ledger
Now let us try to understand how a journal works. With the help of journal entries, we book…
August 16, 2021 · Boomi NathanBasics
Analysis and Treatment of Transactions
Let us go through the nature of transactions and their treatment in our books of accounts. The following…
August 16, 2021 · Boomi NathanBasics
Financial Accounting – Journal
“The process of recording a transaction in a journal is called journalizing the transactions.” —Meigs and Meigs and…
August 16, 2021 · Boomi NathanBasics
Accounting – Systems
There are two systems of accounting followed – ● Single Entry System ● Double Entry System Single Entry System Single…
August 16, 2021 · Boomi NathanBasics
Accounting – Classification of Accounts
It is necessary to know the classification of accounts and their treatment in double entry system of accounts.…
August 16, 2021 · Boomi NathanBasics
Conservation or Prudence
It is a policy of playing safe. For future events, profits are not anticipated, but provisions for losses…
August 16, 2021 · Boomi NathanBasics
Convention of Materiality
If the disclosure or non-disclosure of an information might influence the decision of the users of financial statements,…
August 16, 2021 · Boomi Nathan