Book Keeping and Accounting (Basic Level)

• What is Book Keeping? Why it is so important?
• What is Accounting? Why it is necessary to make studies
about it in this present business world?
• Accounting Information or Financial Statements.
• Various users of Accounting Information.
• Qualitative aspects of Accounting Information.

• Basic terminologies used in Accounting.
• Accounting Principles, Concepts and Conventions
• Accounting Standards (Brief Information)
• Double Entry Book Keeping System
• Single Entry System
• Classification of Accounts

• Rules of Accounts
• Making Entries with the help of Rules of Accounts
• Accounting Equations
• Resource Document Required
• Journal
• Classification of Accounts

What is Book Keeping?
Recording
Financial
Transactions
Systematic Manner
Book-Keeping is the system where
financial transactions are recorded
in a various sets of books.
Financial transactions means
buying or selling of goods or
services in exchange of money.
Book-Keeping provides different
sets of books. To record
transactions in a very systematic
manner we should have to follow
certain principles and rules.

A purchased goods from B for $100. Here A gets
goods in exchange of $100 and B gets $100 in
exchange of goods.

X ordered goods to Y for $100. This transaction can not
be recorded in the books of accounts cause ownership
or possession of goods not yet transferred and also
value of money also not exchanged.
Can we record following transaction?

Financial Transaction
Requires at least two persons or parties.
Must be exchange something (means goods or services) from one person to
other in consideration of money.
It may be cash transaction or credit transaction.
We record both cash and credit transaction.

Expenses Incomes Assets Liabilities

What is Event?
It is the effect of the transaction. After recording of all
expenses & incomes business may get profit or loss. Such
profit or loss is the effect of transaction & it is called as Event.

Every transaction
involves two accounts
and have at least two
effects.

To record both effects we give
debit to one account & Credit to
another account.

Book’s of Accounts maintained under Book Keeping
Journal
Purchase Book
Sales Book
Purchase Return Book
Sales Return Book
Cash Book
Petty Cash Book
Ledger Accounts

Why Book-Keeping refers as
Science of information and art?
It is Science…..
Because to record financial
transactions we should have to follow
certain principles, rules etc.
It is an art…
Because to record transactions
according to certain principles and rules
required special skills & knowledge.

After understanding the book-keeping now it is
turn to understand the most important one i.e.
accounting.
Book-keeping is the just branch
of accounting. Where the work
of book-keeping ends from their
Accounting activities starts.
Accounting is the wider
concept than Book-Keeping

What is Accounting?
Business Owner & Management have
most important task in business is to
take right decisions promptly.

In first stage under Accounting financial
transactions are recorded in different
sets of books according to principles,
concepts and standards sets by the
governing accounting body.

It assist to outsiders also to make
proper study of financial statements &
to take valuable decisions.

Trading Account
Cash Flow Statement
Profit & Loss A/c
Balance Sheet

Basic terms used in Accounting….

Trading
Concern
It involves buying & selling of goods or services with a prime object to earn
profit.

Manufacturing Organisations
It adopts the process where raw material transform into
finished goods with a prime object to earn profit.

Not for Profit Organisations
These organisation
established with prime
object to provide
services to its
members or to society.
It never engage in
trading activities.
These organisations
don’t intend to earn
profit.

What does it mean by Capital?
Finance is the blood of organisation. Without finance the best plan remains only on paper. So to carry
out each and every activity in business requires finance.
Total cash and assets introduced by owner into business is known as capital.

Drawings
It is total cash and goods used by owner for their personal purpose.
Amount of drawing will be deducted from capital amount. .

Expenses
1. Purchases of goods on cash or on credit
Business incurred expenses when it receives benefit in the
form of goods or services from other parties.
2. Receives benefit in the form of services
from employee business pays salary to
them.
3. Business uses the electricity so it get bill
from Electricity Department.
4. Business gets loan from bank so it needs to
pay interest to bank.

Types of Expenses
A. Revenue Expenditures
Recurring in nature.
Needs to be made to manage
business activities daily.
Benefit on such expenditures to
business is for short period.
Ex. Salary, Wages, Office Rent etc.

Non recurring in nature
Capital expenditures incurred on
purchases of capital goods.
Benefit on such expenditures to
business is for long period.
Ex. Purchases of land & Building,
Plant & Machinery, Furniture etc.

Expenditure for current accounting
year should be taken to the profit and
loss account & expenses pertaining to
the next accounting year should be
taken into balance sheet assets side .
Ex. Heavy advertisement expenditures

Incomes
1. Sale of Goods or Services
Business earn incomes when it sells benefit of goods or services to others on cash or on credit.
2. Gives benefit in the form of services &
get income in the form of commission, rent
etc.
3. Interest received on bank deposits.
4. Dividend received on shares

Revenue
Recurring in nature
Regular flow of incomes for business
Ex. Sales, Rent received, Commission
received etc.
Credited to Profit & Loss Account
Types of Incomes

Non recurring in nature
Not intentionally but occurred occasionally
Ex. Sales of Land & Building, Furniture etc.

Profit
Excess of Incomes over Expenditure is known as Profit.
Expenses Incomes
25000 32000
Profit = Incomes – Expenses
Profit = 32000 – 25000
= $ 7000

Losses
Excess of expenditures over incomes is losses to the firm.
Expenses Incomes
35000 32000
Loss = Expenses – Incomes
Loss = 35000 – 32000
= $ 3000

Assets
Any kind of property owned by business is known as assets. Any amount
receivables from other parties against sale of goods or services on credit
in future also considered as an assets for business.
Land & Building,
Furniture, Motor Vehicle,
Fitting & Fixtures etc.

Fixed Assets Current Assets Fictitious Assets
Ex. Land & Building, Plant &
Machinery, Furniture, Motor Vehicle
etc.
Held in business for long
period.
Held in
business for
short period.
Ex. Cash in
hand, Cash at
Bank, Sundry
Debtors, Bills
Receivable etc.
Unrealisable
Assets. Don’t have
any market value.
Only created in
imaginary nature.
Preliminary
Expenses etc.

Liability
Total amount payable to others by business is known as liability of the business.
It is the amount due by business to others since business received goods or services on credit basis.
Internal
Liability Capital introduced
by owner into
business.
External
Liability
Bank loan,
Sundry
Creditors,
Bills Payable,
Expenses
Payable etc.

