Accounting Basics 2 min read
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the business, and to know the financial position of…
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Trial Balance
Trial balance is a summary of all the debit and credit balances of ledger accounts. The total of debit side…
Accounting Basics 3 min read
Accounting – Process
Accounting cycle refers to the specific tasks involved in completing an accounting process. The length of an accounting cycle can…
Accounting Basics 2 min read
Bank Reconciliation
On a particular date, reconciliation of our bank balance with the balance of bank passbook is called bank reconciliation. The…
Accounting Basics 2 min read
Key Features of Subsidiary Books
There is a difference between a purchase book and a purchase ledger. A purchase book records only credit purchases and…
Accounting Basics 1 min read
Bills Payable Book
Bills payable issues to the supplier of goods or services for payment, and the record is maintained in this book.…
Accounting Basics 1 min read
Bills Receivables Book
Bills are raised by creditors to debtors. The debtors accept them and subsequently return them to the creditors. Bills accepted…
Accounting Basics 1 min read
Sale Return Book
The reason of Sale return is same as for purchase return. Sometimes customers return the goods if they don’t meet…
Accounting Basics 1 min read
Purchase Return Book
Sometimes goods are to be retuned back to the supplier, for various reasons. The most common reason being defective goods…
Accounting Basics 1 min read
Sale Book
The features of a sale book are same as a purchase book, except for the fact that it records all…
Accounting Basics 1 min read
Purchase Book
Purchase book is prepared to record all the credit purchases of an organization. Purchase book is not a purchase ledger.…
Accounting Basics 1 min read
Petty Cash Book
In any organization, there may be many petty transactions incurring for which payments have to be done. Therefore, cash is…