Financial Accounting

This is a Guide to provide/share knowledge about the procedure of Financial Book-Keeping and Accounting.

Essential knowledge and techniques one must have to keep in mind for maintaining Financial Books of Account. 

Meaning and procedure of Accounting

Financial Accounting - click here

Types or Classification of Accounts/Ledger Accounts - click here

Debit and Credit Rule/Principles of Accounting/Golden Rules of Accounting - click here

Double Entry System of Book-Keeping - click here

Decision making for Debiting and Crediting of Account/Account Heads for different types of business transaction.

  1. Capital Investment in Proprietorship Business - click here

  2. Debit and Credit Ledger selection on Cash Deposit into Bank - click here

  3. Debit and Credit Ledger selection on Cash Withdraw from Bank - click here

  4. Debit and Credit Ledger selection on Payment of Security Deposit - click here

  5. Debit and Credit Ledger selection on Purchase of Fixed Assets - click here

  6. Debit and Credit Ledger selection on Indirect Expenses - click here

  7. Debit and Credit Ledger selection on Credit Purchase of Trading Goods - click here

  8. Debit and Credit Ledger selection on Cash Purchase of Trading Goods - click here

  9. Debit and Credit Ledger selection on Purchase Return of Trading Goods - click here 

  10. Debit and Credit Ledger selection on Cash Sale of Trading Goods - click here

  11. Debit and Credit Ledger selection on Credit Sale of Trading Goods - click here 

  12. Debit and Credit Ledger selection on Sales Return of Trading Goods - click here

  13. Debit and Credit Ledger selection on Outstanding Expenses/Expenses Payable - click here

  14. Debit and Credit Ledger selection on Accrued Interest on Bank Fixed Deposits - click here 

Preparation of Journal/Journal Book/Journal Register - click here

Practice Session for Debit and Credit Rule(Ledger Account Selection with Journal Entry) :

This Practice Session includes transaction of a Business unit for the F.Y-2021-22(April' 2021 to March'2022). One can gain complete knowledge about Ledger Account selection and Journal Entry after a step by step practice of the following sheets. 

Practice Sheet -1 (Transactions for the month of April' 2021)

Practice Sheet -2 (Transactions for the month of May' 2021)

Practice Sheet -3 (Transactions for the month of June' 2021)

Practice Sheet -4 (Transactions for the month of July' 2021)

Practice Sheet -5 (Transactions for the month of August' 2021)

Practice Sheet -6 (Transactions for the month of September' 2021)

Practice Sheet -7 (Transactions for the month of Oct' 2021)

Practice Sheet -8 (Transactions for the month of November' 2021)

Practice Sheet -9 (Transactions for the month of December' 2021)

Practice Sheet -10 (Transactions for the month of January' 2022)

Practice Sheet -11 (Transactions for the month of February' 2022)

Practice Sheet -12 (Transactions for the month of March' 2022)

Preparation/Posting of Ledger Account from Journal Register - click here

Opening Stock - click here

Closing Stock - click here

Trial Balance - click here

Trading and Profit & Loss Account - click here 

Balance Sheet - click here

Bank Reconciliation Statement - click here

Project on Sole Proprietorship Trading Business - click here

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