Types of Liabilities
Fixed Liabilities
Payable in
long term.
Ex. Capital,
Bank Loan
etc.

Current Liabilities
Payable in short period.
Ex. Sundry Creditors, Bank
Overdraft, Bills Payable,
Outstanding Expenses etc.

Contingent
Liabilities
Not in present liability. Depends on
happening or non-happening of
future event.
Ex. Workmen’s Compensation
claim etc.

Things, Commodity or articles in which trader deals
with intention to earn profit is known as goods.
Revenue Goods
Includes such things or commodities which is
purchased in business with intention to resale them
into market & earn profit.

Capital Goods
• Capital goods are any tangible asset used by a business to produce goods or services for consumer goods or use by other businesses.
• They are generally durable goods that can be used more than once.
• They are not available for resale.
• Ex. Land & Building, Plant & Machinery, Furniture etc.

Purchases includes purchases of goods or services on cash
or on credit.
Purchases A/c should not be included Capital Goods such
as Purchases of land & Building, Furniture & Plant &
Machinery etc.
Purchases is an Revenue Expenditure for the business.
Purchases

Sales includes sale of goods or services on cash or on
credit.
Sales should not be included sale of Capital Goods such as
sale of land & Building, Furniture & Plant & Machinery etc.
Sales is an Revenue Income for the business.

Sundry Debtors are the current assets of the business.
Collectively amount receivable from customers against
goods or services sold on credit is known as Sundry
Debtors of the business.

Bad debts is the loss for the business. Bad debts is the
total amount which is not recoverable from sundry
debtors.

Sundry Creditors are the current liabilities of the
business.
Collectively amount payables to suppliers
against goods or services purchased by business
on credit is known as Sundry Creditors of the
business.

It is the allowance given by seller to the buyer in case
of sell of goods or services.
Discount is the expenses for the seller and income for
the buyer.

Trade discount is allowed by seller to the buyer from his price list of
goods or services.
It is discount which is given before transaction take place between seller
and buyer.
Main intention behind to allow trade discount is buyer must purchase
goods in bulk quantity. Trade discount should not be recorded in the
books of accounts.

Seller allows cash discount to the buyer with intention to receive payment
of goods or services immediately.
Cash discount given after transaction take place between seller & buyer.
Cash discount should be recorded in the books of accounts

A person who is in the position to settle all his debts from his available
assets is known as solvent person.
Solvent person have sufficient assets to pay out all his liabilities
ASSETS = LIABILITIES
Or
ASSETS > LIABILITIES

A person who is unable to settle all his debts from his
available assets is known as insolvent person.
Insolvent person do not have sufficient assets to pay
out all his liabilities.
ASSETS < LIABILITIES

Goodwill is the money value of business reputation.
Due to the name and fame of the business, business gets more profit
than other business houses in the same type of industry
It is an intangible assets, which can be measured in terms of the money.

Outstanding Expenses or
Expenses payable
Expenses incurred but not still paid is known
as Outstanding Expenses.
It is a current liability of the business.
Salary for the month of March payable to
employee.

Prepaid Expenses or Expenses paid in advance
Expenses paid in advance before it arise or
incurred is known as Prepaid Expenses or
Expenses paid in advance .
Prepaid Expense is a current asset of the
business.
In the month of December the Salary of January
month paid in advance is considered as a Prepaid
Salary.

Outstanding Incomes or Income Receivable
Incomeearnedbutnotstillreceivedincashisknown
asIncomeReceivable.
IncomeReceivableisaassetofthebusiness.

Deposits made with bank on 1st June, 2022. on 30th June
Interest earned by the Co. but it will be received on 10th July,
2022. To record transaction on 30th June we show Interest
Receivable.

Pre-Received Income or Income Received in Advance

Ex. Rent for the month of April, 2022 is received in advance in
the month of March. Rent for the month April will be considered
aspre-receivedinincomeinthemonthofMarch.

Accounting Principles,
are used as guideline
principles for entering
transactions in books
of accounts.
Accounting Principles are
most significant in the case
of Preparation of Financial
Statements.
• The purpose behind understanding Accounting Principles are
following uniformity in the preparation of accounting reports.
Accounting Principles, Concepts &
Conventions

• Following accounting principles universally enables to
various users of accounting information to understand
and analyse the financial statements.
• They are important in case of making comparison and
making conclusion about the profitability and financial
position of the business.

1. Business Entity Concepts
• Business & Owner are separate
• Record financial transactions in the view point of the business
• We are not going to record owners personal transactions
• Due to this concept capital introduced by business owner is considered as
liability for business.

2. Money Measurement Concept
• Only those transactions are recorded in the books of accounts which can be
measured in terms of money.
• Non-monetary transactions should not be recorded in the books of
accounts.

3. Going Concern
• It states the business has long & indefinite life.
• It is assumed that business will carry out all its activities in future.
• All credit transactions take place into business on the basis of this concept.
• It is the fundamental assumed concepts.
• Financial institutions provides loan & investors invest amount into business
by assuming this concept.

Example
• Federal bank grant loan to X manufacturers $ 10,000 for 2 years @ 9%
p.a. interest. Here Federal bank assuming the business of X manufacturers
will continue in future & for that’s why bank granted loan. Federal bank
has considered the Going Concern Concept already. All such financial
transaction take place in business on the basis of Going Concern.

4. Cost Concept
• It states that assets should be recorded in the books of accounts at its
purchase value.
• Expenditure incurred after asset put in use should not be included in asset
value .
• Any expenditure incurred on newly purchased assets also added into
purchase value of asset.

Example
• Purchased Plant & Machinery for $ 5,000. $ 200 incurred on its carriage
and $ 150 paid wages to workers for its installation.
• As per cost concept above Plant & Machinery should be recorded at its
cost $ 5350 in the books of accounts.
• Any expenditure incurred on newly purchased asset to put it in use is
added into purchase value of asset.

5. Dual Aspect Concept
• Every transaction involves minimum two accounts and it has minimum two
effects.
• Benefit receiver account goes with debit and benefit giver account goes with
credit.
• One account is benefit receiver and other account is benefit giver.
• To prepare financial reports we need to record both effects of transactions.

• Accounting equation is based on Dual Aspects Concept.
• We can not prepare financial reports with recording one effect and
neglecting other effect.
• Assets = Capital + Liabilities

6. Accrual Concept
• It is the fundamental assumed concept.
• Incomes should be recorded when they are received in cash & also when
they are receivable.
• It states expenses should be recorded when they are paid in cash & also
when they are due .

