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Submitted By:
Dheeraj Kumar Ankit Phartiyal Santosh Laishram Arnold Nitish Goyal
BASIC OF ACCOUNTING
Assets :- It can be anything that increases the value of a firm or benefit the firm's operation. E.g.--land, building, furniture etc. Types of Assets:-
Fixed Assets- Property which is expected to convert into cash not sooner than at least 1 year. E.g.-- Furniture, building. Current Assets- Property which is expected to convert into cash within 1 year in normal course of time. E.g.--Cash, AC receivable.
Liability :- A company's legal debts or obligations that arise during the course of business operations E.g.:- Loan payable, Rent payable.
JOURNAL ENTRY
Journal entry is an entry to the journal. Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur.
The journal entry can consist of several items, each of which is either a debit or a credit.
Debit Increase
Credit Decrease
Expenses
Dividend Liabilities Owner Equity
Increase
Increase Decrease Decrease
Decrease
Decrease Increase Increase
Revenue
Decrease
Increase
JOURNAL ENTRY
Date April 1 Voucher No. Account Heads And Transactions Amount (Rs.) Debit Credit
Dr. Cash 7,50,000 Cr. Owners Equity 7,50,000 (Contribution towards capital by Pulkit Agarwal)
April
April
15
Dr. Office Equipments 9,500 Cr. Cash (1 Samsung Cell Phone from Mobile Corner.) Dr Vehicles 57,600 Cr PNB C/A 209 (Cheque 223403 to Sawhney Motor Co. for 1 Motor Cycle.)
9,500
57,600
April
Dr. Computers 42,500 Cr. Cr.PNB C/A-209 (Cheque 223405 to Taneja Computers for 1 computer.)
May
10
Dr. Purchases Cr. PNB C/A-209 (Cheque 223406 to BCA Ltd. for 150 units of B vide BCA/INV/0004.)
Dr. PNB C/A 209 Cr. Sales (Cheque 334501 from FED & Co. for 30 units of B vide PE/INV/0001.)
3,04,500
3,04,500
June
25
69,600 69,600
LEDGER ENTRY
A written record of a commercial transaction.
TRIAL BALANCE
A balance statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
TRIAL BALANCE
Serial Number Trial Balance as on 30-06-2006 Accounts Head
Owners Equity Office Equipments Vehicles 9,500 57,600
Aunt
Debit
1 2 3
Credit
7,50,000
Computers
42,500
Purchases
3,04,500
Sales
69,600
DEPRECIATIONS
Account Name
1. Depreciation on Office Equipments
Depreciate %
25%
Calculation
Amount
2. Depreciation on Vehicles
25%
3600
3. Depreciation on Computers
60%
6375
ADJUSTMENT ENTRY
Trial Balance Account Heads Debit
Owners Equity Office Equipments 9,500
Anal ysis
Credit
7,50,000
594
Vehicles 57,600 3600
8906
54,000
Computers
42,500
6375 36125 3,04,500 69,600
Purchases Sales
3,04,500
69,600
THANK YOU