Accounting Basics 2 min read
Objectives and Scope of Accounting
Let us go through the main objectives of Accounting: ● To keep systematic records – Accounting is done to keep systematic record of…
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Triple Column Cash Book
When one more column of Bank is added in both sides of the double column cash book to post all…
Accounting Basics 1 min read
Double Column Cash Book
Here, we have an additional Discount column on each side of the cash book. The debit side column of discount…
Accounting Basics 1 min read
Single Column Cash Book
Cash book is just like a ledger account. There is no need to open a separate cash account in the…
Accounting Basics 1 min read
Cash Book
Cash book is a record of all the transactions related to cash. Examples include: expenses paid in cash, revenue collected…
Accounting Basics 1 min read
Journal Entries
S.No. Particulars L.F. Amount Debit Credit 1 Cash A/cDr.To Capital A/c(Being capital introduced) ** 4,00,000 4,00,000 2 Purchase A/cDr.To Cash…
Accounting Basics 1 min read
Illustration
Journalize the following transactions and post them in to ledger account: S.No. Transactions Amount 1 Commenced business and introduced cash…
Accounting Basics 2 min read
Important Points Regarding Ledger
● Each side of a journal entry is posted in the same side of the ledger. It means the debit entry…
Accounting Basics 1 min read
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 of M/s…
Accounting Basics 2 min read
Financial Accounting – Ledger
Now let us try to understand how a journal works. With the help of journal entries, we book each and…
Accounting Basics 7 min read
Analysis and Treatment of Transactions
Let us go through the nature of transactions and their treatment in our books of accounts. The following accounting entries…
Accounting Basics 2 min read
Financial Accounting – Journal
“The process of recording a transaction in a journal is called journalizing the transactions.” —Meigs and Meigs and Johnson Journal…