• Ex. 1. Paid salary by cheque $ 500 on 31st March, 2022.
• Ex. 3 Commission received in cash $ 350 on 16th January, 2022.
• Ex. 2 Salary due for March month $ 400. It will be paid on 10th April, 2022.
• In this case we record transaction on 31st March, 2022 when Salary is
payable.
• Ex. 4 Rent for January month $ 500 will be receive on 7th Feb. 2022.
• In this case we record this transaction when the Rent earned and receivable
on 31st January 2022 and not on 7th Feb. 2022.

7. Matching Concept
• Matching concept states expenses that are incurred in an accounting period
should be matched with the revenue earned during that period.
• The business entities follow this concept mainly to ascertain the true profit
or loss during an accounting period..
• The purpose of the matching concept is to avoid misstating earnings for a
period.

8. Revenue Recognition Concept
• It states when to revenue traced in business.
• Ex. X ordered goods $ 1,000 on 6th January, 2021 to Y. Y
delivered goods on 9th January, 2021. $ 1,000 received from X
to Y on 15th January, 2021. Now the question arises when
revenue should be recognized or needs to be record in the
book of Y.

• The revenue would be recognized on 9th January, 2021 when the actually
income is receivable.
• On 6th January, mere goods ordered, the ownership in goods is not yet
transferred from Y to X.
• On 15th January, actually payment of goods received from X. But Y is going to
record sales when it is receivable from X on 9th January, 2021. To know the
true picture of financial statements.

9. Periodicity Concept
• The financial statement must be prepared for particular period to ascertain
financial results and financial position. Usually it is called as accounting year.

• Accounting conventions are a set of practices that a business entity follows over a
period of time to prepare its accounts.
• The purpose of accounting conventions is to guide accountants while they prepare
financial statements

1. Consistency Convention
• This convention states business should continuously follow the adopted
policies.
• Business should formulate constant accounting policies year after year, It
would not be acceptable to charge depreciation by straight line method in
one accounting year and Reducing Balance Method in next accounting year.

2. Disclosure Convention
• It states all financial matters should be disclosed into financial statements.
• Financial statements are helpful for different users. The users of accounting
information read the financial statement & take their decision.
• The very purpose behind to this concept is not to hide any information from
users of accounting.

3. Conservatism Convention
• The accounting is helpful to manage financial planning of the business.
• Accounting has the main object not only to show what happened but to
provide technique of practices to overcome from the burden of debts in
future.
• Conservatism convention provides the guideline about to make provisions
for expected future expenses or losses against profit.

• The portion profit is kept aside to manage such expenses or losses in future.
• This may helpful to business to survive without financial difficulties.
• It never states to make provision for expected future incomes and profit.

4. Materiality Convention
• It states only significance financial information should be communicated to
various parties.
• What is Significant Information?
• Significant information means such financial information which may affects
financial decisions of users of accounting information.

Accounting Standards are the written document
consisting rules and guidelines about the preparation of
financial statements & its presentation.

The main purpose behind to set up
accounting standards is to bring
uniformity in the preparation of
financial statements.

Uniformity in preparation of
financial statements assists in
interpreting financial
statements & to assist to get
valuable judgement regarding
financial matters of different
users of accounting information.

These are issued by International Accounting Standard
Board (IASB). IASB replaced by International Accounting
Standard Committee (IASC) in 2001.
IASC was formed in 1973 to develop International
Accounting Standards (IAS) which had global acceptance
and made different accounting statements of different
countries similar and comparable

The IFRS foundation is an independent, not for profit private sector
organisation working in the public interest.
To promote the use and application of those standards
To take account of the financial reporting needs of emerging
economies and small and medium sized entities

Double Entry Book Keeping System
Scientific method of recording transactions.
Transaction have involved minimum two accounts and it has
minimum two effects.
Based on Dual Aspect Concept
Record made through debit & credit

Double Entry Book Keeping System
Double Entry Book Keeping System helpful in preparation of
various books, ledger, trial balance profit & loss A/c &
Balance Sheet

Account
Summary record about expenses,
losses, incomes, profits, assets and
liabilities

Different types of Accounts
Real A/c’ s
Personal A/c’s Nominal A/c’s

Personal Accounts
Natural Personal A/c
Artificial Personal A/c
Representative Personal A/c
John A/c, Wiley A/c
Company’s, Banks, Proprietorship
Concern, Charitable Trust
Capital A/c,
Drawings A/c,

Real Accounts
Tangible Real Accounts
Cash A/c, land & Building A/c, Plant &
Machinery A/c, Furniture A/ c
Intangible Real Accounts
Goodwill A/c, Patent A/c, Copyright A/c,
Trade Mark a/c

Nominal Accounts
• Wages A/c, Salaries A/c, Printing &
Stationery A/c, Office Rent A/c,
Advertisement A/c, Bad Debts A/c
Expenses & Losses
• Sales A/c, Dividend Received A/c, Interest
Received A/, Commission Received A/c,
Profit on sale of Assets A/c
Incomes & Gains

Golden Rules of Accounts
Personal A/c Dr. the
receiver
Cr. the
giver
Real A/c
Dr. what
comes
in
Cr. what
goes
out
Nominal A/c
Dr. all expenses & losses
Cr. all incomes& gains

Making Entries with the help of Rules of Accounts
Business commenced with $ 40,000.
Two Accounts Types of A/c Rules Applied Dr. A/c Cr. A/c
1. Cash A/c Real A/c Dr. what comes in Cash A/c
2. Capital A/c Personal A/c Cr. the giver Capital A/c

$ 1,200 transfer from Bank of India to State Bank of India.
1. State Bank of
India A/c
Personal A/c Dr. the receiver State Bank
of India A/c
2. Bank of India
A/c
Personal A/c Cr. the giver Bank of India
A/c

Cash withdrawn from Bank $ 3,000.
2. Bank A/c Personal A/c Cr. the giver Bank A/c

Proprietor withdrew cash from business for personal use $
2,000.
1. Drawings A/c Personal A/c Dr. the receiver Drawings A/c
2. Cash A/c Real A/c Cr. what goes out Cash A/c

Purchased Goods worth $ 400 on Cash.
1. Purchases A/c Nominal A/c Dr. all expenses & losses Purchases A/c

Purchased goods from X for $ 1,000.
2. X’s A/c Personal A/c Cr. the giver X’s A/c

Purchased goods from X for $ 1,000 on cash.

