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Waku39

Waku39 (Sales man)     01 November 2020

Thanks for the reply .Yes i will watch your videos

I still don't understand the meaning of debit and credit properly

These are my notes

First it starts with entries

Then accounting equation and adjustment entries

Then journal

The bank related journal

The ledger

The trial balance

Profit and loss


Balance sheet


Cash flow statement


Fund flow statement

Accounting is the art of recording a companies  items , amount and parties in a transaction or in an accounting event

When an accounting event happens in a company
Create the records of that companies items , amount and parties .


Why do we do that ?

We do that in order to understand the movement of items , amount and parties in an accounting event

There are many categories of items that move in and out of a business

There are Items of Assets - ( Cash )
There Items of Expense - ( Purchase )
There Items of Income - ( Sales )
There Items of Capital
There Items of Liability

Create the records of of the Items of those category according to the rules of accounting

Because it would be nice to know from a Company point of view ,What items , amount and parties are being debited and credited according to the rules of accounting .

The term debtor and creditor are different from the terms Debit and Credit .

 

 

 

 

 

JATINDER KUMAR

JATINDER KUMAR (Accountant)     02 November 2020

Read Class 11 Account Book - T S Grewal
Waku39

Waku39 (Sales man)     02 November 2020

Thanks , i will read that book

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