This document provides an overview of key accounting concepts including transactions, accounts, and financial statements. It explains common transaction types like cash payments and receipts, bank payments and receipts, purchase and sales vouchers, credit and debit notes. It also outlines the main categories of accounts: assets, liabilities, equity, revenue, and expenses. Assets represent what a business owns, liabilities represent what is owed, equity is the business value, revenue is income from sales or other sources, and expenses are costs incurred. Specific accounts within each category like cash, bank, accounts receivable, accounts payable, sales, materials costs are also listed.

1. Cash Payment
Master (Cash A/C) Cr
Detail (party) Dr
Cash Reciept
Master (Cash A/C) Dr
Detail (party) Cr
Bank Payment
Master (Bank A/c) Cr
Detail (party) Dr
Bank Reciept
Master (Bank A/c) Dr
Detail Cr
Purchase Voucher
Master(party) CR
Detail Dr
Sales Voucher
Master (Party) Dr
Detail Cr
Credit Note
Master Cr
Detail Dr
Debit Note
Master Dr
Detail Cr

2. Chart of a/c
• Assets
Assets (what you own) can be described as being either:
• Liabilities
Liabilities (what you owe) may be described as being
either:
• Equity
Equity Accounts hold the value of your business
• Revenue
Revenue (or income) in your business comes from:
• Expenses
Expenses in your business are incurred as a result of

3. Assets
Cash
Bank
Current Assets
Capital Assets
Long Term Assets
Accounts Receivable
Liabilities
Accounts Payable
Current Liabilities
Long Term Liabilitie
Revenue
Sales
Other Revenue
Expenses
Materials Cost
Work Order Supplies Cost
Other Expense
Equity
Profit & Loss Account