Accounts-journal entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2013
Hi All, I recently joined Articleship. While I find myself good in Taxation....I realised I am not up to the mark when it comes to Journal Entries....I even have a problem with understanding the basic entries and also when it comes to thinking about the entries to be passed for any adjustments or a special case... I'm struggling. Please suggest me how to improve my knowledge in Journal Entries....Is there any good book that I could use for this purpose?? Please help me..
Hi All, I recently joined Articleship. While I find myself good in Taxation....I realised I am not up to the mark when it comes to Journal Entries....I even have a problem with understanding the basic entries and also when it comes to thinking about the entries to be passed for any adjustments or a special case... I'm struggling. Please suggest me how to improve my knowledge in Journal Entries....Is there any good book that I could use for this purpose?? Please help me..
27 June 2013
It is very much clear that you have forgotten the basic accounting rules. There are 3 golden rules of accountancy and if you follow these rules strictly then you will have no problem at all.
You should analyse a transaction which is called entry.
Suppose the entry is Ram purchased goods on credit from Mohan
First find out two accounts involved in the transaction
Then find out which type of accounts are these
Then apply the rules of that account you will be able to get the answer.
Here in the above example two accounts affected are Goods and Mohan.
Now apply what is coming goods so it is real account and debit what comes in.
Who is the give? Here Mohan is the giver and it s a personal account credit the giver so credit Mohan
You should analyse a transaction which is called entry.
Suppose the entry is Ram purchased goods on credit from Mohan
First find out two accounts involved in the transaction
Then find out which type of accounts are these
Then apply the rules of that account you will be able to get the answer.
Here in the above example two accounts affected are Goods and Mohan.
Now apply what is coming goods so it is real account and debit what comes in.
Who is the give? Here Mohan is the giver and it s a personal account credit the giver so credit Mohan
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