Bought goods from A for $ 500 by Cheque.

Purchased Furniture for $ 700 on cash.
1. Furniture A/c Real A/c Dr. what comes in Furniture A/c

Paid $ 20 for the carriage of above Furniture.
1. Furniture A/c Real A/c Dr. what comes in Furniture A/c

Purchased Printing & Stationery material for $ 100.
1. Printing &
Stationery A/c
Nominal A/c Dr. all expenses & losses Printing &
Stationery A/c

Paid wages to workers $ 300.
1. Wages A/c Nominal A/c Dr. all expenses & losses Wages A/c

Paid Office Rent $ 150
1. Office Rent A/c Nominal A/c Dr. all expenses & losses Office Rent A/c

Paid Salary $ 400 by cheque.
1. Salary A/c Nominal A/c Dr. all expenses & losses Salary A/c

Received commission from Z $ 80.
2. Commission
Received A/c
Nominal A/c Cr. all incomes & gains Commission
Received A/ c

Received interest $ 20 on bank account.
1. Bank A/c Personal A/c Dr. the receiver Bank A/c
2. Interest A/c Nominal A/c Cr. all incomes & gains Interest A/c

Sold goods for $ 800.
2. Sales A/c Nominal A/c Cr. all incomes & gains Sales A/c

Sold goods to JK Traders worth $ 1,000 on credit.
1. JK Traders A/c Personal A/c Dr. the receiver JK Traders A/c

Sold goods to JK Traders worth $ 1,000 on Cash.
1. JK Traders A/c Personal A/c Dr. the receiver JK Traders A/c

Sold goods to JK Traders worth $ 1,000 on cash.

Sold goods worth $ 900 & 10% cash discount allowed to
customers.
2. Discount
Allowed A/c
Nominal A/c Dr. all expenses & losses Discount
Allowed A/c

Sold goods worth $ 900 & 10% trade discount allowed to
customers.
1. Cash A/c Real A/c Dr. what comes in Cash A/c ($810)
($810)

Purchased goods from Y for $ 600 & received 10% cash discount.
2. Discount
Received A/c
Nominal A/c Cr. all incomes & gains Discount
Received A/c

Classification of Assets, Liabilities, Expenses & Losses, Incomes & Gains
Expenses & Losses
Purchases
Carriage Inward
Wages
Office Rent
Salary
Printing & Stationery
Office Expenses
Telephone Charges
Electricity Charges
Postage & Telegram
Advertisement
Carriage Outward
Commission Paid
Interest on Capital
Discount Allowed
Interest Paid
Audit Fees
Legal Expenses
Bank Charges
Bad Debts (Loss)
Depreciation (Nominal Loss)
Loss on sale of Asset

Assets
Land & Building
Plant & machinery
Furniture
Premises
Leasehold Property
Fittings & Fixtures
Motor Vehicles
Computer & Printers
Goodwill
Copyright
Patent
Investment made in shares, bonds
etc.
Fixed Deposits
Sundry Debtors
Bills Receivable
Stock of Goods
Cash in hand
Cash at Bank
Prepaid Expenses
Outstanding Income or Income
Receivable

Incomes & Gains
Sales
Rent received
Interest received
Dividend received
Commission received
Discount received
Sundry Income
Interest on Drawings
Profit on Sale of Assets

Liabilities
Capital
Bank Loan
Bank Overdraft
Sundry Creditors
Bills Payable
Expenses Payables
Pre-received Incomes
General Reserve
Reserve Fund

Expenses & Losses
Increase in Expenses & Losses is Debited
Decrease in Expenses & Losses is Credited
Fundamental Rules of Dr. & Cr.
Assets
Increase in Assets is Debited
Decrease in Assets is Credited

Fundamental Rules of Dr. & Cr.
Liabilities
Increase in Liabilities is Credited
Decrease in Liabilities is Debited
Income & Gains
Increase in Income & gains is Credited
Decrease in Incomes & gains is debited

Making entries through Rules of Debit & Credit
1. Started business with Cash $ 5,000 & Furniture $ 3,000.
A/c’s Involved Classification Rule of Dr. & Cr. Dr. A/c Cr. A/c
1. Cash A/c Asset Increase in Asset is Debited Cash A/c
2. Furniture A/c Asset Increase in Asset is Debited Furniture A/c
3. Capital A/c Liability Increase in Liability is Credited Capital A/c

2. $ 500 deposited into bank.
1. Bank A/c Asset Increase in asset is debited Bank A/c
2. Cash A/c Asset Decrease in asset is credited Cash A/c

3. Withdrawn $ 300 from Bank.
1. Cash A/c Asset Increase in asset is debited Cash A/c
2. Bank A/c Asset Decrease in asset is credited Bank A/c

4. Paid Salary $ 600 by cheque.
1. Salary A/c Expenses Increase in Expenses is debited Salary A/c
2. Bank A/c Asset Decrease in asset is credited Bank A/c

4. Purchased goods for $ 200 from X on Credit.
1. Purchases A/c Expenses Increase in Expenses is debited Purchases A/c
2. X’s A/c Liability Increase in Liability is credited X’s A/c

5. Sold Goods to Z worth $ 800 on credit.
1. Z’s A/c Asset Increase in Asset is debited Z’s A/c
2. Sales A/c Incomes Increase in incomes is credited Sales A/c

6. Paid $ 190 to X and $ 10 discount received from X.
1. X’s A/x Liability Decrease in Liability is Debited X’s A/c
2. Discount Received A/c Incomes Increase in incomes is credited Discount
Received A/c
3. Cash A/c Asset Decrease in Asset is credited Cash A/c

7. Received $ 780 from Z for full settlement of his account.
1. Cash A/c Asset Increase in Asset is debited Cash A/c
($780)
2. Discount Allowed A/c Expenses Increase in expenses is debited Discount
Allowed A/c
($20)
3. Z’s A/c Asset Decrease in Asset is credited Z’s a/c

8. Transfer $ 600 from Bank of India to Indian Overseas Bank.
1. Indian Overseas Bank
A/c
Asset Increase in Asset is debited Indian Overseas
Bank A/c
2. Bank of India A/c Asset Decrease in Asset is credited Bank of
India A/c

9. Received Rent $ 200.
1. Cash A/c Asset Increase in Asset is debited Cash A/c
2. Rent Received A/c Income Increase in Income is Credited Rent Received
A/c

Accounting Equations
Assets = Capital + Liabilities

Resource Document Required
Source document are written documents which contain details of
the transactions and are prepared at the time, a transaction is
entered into. They are also referred to as supporting documents.

