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Accounting Process, Journal, Ledger, Trial Balance, Subsidiary Books and Cash Book & Petty Cash Book By Sheela Warrier MeraSkill.com ŠMeraSkill
Accounting Process
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INDEX Overview of Accounting Process Debit & Credit Journal Ledger Trial Balance Subsidiary Books Cash Book ŠMeraSkill
Overview of Accounting Process
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Overview of Accounting Process
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Double Entry
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Accounting Equation Dual Aspect Concept Assets = Liabilities Assets = Liabilities + Capital Assets - Liabilities = Capital Assets - Liabilities = Capital + (Income - Expenses) Assets and Expenses Liabilities and Income
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Accounting Equation
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Rules of Debit and Credit Increase in Assets are Debits Decrease in Assets are Credits Increase in Liabilities are Credits Decrease in Liabilities are Debits Increase in Expenses are Debits Increase in Incomes are Credits
Debit
Credit
Asset
+
-
Liability
-
+ ŠMeraSkill
Rules of Debit and Credit Debit
Credit
Asset
+
-
Liability
-
+
Expense
+
-
Income
-
+ ŠMeraSkill
How to Journalise Identify the transaction Identify the accounts involved Classify - Asset , Liability , Expense or Income ? Apply rule : Increase in Asset / Expense : DEBIT Increase in Liability / Income : CREDIT ŠMeraSkill
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