Accounting Summary For CA-CPT MeraSkill.com Š MeraSkill
1.Accounting Introduction
Dual Aspect Assets = Liability Assets = Liability + Equity Equity = Assets – Liability Fundamental accounting assumptions Going concern,Consistency,Accural system Š MeraSkill
2.Jounal,Ledger,TB,Daybook & Cash Book
Journal Journal is a Book of Original Entry Chronological order Date Particulars LF Dr Cr Narration
LEDGER Book Entire set of Accounts Principal Book of Accounts Two sides Date, Particulars, JF, Amount
Traditional approach- Rules for Journalising Personal Accounts: Debit the Receiver : Credit the Giver Real Accounts
:
Debit what comes in
: Credit what goes out Nominal Accounts : Debit all Expenses and Losses : Credit all Incomes and Gains Š MeraSkill
Subsidary Books 1. Cash Book 2. Purchase day book 3. Sales day book 4. Purchase Return day book 5. Sales Return day book 6. Bills Receivable book 7. Bills Payable book 8. Journal Proper
Purchase Day book 1. Credit purchase of goods is recorded 2. No debit or credit side/column 3. Individual posting to the credit of Suppliers’ account 4. Periodic total posting to the debit of Purchases a/c
Sales Day book 1. Credit sale of goods is recorded 2. No debit or credit side/column 3. Individual posting to the credit of Customers’ account 4. Periodic total posting to the credit of Sales a/c 5. Sales Tax
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