Vouchers
Payment Voucher – Prepared
at the time of making payment
to party.
Receipt Voucher – Prepared at
the time of receiving cash from
party.

Cash Memo – When goods are sold to party on cash the Cash Memo
are prepared.

Credit Note – When a seller receives goods returned from the
buyer, he prepares and sends a credit note as an intimation to
the buyer showing that the money for the related goods is
being returned in the form of a credit note.

Journal
Journal is a book in which transactions are recorded in chronological
order i.e., date-wise.
The process of recording a transaction in a journal is called
journalising.
An entry made in Journal is called as Journal Entry.

Format of Journal
Date Particulars L.F. Debit Credit
In the Books of _______________________
Journal

Exercise 1.
Journalise the following transactions for the month of January, 2021.
1. Mitchell started business with cash $ 10,000 & a building valued at $ 15,000.
3. Purchased goods amounting to $ 1,000 out of which goods of $ 200 were
purchased on credit from Smith.
5. Sold goods to Steve $ 600.
9. Goods returned from Steve $ 80.
11. Goods purchased from David $ 1,300.
15. Goods returned to David $ 200.
22. Received interest from bank on account $ 125.
22. Paid cartage $ 50.
30. Deposited cash into Bank $ 450.

Date Particulars L.F. Debit
(Amt. )
Credit
(Amt.)
1st January,
2021
Cash A/c ---------------------------------Dr.
Building A/c -----------------------------Dr.
To Capital A/c
(Being started business with cash and
building)
10,000
15,000
25,000
3rd January,
2021
Purchases A/c ----------------------------Dr.
To Cash A/c
To Smith A/c
(Being purchased goods on cash and
partly on credit)
1,000
800
200
5th January,
2021
Steve A/c ---------------------------------Dr.
To Sales A/c
(Being sold goods on credit)
600
600
9th January,
2021
Sales Return A/c -------------------------Dr.
To Steve A/c
(Being goods returned from Steve)
80
80
In the Books of Mitchell
Journal

(Amt. )
Credit
(Amt.)
11th January,
2021
Purchases A/c ----------------------------Dr.
To David A/c
(Being purchased goods on credit)
1,300
1,300
15th January,
2021
David A/c --------------------------------Dr.
To Purchases Return A/c
(Being purchased goods returned)
200
200
22nd January,
2021
Bank A/c ---------------------------------Dr.
To Interest Received A/c
125
125
22nd January,
2021
Cartage A/c ----------------------------Dr.
To Cash A/c
(Being paid cartage)
50
50
25th January,
2021
Bank A/c --------------------------------Dr.
To Cash A/c
(Being cash deposited into Bank)
450
450
Total 28,805 28,805

Exercise 2.
Journalise the following transactions in the Journal of Williamson for
the Feb. month 2021.
1. Williamson started business with cash $ 10,000.
2. Purchased furniture for cash $ 700.
4. Purchased goods for cash $ 1200 @ 10%. T.D.
5. Sold goods for $ 500 @ 10% T.D.
7. Paid rent for the office $ 200.
9. Withdrew cash from office for personal use $ 500.
12. Received commission $ 180.
15. Paid life insurance premium by cheque $ 300.
19. Distributed goods as free sample worth of $ 50.

Exercise 2.
22. $ 50 Goods lost by theft.
23. Due to fire goods destroyed worth of $ 200 & Insurance Co. admitted a claim of $
180.
28. Sold part of Furniture for $ 100.
28. $ 100 Goods withdrew by owner for personal use.

(Amt. )
Credit
(Amt.)
1st Feb. 2021 Cash A/c ---------------------------------Dr.
To Capital A/c
(Being started business with cash)
10,000
10,000
2nd Feb. 2021 Furniture A/c -----------------------------Dr.
To Cash A/c
(Being purchased furniture on cash)
700
700
4th Feb. 2021 Purchases A/c ----------------------------Dr.
To Cash A/c
(Being goods purchased @10% T.D.)
1080
1080
5th Feb. 2021 Cash A/c ---------------------------------Dr.
To Sales A/c
(Being sold goods @ 5% T.D.)
450
450
7th Feb. 2021 Rent A/c ----------------------------------Dr.
To Cash A/c
(Being paid rent)
200
200
In the Books of Williamson
Journal

(Amt. )
Credit
(Amt.)
9th Feb. 2021 Drawings A/c ----------------------------Dr.
To Cash A/c
(Being cash withdrawn for personal use)
500
500
12th Feb. 2021 Cash A/c ---------------------------------Dr.
To Commission Received A/c
(Being received commission)
180
180s
To Bank A/c
(Being life insurance premium paid by
cheque)
300
300
19th Feb. 2021 Advertisement A/c ----------------------Dr.
To Purchases A/c
(being goods distributed as free sample)
50
50
22nd Feb. 2021 Loss by theft A/c ------------------------Dr.
To Purchases A/c
(Being goods loss by theft)
50
50

(Amt. )
Credit
(Amt.)
23rd Feb. 2021 Insurance Claim Receivable A/c -------Dr.
Loss by Fire A/c -------------------------Dr.
To Purchases A/c
(Being goods lost destroyed by fire &
insurance co. admitted a claim)
180
20
200
28th Feb. 2021 Cash A/c ---------------------------------Dr.
To Furniture A/c
(Being sold part of Furniture)
100
100
To Purchases A/c
(Being withdrew goods for personal use)
100
100
Total 13,910 13,910

Exercise 3.
Journalise the following transactions in the books of David.
(i) Goods sold to Sweety list price $ 500, trade discount 10% and cash discount 6%. The
cash discount was availed by Sweety.
(ii) Pat who owed us $ 200 is declared insolvent and 50% per cent amount received
from his private estate.
(iii) Goods worth 100 were given away as charity.

