Elements of Accounts (Part 1) is the perfect place to start learning Accounts!
Bank reconciliation statement is a statement prepared to explain the reasons of difference between balance as per cashbook and passbook.
Accounting is an art of recording, classifying and summarizing transactions and events and interpreting the results thereof.
As and when business transactions take place, two effects emerge from them. In this course we study these effects, and more!
The word 'Journal' is derived from the French word 'Jour', which means day! A journal is a note or a diary.
The final effect of every business transaction goes to the two components - (1) Capital and Liability, (2) Asset.
Subsidiary books are those books into which a journal is subdivided because of its limitations.
A cash book is a subsidiary book that is prepared to keep a record of cash transactions.
Journal proper is a subsidiary book in which the transactions which are not recorded in any other subsidiary book are recorded.
Let's learn how to prepare ledger accounts from a journal and the subsidiary books and also how to find balance in ledger accounts.