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
Basics
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 NathanBasics
Convention of Disclosure
The Companies Act, 1956, prescribed a format in which financial statements must be prepared. Every company that fall…
August 16, 2021 · Boomi Nathan