BASICS OF ACCOUNTING (INDIAN)

Explore the art of accounting as recording, classifying, and summarizing monetary transactions in books of accounts to reveal profits and losses and guide decisions under Indian accounting standards.

Explore the concepts of accounting, including separate entity, going concern, money measurement, dual aspect, cost and inventory valuation, land revaluation, accounting period, matching and realisation concepts, and accounting conventions.

Learn core accounting concepts such as income, revenue, and expenses. Distinguish capital expenditure from revenue expenditure, and explore assets and liabilities, including fixed assets and short- and long-term liabilities.

Explore the cash and accrual accounting systems and learn the three account types—personal, real, and nominal—and the debit and credit rules that govern transfers, assets, and income.

Explore the types of accounts: personal, real, and nominal, and learn to classify transactions, apply debit and credit rules, and prepare three-column journal entries with practical examples.

Explore the types of accounts—real, personal, and nominal—and practice debits and credits by analyzing and recording illustrative transactions and journal entries.

Learn to record business transactions through journal entries, applying debit and credit rules across personal, real, and nominal accounts, including compound entries, ledgers, and the cost concept.

Learn how trade discounts and cash discounts affect purchases and journal entries, and how net prices are recorded in the accounting of discounts across the supply chain.

Explore how journal entries flow into ledgers, posting debits and credits, balancing accounts, and preparing a trial balance for accurate financial reporting.

Learn how to record journal entries, post to ledgers, and prepare a trial balance, balancing debits and credits to ensure accurate opening and closing balances.

Learn to prepare the trial balance by classifying ledger balances into debits and credits, ensuring arithmetical accuracy for final accounts.

learn how final accounts assemble trading and profit and loss accounts and balance sheets from trial balance, with adjustments, opening and closing stock, and depreciation methods.

Explore how adjusting entries shape final accounts by handling accrued income, outstanding and prepaid expenses, closing stock, depreciation, and provisions for doubtful debts.

Learn to prepare final accounts in Indian accounting by applying trial balance adjustments to form trading and profit and loss accounts and balance sheets, including closing stock and depreciation.

Prepare final accounts by compiling trial balance, applying adjustments (closing stock, outstanding expenses, depreciation, prepaid insurance, provisions), and presenting trading, profit and loss, and balance sheet.