Where do i start ?
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
The bank related journal
The trial balance
Profit and loss
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 .
Waku39 (Sales man) 02 November 2020
Thanks , i will read that book