(Amt. )
Credit
(Amt.)
(i) Cash A/c ---------------------------------Dr.
Discount Allowed A/c -------------------Dr.
To Sales A/c
(Being sold goods to Sweety @ 10%
T.D. & 6% cash discount allowed)
423
27
450
(ii) Cash A/c ---------------------------------Dr.
Bad Debts A/c --------------------------Dr.
To Pat A/c
(Being 50% amount recovered from
private estate of Pat who becomes
insolvent)
100
100
200
(iii) Charity A/c ------------------------------Dr.
To Purchases A/c
(being goods given as charity)
100
100
Total 750 750
In the Books of David
Journal

Exercise 4.
Journalise the following transactions.
(i) Paid rent of building $ 2000, half of the building is used by the proprietor for
residential use.
(ii) Paid fire insurance of the above building $ 100.
(iii) Salary due to clerk $ 250.
(iv) Charge depreciation of Furniture @10% p.a. (B.V. of Furniture $ 1,000).
(v) Provide interest on capital ($ 5,000) at 15% p.a. for 6 months.
(vi) Charge interest on drawings ($ 600) at 18% p.a. for 6 months.
(vii) Interest on loan from Kate ($ 2,000) at 12% p.a. for 2 months outstanding.
(viii) Interest on loan to Latham ($ 1,500) at 10% p.a. for 3 months outstanding.
(ix) Received commission $ 90 half of which is in advance.
(x) Brokerage due to us $ 60.

(Amt. )
Credit
(Amt.)
(i) Rent A/c ---------------------------------Dr.
Drawings A/c ---------------------------Dr.
To Cash A/c
(Being Rent paid half of it paid for the
residential rent)
1,000
1,000
2,000
(ii) Fire Insurance Premium A/c -----------Dr.
Drawings A/c ---------------------------Dr.
To Cash A/c
(Being paid fire insurance premium for
building. Half of its for residential
purpose)
100
100
200
(iii) Salary A/c ------------------------------Dr.
To Outstanding Salary A/c
(Being Salary Payable)
250
250
In the Books of Proprietor
Journal

(Amt. )
Credit
(Amt.)
(iv) Depreciation A/c -----------------------Dr.
To Furniture A/c
(Being 10% depreciation charged)
100
100
(v) Interest on Capital A/c ----------------Dr.
To Capital A/c
(Being 15% interest due on capital for 6
months)
375
375
(vi) Capital A/c ------------------------------Dr.
To Interest on Drawings A/c
(Being 18% interest on drawings
charged for 6 months)
54
54
(vii) Interest A/c ------------------------------Dr.
To Loan from Kate A/c
(Being 12% interest due on loan for 2
months)
40
40

(Amt. )
Credit
(Amt.)
(viii) Loan to Lethem A/c --------------------Dr.
To Interest A/c
(Being 10% interest due on loan to
Lethem for 3 months)
50
50
(ix) Cash A/c
To Commission A/c
To Pre-received Commission A/c
(Being received commission half of it
received in advance)
90
45
45
(x) Brokerage receivable A/c -------------Dr.
To Brokerage A/c
(Being brokerage receivable)
60
60
Total 3,219 3,219

Ledger
It is a principle book.
It contains accounts related to Expenses, Losses, Incomes, Gains,
Assets & Liabilities.
Transaction recorded into Journal & Subsidiary books were posted
into Ledger. That’s why it is also called as Secondary Book of
recording transactions into books of accounts.

Ledger Account is divided in two side.
The process of entering transaction into ledger is known as posting.
Left hand side is Debit Side
Right hand side is credit side

The account having debit into entry we are going
to post credit account name to the debit side of
that account.
The account having credit into entry we are going
to post debit account name to the credit side of
that account.
Posting

Ex. 1st April, 2021 Started business with cash $
5,000.
Date Particulars L.F. Debit (Amt.) Credit (Amt.)
1st April,
2021
Cash A/c ----------------------------------Dr.
To Capital A/c
(Being started business with cash)
5,000
5,000
Journal Entry

Date Particulars J.F. Amt. Date Particulars J.F. Amt.
Dr. Cash A/c Cr.
In the books of _________

Dr. Capital A/c Cr.

Ex. 4th April, 2021 Purchased goods on credit from David $
1,000.
4th April,
2021
Purchases A/c ---------------------------Dr.
To David’s A/c
(Being purchased goods on credit)
1,000
1,000
Journal Entry

Dr. Purchases A/c Cr.

Dr. David’s A/c Cr.

Ex. 7th April, 2021, $ 700 paid to David.
4th April,
2021
David’s A/c -------------------------------Dr.
To Cash A/c
(Being paid cash)
700
700
Journal Entry

Ex. 10th April, 2021, Sold goods to Peter $ 1,500.
4th April,
2021
Peter’s A/c -------------------------------Dr.
To Sales A/c
(Being sold goods on credit)
1,500
1,500
Journal Entry

Dr. Peter’s A/c Cr.

Dr. Sales A/c Cr.

Ex. 15th April, 2021 $ 1,100 received from Peter.
4th April,
2021
Cash A/c -------------------------------Dr.
To Peter’s A/c
(Being received cash)
1,100
1,100
Journal Entry

Ex. 21st April, 2021 Paid Rent $ 100.
4th April,
2021
Rent A/c ---------------------------------Dr.
To Cash A/c
(Being paid rent in cash)
100
100
Journal Entry

Dr. Rent A/c Cr.

Ex. 28th April, 2021 Received commission $ 500.
(Amt.)
Credit
(Amt.)
28th April,
2021
Cash A/c ----------------------------------Dr.
To Commission A/c
(Being received commission)
500
500
Journal Entry

Dr. Commission A/c Cr.

Trial Balance
Trial Balance is the list of all debit and credit balances of accounts.
Trial balance is the base for the preparation of financial statements.

Trial Balance as on 30th April, 2021
Particulars Dr. Balance
(Amt.)
Cr. Balance
(Amt.)
Cash A/c 5,800
Capital A/c 5,000
Purchases A/c 1,000
David A/c 300
Peter’s A/c 400
Sales A/c 1,500
Rent A/c 100
Commission A/c 500
Total 7,300 7,300

Rules of Balances of Accounts as per traditional approach
Sr. No. Account Name Balance Balance
1 Cash A/c Real A/c Dr.
2 Capital A/c Personal A/c Cr.
3 Purchases A/c Nominal A/c Dr.
4 David A/c Personal A/c Cr.
5 Sales A/c Nominal A/c Cr.
6 Peter’s A/c Personal A/c Dr.
7 Rent A/c Nominal A/c Dr.
8 Commission A/c Nominal A/c Cr.

Personal A/c’s
Personal Account may have debit or credit balance.
If it shows debit balance then it will asset for the business.
If it shows credit balance then it will be liability for the business.

