Basics 5 min read
Rectification Of Errors
Introduction Every concern is interested in ascertaining its true profit/loss and financial position at the close of the trading year.…
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Basics 5 min read
Profit And Loss Account
Trading Account results in the gross profit/loss made by a businessman on purchasing and selling of goods. It does not…
Basics 3 min read
Manufacturing Account
The concern which are engaged in the conversion of raw materials into finished goods, are interested to knowing the cost…
Basics 6 min read
Preparation Of Profit And Loss Account And Balance Sheet
Introduction The transactions of a business enterprise for the accounting period are first recorded in the books of original entry,…
Basics 2 min read
Purchase Book
Purchases Book (also known as Invoice Journal/Bought Journal/Purchases Journal) is used for recording only the credit purchases of goods and…
Basics 3 min read
Petty Cash Book
In every business organisation, there are a number of payments which involve small amounts e.g. payments for postage, telegrams, carriage,…
Basics 6 min read
Double Column Cash Book
This Cash Book has two amount columns one for cash and another for discount on each side. It is customary…
Basics 6 min read
Subsidiary Books Of Accounts
Introduction All business transactions, at the first stage, are recorded in the book of original entry i.e. Journal and then…
Basics 3 min read
Trial Balance
In case, the various debit balances and the credit balances of the different accounts are taken down in a statement,…
Basics 8 min read
Ledger Posting And Trial Balance
Introduction It has already been discussed in earlier lesson that accounting involves recording, classifying and summarising the financial transactions. Recording…