Introduction to Accounting

Record transactions in a journal using double-entry bookkeeping, applying debits and credits to real, personal, and nominal accounts, ensuring debit equals credit.

Learn how to post journal entries to a ledger, classifying items and recording debits and credits. Open and balance accounts like cash, purchases, and salaries to track transactions.

Learn how to record initial capital and subsequent transactions using journal entries, applying the business entity concept and tracking cash, furniture, debits, credits, and drawings.

Post journal entries to the ledger and balance accounts by recording cash and furniture transactions, including credit and debit entries, and update balances.

Demonstrates closing the accounts by computing month-end cash, capital, and drawings, then bringing the closing balances down as opening balances on April 1 using debit and credit rules.

Learn how to close accounts and carry forward balances by preparing a trial balance from ledger postings, check double-entry accuracy, and spot posting errors.

explore how the journal subdivides into subsidiary books—cashbook, purchases, sales, and returns—to manage cash and credit, supporting posting, trial balance, and error rectification.

Learn how to enter purchases and sales in their books, post to the ledger, and use subsidiary books and cashbook structures to reconcile cash and the trial balance.

Identify how the trial balance alone cannot prove accounting correctness, then detect and rectify errors in entries and posting, and prepare accounts including trading, P&L, balance sheet, and bank reconciliation.

Explore common accounting errors and their types: omission, commission, and compensating errors, and see how they affect trial balance and subsidiary books.

Identify documentary evidence for all transactions, note journal page references, and balance bank and cashbook columns with a checks issued column under double-entry bookkeeping.