Real Accounts
All Real Accounts always shows debit balance & they all assets of
the business.

Nominal A/c’s
Nominal Account may show debit or credit balance.
If it shows debit balance then it will expenses or losses for the
business.
If it shows credit balance then it will be incomes or gains for the
business.

Rules of Balances of Accounts as per Modern Approach
Sr. No. Account Name Classification Balance
1 Cash A/c Asset Dr.
2 Capital A/c Liability Cr.
3 Purchases A/c Expenses Dr.
4 David A/c Liability Cr.
5 Sales A/c Income Cr.
6 Peter’s A/c Asset Dr.
7 Rent A/c Expenses Dr.
8 Commission A/c Income Cr.

Rules of Balances of Accounts
Classification Balance
Asset Always shows Dr. balance
Expenses Always shows Dr. balance
Capital Always shows Cr. balance
Liabilities Always shows Cr. balance
Income Always shows Cr. balance

Subsidiary Books
• It is not convenient to record all type of transactions into
Journal.
• We prepared special books to record similar type of
transactions.
• Ex. Cash Book, Petty Cash Book, Purchase Book, Sales
Book, Purchase Return Book, Sales Return Book etc.

Cash Book
• Single Column Cash Book
• Double Column Cash Book

Single Column Cash
Book
i. All cash receipts are recorded to the debit side.
ii. All cash payments are recorded to the credit side.

1. Prepare the Single Column Cash Book of RK Stores. (March, 2022)
1. Cash in hand $ 6,600.
2. Paid Salary to Clerk $ 200.
4. Received dividend $ 350.
6. Purchased Printing & Stationery Material for $ 650.
9. Purchased goods on cash $ 450.
12. Sold goods on cash $ 900.
15. Purchased goods from Cummins for $ 350 on credit.
17. Cash paid into Bank $ 400.
19. $ 140 withdrawn for personaluse from office.
22. Wages due $ 80 to workers.

Date Receipts R.V.
No.
J.F. Amt. Date Payments P.V.
No.
J.F. Amt.
1st March,
2022
To Balance b/d
(Opening balance)
6,600 2nd March,
2022
By Salary A/ c
(Being paid salary)
200
4th March,
2022
To Dividend Received A/c
(Dividend received)
350 6th March,
2022
By Printing & Stationery A/c
(Purchased printing & stationery
material)
650
12th March
2022
To Sales A/c
(sold goods on cash)
900 9th March,
2022
By Purchases A/c
(Purchased goods on cash)
450
17th March,
2022
By Bank A/c
(Cash deposited into bank)
400
19th March,
2022
By Drawings A/c
(cash withdrawn for personal
use)
140
31st March By bal. c/d (closing bal.) 6,010
7,850 7,850
1st April,
2022
To bal. b/d
(Opening bal.)
6,010
Dr. Cash Book Cr.
In the books of RK Stores

Double Column Cash
Book
Under double column cash book we prepared one additional column i.e.
Bank Column along with Cash Column.
All cash deposits into bank account recorded to the receipts side.
All cash withdrawals from bank account recorded to the payments side.

Contra Entry
1. When Cash is deposited into bank.
2. When cash is withdrawn from bank.

2. Prepare double column cash book in the books of James Corner of the month of
April, 2022.
1. Cash in hand $ 4,000 and Bank bal. 3,500.
3. Paid salary by cheque to clerk $ 500.
5. Cash deposited into bank $ 1,000.
7. Sold goods for $ 1,500 half the amount received in cash and half amount
received by cheque.
9. Purchased goods for $ 800 half amount paid by cheque.
12. Cash withdrawn from bank for personal use $ 200.
14. Cash withdrawn from bank for office use $ 300.
16. Received bearer cheque from A’s for $ 600.
18. Paid Printing & Stationery bill $ 120 & Rent $ 200 by cheque.
22. Cheque received on 16th April, 2022 is deposited into bank.
24. Bank credited interest $ 120 & debited $ 40 for bank charges.

Petty Cash Book
Petty cash book is prepared to record small cash transactions.
The purpose behind to prepare petty cash book is mgmt. don’t want to
mixed up petty cash expenses into main cash book.
Person who maintain petty cash book is known as petty cashier.
Petty cashier has to give report of all petty cash transactions daily, weekly,
or monthly to Main Cashier.

Types of Petty Cash
Book
Simple Petty Cash Book
Analytical Petty Cash Book.

Purchase Book
Only revenue goods purchased on credit should be recorded in
purchase book
Purchases of revenue goods on cash should not be taken into
account.
Purchases of Capital Goods on cash or credit should not be
recorded in Purchase Book.
Purchases of any consumable items for business on cash or on credit
should not be taken into account.

Only revenue goods purchased on credit returned to supplied should
be recorded in purchases return book.
Cash purchases of revenue goods returned to supplier should not be
recorded in purchase return book
Returned of capital goods & consumable items to suppliers should
not be recorded in purchase return book.

Debit note
In the case of goods retuned to seller the buyer of goods send debit note.
Why it is called as Debit Note?
Exact amount of goods returned to seller, buyer need not to make payment for
it, so the returned goods amount will be debited to Creditor a/c.

1. Record the following transactions in purchase book and Purchase Return Book
& Post them into Ledger Account.
Aug. 2022, 04 Purchased from Southern Electronics (invoice no. 3250).
20 mini size TV @ $ 600 per piece,
15 tape recorders @ $ 200 per piece,
20% Trade Discount.
Aug. 2022, 06 Bought from AK Electronic Stores (Invoice no. 8260)
10 Video Casettes @ $ 25 each
20 Tape Recorders @ $ 180 each. 10% Trade discount.
Aug. 2022, 07 Returned goods to Southern Electronics (Debit note no. 11)
4 mini size TV, 3 Tape recorders.
Aug. 2022, 10 Returned goods to AK Electronics Stores (Debit note no. 12)
2 Video Cassettes, 3 Tape Recorders.

