Accounting Basics provides an overview of key accounting concepts for first year MBA students. It defines accounting as identifying, measuring, and communicating economic information to allow for informed judgment and decision making. The document discusses the accounting equation, which shows that assets must equal liabilities plus owner's equity. It also explains debits and credits, the different types of accounts, and the steps for recording transactions in journals and ledgers. Trial balances and final accounts such as trading, profit and loss, and balance sheets are introduced to assess business performance and financial position.
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Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
These Are Accounting Notes For O levels For Both Paper 1 And Paper 2 But It is best For Paper1 as it lacks some Formats But still Free And Best .................
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
Material for PGPSE participants of AFTERSCHOOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP. PGPSE is an entrepreneurship oriented programme, open for all, free for all.
Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
These Are Accounting Notes For O levels For Both Paper 1 And Paper 2 But It is best For Paper1 as it lacks some Formats But still Free And Best .................
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
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Documents in Accounting
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2. Overview
S No Particulars
01 Introduction to Accounting
02 Accounting Equation
03 Types of Transactions
04 Purchase and Sales
05 Types of Accounts
06 Golden Rules of Accounting
07 Journal ; Step by Step Procedure of Writing a Journal
08 Ledger ; Procedure for Posting a Ledger
09 Trail Balance along with illustration
10 Introduction to Trading account, P&L A/C and Balance Sheets
11 References
3. 1. Introduction to Accounting
1.1 Definition
“The process of identifying, measuring and communicating economic information to
permit informed judgment and decision by users of the information”.
‐ American Accounting Association
1.2 Objectives of Accounting
i. to maintain accounting records.
ii. to calculate the result of operations.
iii. to ascertain the financial position.
iv. to communicate the information to users.
4. 1. Introduction to Accounting
1.3 Debtors ‐ Definition
A company or individual who owes money. If the debt is in the form of a loan from a
financial institution, the debtor is referred to as a borrower. If the debt is in the form of
securities, such as bonds, the debtor is referred to as an issuer.
Debtors can be entities, companies or people of a legal nature that owe money to
someone else – such as your business for example.
5. 1.4 Creditors ‐ Definition
A creditor is an individual or institution that lends money or services to another entity
under are payment agreement.
1. Introduction to Accounting
Who are creditors?
Let's look at a scenario with a real creditor, XYZ Bank, to whom
you go to for a loan. If you are approved and they lend you
money, XYZ Bank becomes your creditor.
Understanding
10. 2. Accounting Equation – Cntd.,
Terms
2.4 Double‐entry Book Keeping System
A double‐entry bookkeeping system is a set of rules for recording financial information in
a financial accounting system in which every transaction or event changes at least two
different nominal ledger accounts.
2.5 Credit
An accounting notation that increases liability, equity, and expense accounts. Credits
decrease asset and expense accounts.
2.6 Debit
In bookkeeping, an entry in the left hand column of an account to record a debt. Debits
increase asset and expense accounts. Debits decrease liability, income, and equity
accounts.
15. 4.1 Purchases
Purchases Account : A temporary account used in the periodic inventory system to
record the purchases of merchandise for resale. (Purchases of equipment or supplies
are not recorded in the purchases account.) This account reports the gross amount of
purchases of merchandise. Net purchases is the amount of purchases minus purchases
returns, purchases allowances, and purchases discounts.
16. Sales represents income or revenue for the Organization
Sales refers to the amount of goods sold that are already bought or manufactured by
the business. When goods are sold for cash, they are cash sales but if goods are sold
and payment is not received at the time of sale, it is credit sales. Total sales includes
both cash and credit sales.
4.2 Sales
17. 5. Types of Accounts
Real Account:‐ Real accounts are related to asset account which can be touched felt,
e.g. building account, machinery account , stock, furniture etc
Personal Account:‐ Personal accounts are related to persons , institutions companies.
examples : bank account, creditors a/c etc
Nominal Account:‐ Nominal accounts are related to income and expenses or losses and
gains
examples are rent, commission, salary etc
18. 6. Golden Rules of Accounting
Debit The Receiver, Credit The Giver
This principle is used in the case of personal accounts. When a person gives something to the
organization, it becomes an inflow and therefore the person must be credit in the books of
accounts. The converse of this is also true, which is why the receiver needs to be debited.
