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Illustration
Journalize the following transactions and post them in to ledger account: S.No.TransactionsAmount1Commenced business and introduced…
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Important Points Regarding Ledger
● Each side of a journal entry is posted in the same side of the ledger.…
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Ruling of Account in Ledger Account
Let us see various formats of ledger accounts: Format-1 In the books of M/s. ABC…
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Financial Accounting – Ledger
Now let us try to understand how a journal works. With the help of journal…
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Analysis and Treatment of Transactions
Let us go through the nature of transactions and their treatment in our books of…
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Financial Accounting – Journal
“The process of recording a transaction in a journal is called journalizing the transactions.” ---Meigs…
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Golden Rules of Accounting
The Problem with Debit Credit Rules The system of debit and credit is right at…
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Accounting – Systems
There are two systems of accounting followed - ● Single Entry System ● Double Entry System Single…
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Accounting – Classification of Accounts
It is necessary to know the classification of accounts and their treatment in double entry…
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Conservation or Prudence
It is a policy of playing safe. For future events, profits are not anticipated, but…