Date Particulars Invoice
No.
L.F. Details Total
Amount
4th Aug.
6th Aug.
Southern Electronics
20 Mini-Size TV @ $ 600 per piece
15 Tape Recorders @ $ 200 per piece
Less: Trade Discount @ 20%
AK Electronic Stores
10 Video Cassettes @ $ 25 each
20 Tape Recorders @ $ 180 each
Less: 10% Trade Discount
3250
8,260
12,000
3,000
15,000
3,000
250
3600
3850
385
12,000
3,465
Purchase A/c (Dr.) 15,465
Purchase Book

Date Particulars Debit
Note No.
L.F. Details Total
Amount
7th Aug.
10th Aug.
Southern Electronics
4 Mini-Size TV @ $ 600 per piece
3 Tape Recorders @ $ 200 per piece
AK Electronic Stores
2 Video Cassettes @ $ 25 each
3 Tape Recorders @ $ 180 each
11
12
2,400
600
3,000
600
50
540
590
59
2,400
531
Purchase Return A/c (Cr.) 2,931

Dr. Purchase A/c Cr.
4th Aug.
2022
06th Aug.
2022
To Southern Electronics A/c
To AK Electronics Stores A/c
12,000
3,465 31st March,
2022
By Bal. c/d 15,465
15,465 15,465
7th Aug.
2022
31st March,
2022
To Purchase Return A/c
To Bal. c/d
2,400
9,600
4th Aug.
2022
By Purchases A/c 12,000
12,000 12,000
Dr. Southern Electronics A/c Cr.

Dr. AK Electronics Stores A/c Cr.
10th Aug.
2022
31st March
2022
To Purchase Return A/c
To Bal. c/d
531
2,934
6th Aug.
2022
By Purchases A/c 3,465
3,465 3,465
31st March
2022
To bal. c/d 2,931 7th Aug.
2022
10th Aug.
2022
By Southern Electronics A/c
By AK Electronics Stores
A/c
2,400
531
2,931 2,931
Dr. Purchase Return A/c Cr.

Sales Book
1. Only credit Sales of revenue goods should be recorded
2. Cash sales should not be taken into account.
3. Sales of Capital goods should not be recorded. Ex. Sales of Plant &
Machinery, Furniture etc.
4. Sale of old newspaper or sale of scrap should not be taken.

Sales Return Book
1. Only credit Sales of revenue goods returned by customer should be recorded.
2. Sales of goods on cash returned by customer should not be recorded. .
3. Capital Goods returned by customer should not be recorded.

Credit Note
In the case goods returned from customer seller sends credit note to customer.
Why it is called as Credit Note?
Exact amount of goods returned by customer, seller do not claim for such amount
from buyer so he gives credit to the customer account in his book.

2. Record following transactions into Sales Book and Sales ReturnBook
& Post them into their ledgeraccounts for the month of Aug.,2022.
1. Sold goodsto Wales Traders Ltd. (Invoiceno. 777)
50 Chairs @ $ 100 each
60 Tables @ $ 80 each
@ 10% T.D.
4. Sold goodsto Nature Furniture Ltd. (Invoice No. 778)
120 Chairs @ $ 90 each
80 Tables @ $ 70 each
@ 5% T.D.
7 Returnedgoodsfrom Wales Traders Ltd., (Credit note no. 11)
5 Chairs & 8 Tables
12 Returned goodsfrom Nature Furniture Ltd. (Credit note no. 12)
15 Chairs & 10 Tables

Date Particulars Invoice
No.
L.F. Details Total
Amount
August 01
August 04
Wales Traders Ltd.
50 Chairs @ $ 100
60 Tables @ $ 80
Nature Furniture Ltd.
120 Chairs @ $ 90
80 Tables @ $ 70
777
778
5,000
4,800
9,800
980
10,800
5,600
16,400
820
8,820
15,580
Sales A/c (Cr.) 24,400
Sales Book

Date Particulars Credit
Note
LF Details Total
Amount
August 07
August 12
Wales Traders Ltd.
5 Chairs @ $ 100
10 Tables @ $ 80
Nature Furniture Ltd.
20 Chairs @ $ 90
10 Tables @ $ 70
11
12
500
800
1,300
130
1,800
700
2,500
125
1,170
2,375
Sales Return A/c (Dr.) 3,545
Sales Return Book

Dr. Sales A/c Cr.
31st Aug.
2022
To Bal. c/d 24,400 1st Aug.
2022
4th Aug.
2022
By Wales Traders Ltd. A/c
By Nature Furniture Ltd. A/c
8,820
15,580
24,400 24,400
1st Aug.
2022
To Sales A/c 8,820 7th Aug.
2022
31st Aug.
2022
By Sales Return A/c
By Bal. c/d
1,170
7,650
8,820 8,820
Dr. Wales Traders A/c Cr.

Dr. Nature Furniture Ltd. A/c Cr.
4th Aug.
2022
To Sales A/c 15,580 12th Aug.
2022
31st Aug.
2022
By Sales Return A/c
By bal. c/d
2,375
13,205
15,580 15,580
7th Aug.
2022
12thAug.
2022
To Wales Traders Ltd. A/c
To Nature Furniture Ltd. A/c
1,170
2,375
31st Aug.
2022
By. Bal. c/d 3,535
3,535 3,535
Dr. Sales Return A/c Cr.

Journal Proper
• All adjusting transactions are recorded into Journal Proper.
• Salary due for the month of March.
• Purchased capital goods or consumable goods on credit.

Journal Proper
• Calculation of Depreciation on Fixed Assets.
• Commission receivable.

Receipts
• All receipts are not necessarily income. Receipts are
classified into Capital and Revenue.

Capital Receipts
• Amount received from the proprietors as capital or loan
receipt is treated as capital receipts.
• Similarly sales proceeds of fixed assets are also treated as
capital receipts.

Revenue Receipts
• Revenue receipts are recurring in nature.
• Total revenue receipts is not treated as income of the
business.
• For example total receipts from sale of goods are revenue
receipts but it is not treated the revenue income. Balance
remains after deducting cost of goods sold from revenue
receipts is considered as revenue income.

Depreciation
• Depreciation is the nominal loss of the business.
• It is calculated only on fixed assets.
• Due to use of the fixed assets or with the passage of time
the value of fixed asset goes declining.
• Reducing value of fixed assets is the nominal loss of the
business & treated as Depreciation.

Provisions
• A provision represents funds set aside for future expenses
or losses such as reduction in asset value.
• Provision for Tax, Provision for doubtful debts.
• Provision made with prime intention to set out future
expected liability.
• Proper estimation is necessary before making provisions.

Reserves
• There is difference between provisions and reserves.
• Part of profit kept aside for future growth and expansion of
the business is known as reserves.

Book Keeping and Accounting (Basic Level)

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