Debit What Comes In, Credit What Goes Out
This principle is applied in case of real accounts. Real accounts involve machinery, land and
building etc. They have a debit balance by default. Thus when you debit what comes in, you are
adding to the existing account balance. This is exactly what needs to be done. Similarly when you
credit what goes out, you are reducing the account balance when a tangible asset goes out of the
organization.
Debit All Expenses And Losses, Credit All Incomes And Gains
This rule is applied when the account in question is a nominal account. The capital of the
company is a liability. Therefore it has a default credit balance. When you credit all incomes and
gains, you increase the capital and by debiting expenses and losses, you decrease the capital. This
is exactly what needs to be done for the system to stay in balance.
S NO Debit Credit
1 The Receiver The Giver
2 What comes in What comes out
3 All expenses and losses All incomes and gains
20. 7. Introduction of Journal – Cntd.,
Step No. Process
1 Determine the two accounts which are involved in the transaction
2 Classify the above two accounts under Personal, Real or Nominal
3 Find out the rules of debit and credit for the above two accounts
4 Identify which account is to be debited and which account is to be credited
5 Record the date of transaction in the date column. The year and month is written once,
till they change. The sequence of the dates and months should be strictly maintained
6 Enter the name of the account to be debited in the particulars column very close to the
left hand side of the particulars column followed by the abbreviation Dr. in the same
line. Against this, the amount to be debited is written in the debit amount column in the
same line
7 Write the name of the account to be credited in the second line starts with the word
‘To’ a few space away from the margin in the particulars column. Against this, the
amount to be credited is written in the credit amount column in the same line.
8 Write the narration within brackets in the next line in the particulars column.
9 Draw a line across the entire particulars column to separate one journal entry from the
other.
23. 8 . Posting in Ledger
Procedure of posting for an Account which has been debited in the journal entry.
S No. Particulars
1 Locate in the ledger, the account to be debited and enter the date of the transaction in
the date column on the debit side.
2 Record the name of the account credited in the Journal in the particular columns of the
debit side as “To..... (name of the account credited)”.
3 Record the page number of the Journal in the J.F column on the debit side and in the
Journal, write the page number of the ledger on which a particular account appears in the
L.F. column.
4 Enter the relevant amount in the amount column on the debit side
Procedure of posting for an Account which has been credited in the journal entry
1 Locate in the ledger the account to be credited and enter the date of the transaction in
the date column on the credit side.
2 Record the name of the account debited in the Journal in the particulars column on the
credit side as “By...... (name of the account debited)”
3 Record the page number of the Journal in the J.F column on the credit side and in the
Journal, write the page number of the ledger on which a particular account appears in the
L.F. column
4 Enter the relevant amount in the amount column on the credit side.
26. 9 Trail Balance ‐ Illustration
The following balances were extracted from the ledger of Rahul on 31st March, 2003.
You are requested to prepare a trial balance as on that date in the proper form.
29. 10.1 Trading Account
Trading means buying and selling. The trading account shows the result of buying and
selling of goods.
9.1 FORMAT 9.2 ILLUSTRATION
Prepare a Trading Account from the following
information of a trader.
Total purchases made during the year 2003
Rs.2,00,000.
30. 10.2 Profit and Loss A/C
After calculating the gross profit or gross
loss the next step is to prepare the profit
and loss account. To earn net profit a trader
has to incur many expenses apart from
those spent for purchases and
manufacturing of goods. If such expenses
are less than gross profit, the result will be
net profit. When total of all these expenses
are more than gross profit the result will be
net loss.
Need
Format
The aim of profit and loss account is to
ascertain the net profit earned or net loss
suffered during a particular period
36. 11.References
1. Higher Secondary Accountancy book published by Tamil Nadu Text Book
Corporation
2. T.S.Grewal – Double Entry Book Keeping.
3. R.L.Gupta, Radha Swamy – Financial Accounting.
4. Institute of Company Secretaries of India – Principle of Accountancy.
5. P.C.Tulsian, S.D.Tulsian – ISC Accountancy for Class XI
6. Accounting Text and Cases – Robert Anthony, Tata McGraw‐Hill Publications
7. www.icai.org
8. Education.svtution.org
9. www.investpedia.com
10. www.lapasserelle.com