Accounting- Complete course - From Beginner to Advanced

Explore GAAP and IFRS foundations, including business entity concept, money measurement, going concern, accounting period, cost, and revenue recognition concepts, with practical examples.

Explore accrual and cash basis accounting, and apply the matching concept to align revenue with expenses. Learn about full disclosure, consistency, conservatism, materiality, and objectivity in financial statements.

Identify financial transactions, apply debit and credit rules, pass journal entries, post to ledgers, and prepare trial balances for profit and loss and balance sheets.

Explore the dual concept of accounting and the accounting equation, assets equal liabilities plus capital, and how to derive debit and credit rules from balance sheets.

Explore the golden rules of accounting, covering real, personal, and nominal accounts, and learn how debits and credits apply to assets, liabilities, and income.

Learn how to pass journal entries for capital introduction, drawings, loans, deposits, and asset purchases using correct debit and credit rules, with cash and bank transactions and narration.

Master recording journal entries for cash and credit transactions, including purchases, sales, discounts, receipts from debtors, and key expenses.

The lecture demonstrates passing journal entries for sales and purchases returns, defective goods, and credit adjustments, detailing cash and bank effects and related liabilities.

Post journal entries to the ledger and trace each entry’s impact on the ledger accounts. Identify required accounts and apply debit and credit effects as you post.

Explore the basics of the cashbook, a book of original entry recording cash and bank receipts and payments on monthly basis, with single column, double column, and petty cash formats.

Solve an example of a single column cashbook by recording opening balance, receipts and payments on the debit and credit sides, and balancing to find the cash balance.

Learn to prepare a double column cashbook, combining cash and bank accounts, with debit receipts and credit payments, including contract entries and closing balances for March 2019.

Explore the petty cashbook and imprest system: maintain a start-of-period petty cash balance, record expenses by category (postage, courier, telephone, stationery, miscellaneous), and post periodical journal entries.

Explore how the purchase journal records only credit purchases and the purchase returns book logs returns, while cash purchases go to the cash book; post totals to supplier accounts.

Learn how to prepare the purchase journal and purchase returns journal with credit purchase entries, discounts, cash purchases distinctions, and posting to supplier accounts using a June 2009 example.

Learn how sales journal and sales returns journal record credit sales, cash sales, returns, and net amounts, with posting to customer accounts and issuing debit and credit notes.

Explore the rectification of accounting errors across journal entries, ledgers, and trial balance, including errors of principle, omission, and commission, plus compensating errors and corrective entries.

Learn to rectify errors detected before preparing the trial balance by reversing wrong journal entries and posting correct adjustments to machinery, repairs, purchases, and sales, including partial entries when needed.

Learn how to rectify errors after preparing the trial balance, using suspense accounts in two approaches—without and with a suspense account—through step-by-step corrections.

Learn how to rectify prior period errors using suspense and prior period adjustment accounts, routing trial balance corrections through adjustments into current profit or loss.

Master the basics of bank reconciliation, bridging bank accounts and bank statements to identify timing differences between deposits and withdrawals, errors, and advantages.

Learn to prepare a bank reconciliation statement for a normal debit balance, adjusting for unpresented checks, deposits in transit, bank charges, direct deposits, and interest not recorded.

Learn to prepare a bank reconciliation statement from a normal credit balance, adjusting for deposits not cleared, bank payments not recorded, and unrecorded items like fixed deposits and dividends.

Explore how to prepare a bank reconciliation statement for an overdraft balance, adjusting cashbook and bank statement for checks issued but not presented, direct payments, bank interest, and dividend receipts.

Learn to prepare a bank reconciliation statement after rectifying cashbook errors and recording unrecorded bank transactions, including checks, interest, dividends, and fixed deposits.

Explore how to prepare a bank reconciliation statement from bank statements to cashbooks, using an opening period example and reconciling deposits, charges, transfers, and checks.

Learn to prepare a bank reconciliation statement in Excel by reconciling cashbook and bank statement balances, including checks issued but not presented and deposits not cleared.

Explains inventory types for traders and manufacturers, and how to value inventory using lower of cost and net realizable value, including cost of purchase, conversion, and NRV calculations for COGS.

Explore periodic and perpetual inventory systems and learn cost methods—specific identification, fifo, lifo, simple and weighted averages, and standard costs—plus inventory taking and adjustments.

Explore inventory costing from specific identification to fifo, lifo, simple and weighted average, highlighting periodic vs perpetual systems and how net realizable value affects inventory valuation.

Explore the agisted selling price method, a non historical retail inventory costing approach that derives cost from selling price using the gross profit ratio.

Understand how to allocate fixed asset costs over their useful life through depreciation, including component bifurcation for machinery, residual value, and accounting under schedule two of the Companies Act.

Compare depreciation methods such as straight-line, reducing balance, sum-of-digits, units of production, and depletion, noting cost, salvage value, and useful life.

Compare the WBB on the date of sale with the selling price to determine profit or loss on sale of asset, and review direct versus provision for depreciation methods.

Illustrates charging depreciation to fixed assets using the reducing balance method at 10% per annum, including asset sale, depreciation calculations, and related journal entries.

Explore how changing the depreciation method is treated as a change in the estimate, including switching from reducing balance to straight-line, with separate disclosure of reasons and recalculated depreciation.

Learn how asset revaluation sets fair value, creates revaluation reserves, and transfers gains or losses to equity or profit and loss, while calculating depreciation on the revalued amount.

Explore bill of exchange and promissory note: written instruments with unconditional payment, maker and acceptor roles, order or bearer payment, stamp requirements, and how they raise immediate funds.

Define the foreign bill as a negotiable instrument drawn outside India, or drawn in India but payable outside India, and explain the roles of drawer and acceptor.

Learn to determine the due date of a bill of exchange or promissory note by after date or after sight rules, add months or days, and apply three grace days.

Explore the options of a bill of exchange: holding, endorsing to a third party, or discounting with a bank, along with dishonor consequences and noting charges, renewal, and rebate.

Explore examples of bills of exchange and promissory notes and learn how to pass journal entries for bills receivable, renewals, dishonor, insolvency, and bad debts.

Explore journal entries for bills of exchange and promissory notes, including bank discounting, endorsements, honoring and dishonoring at maturity, and recovery from drawers.