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Accounting process 1 journal entries 30 pages by vvk

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CHAPTER Copyright (c) ICAI 2 ACCOUNTING PROCESS UNIT 1 : BASIC ACCOUNTING PROCEDURES - JOURNAL ENTRIES LEARNING OUTCOMES After studying this unit, you will be able to: w Understand meaning and significance of Double Entry System. w Familiarize with the term ‘account’ and understand the classification of accounts into personal, real and nominal. w Note the utility of such classification and sub-classifications. w Understand how debits and credits are determined from transactions and events. w Observe the points to be taken care of while recording a transaction in the journal . UNIT OVERVIEW Source Documents • All documents in books which contain financial records and act as evidence of transactions. Books of original entry and Ledger Accounts • Purchase day book, Cash book, Sales day book and Purchases return book • Accounts where information relating to a particular asset/ liability, capital , income and expenses are recorded. Trial Balance • It contains the totals from various ledger accounts and act as preliminary check on accounts before producing final accounts. Accounts Personal Accounts Natural Artificial (legal) Impersonal Accounts Representative © The Institute of Chartered Accountants of India Real Nominal MyBibliotheca on Outlook: 1 2.2 Copyright (c) ICAI PRINCIPLES AND PRACTICE OF ACCOUNTING 1.1 DOUBLE ENTRY SYSTEM Double entry system of accounting is more than 500 years old. “Luca Pacioli” an Italian friar & mathematician ...
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