Accounting for Beginners: Financial Accounting Basics

This video explains the,

- Understanding of an account & what is the need to classify them. 

- Also you will know how accounts are classified / Organised into three broad categories Real, Nominal and Personal Accounts

A Quick Review on "Classification of Accounts"

This video explains the basic Debit & Credit concepts & the 3 golden rules of accounting based for Real, Nominal and Personal Accounts.

This video gives you a broad idea of how the entire process is followed right from collecting the source documents till preparing the financial statement. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.
Broadly, entire accounting cycle is completed in three easy stages :-
1st is collecting data,
2nd is recording & transferring in various books & then,
the last is finalizing them. This process is generally followed by every organisation, which helps them in making important decisions efficiently. 

In this video the general format of basic source documents like 

-Purchase Invoice and Purchase Order

-Cash and Credit Memo

- Debit and Credit note and the difference between the two

- Receipt and Payment Vouchers

 are explained along with the reason why and when each document is used.

This is very important part of source document topic which explains general and very vital bank documents that are used by not only businesses but also individuals.

So content explained in this video is,

-The differences between bearer, order, crossed, A/c payee cheques & 

-some other frequently used bank documents like deposit and withdrawal slips, Bank advice note and bank statement

Journal is a record that keeps accounting transactions in chronological order, i.e. as an when they occur.  

This tutorial will help you to understand:

1.How to prepare journal
2.What are its features
3. How to record different business transactions in it                                                                                                                      4.Plus basic entries like cash and credit sales, purchases, capital, expenses paid are covered.

To learn journal you have to have a strong understanding of 
-Debit and credit and golden rules of accounts.
-Classification of accounts

This is continued session of How to pass journal entry. 

This video tutorial focuses on important journal entries which are frequently asked in examinations like,

1. Trade discount & Cash Discount 
2. Goods distributed as free samples 
3. Insolvency 
4. Bad debts/Losses 
5. Dishonour of Cheque. 
It covers all the entries with reasons as to why to debit or credit the accounts for these basic transactions. This video is a great way for beginners to gain accounting knowledge. 

Try out this interesting quiz on journal which will give you a through knowledge of it.

This session Covers, 

-Meaning of Subsidiary Books, 

-It's Need and types, 

-Comparison between journal to ledger and subsidiary to ledger.

In this session we will learn, 

-What is Cash Book 

-Its Importance & Types :

1) Single Column / Simple Cash Book

2) Double Column Cash Book

This video explains, 

-What is petty cash book & it's need, 

-What are the types of petty cash book & 

-How to record transactions in petty cash book.

Here is a session which Covers,

-Need for ledger, 

-It's format, 

-Posting of transactions in ledger & balancing ledger accounts.

This Video explains, 

-The need & Importance of preparing Trial Balance & 

-Posting ledger balances in Trial Balance.

Through this session you will understand, 

-Why provisions and reserves are made and 

-What is the difference between the two. 

-Also we will see the different types of reserves.

Many times we make mistakes unknowingly in our accounting books, so in this session we will learn 

-How to rectify them such that our statements show a true & fair view.

Test to revise how the errors can be rectified. quickly go through this short & interesting quiz.

In this session, 

-We will learn through different practical situations 

-The meaning, 

-The entries and adjustments related to bad debts.

Learn Different types of adjustments Such as :

1) Prepaid Expenses  

2) Outstanding Expenses 

3) Accrued Incomes

4) Advance Income 

5) Difference between the terms 'due for payment' and 'accrued'

Quickly revise adjustments in accounting through this challenging & interesting quiz

In this video we will learn, 

-The need to prepare financial statements or final accounts and 

-The format in which it is made. 

-The different components and differences are explained.

In this video we will learn, 

-Posting/recording of each account from the TRIAL BALANCE to the FINAL STATEMENT.

Test yourself through this short and interesting quiz 

Test yourself through this short and interesting quiz 

The Accounting Equation is the foundation of double entry system of accounting. 
Learning Objectives:-
1. What is balance sheet   
2.The accounting equation: Assets = Liabilities + Shareholder Equity.   
3. Balance sheet statement overview (position of a company)                                     
4. Effects of different transactions on balance sheet through accounting equation

This video explains,

-Need & Concept of depreciation in Accounting, 

-How to calculate depreciation & 

-How it is recorded

Quickly revise Depreciation concept through the challenging and interesting quiz

This video explains different business organizations namely,

-Sole Proprietorship, 

-Partnership Firms

-Joint Stock Company 

With their main features & importance which distinguishes them.

This session explains the following concepts:

1) Basics of Partnership
2) Adjustments in Capital Accounts
3) Presentation of Profit & Loss Accounts and
4) Presentation Methods of Capital Accounts

After Learning all the basic concepts of admission of a partners now it's time to apply them so with the help of this video we will learn  " How all the adjustments gets done in the financial statement of partnership firm" in the easiest way.

Learn how the accounts are to be presented and the different adjustments at the time of admission of a partner like their,

-Profit Sharing Ratio,

-Capital Contribution, 

-Goodwill Calculation,

-Revaluation of profit or loss.

After Learning all the concepts of admission of a partners now it's time to apply them so with the help of this video we will learn  " How all the adjustments gets done in the financial statement at the time of admission of partner " in the easiest way.

What is Retirement exactly?

What happens when one partner gets retired from any firm?

What adjustments they have to do in their financial records?

How the profit sharing ratio will be calculated?

So many questions right!!

Don't worry this session will help you to solve all these questions plus your doubts.

In this session we will understand through an example how accounting is done for retirement/death of a partner.

In this session you will learn how to calculate gain ratio, sacrifice ratio, & new profit sharing ratio in different scenarios.

Try out this quiz to enhance your knowledge on Profit sharing ratios.

Goodwill is plays a very important role in business world,

Get your answers to,
1. What is goodwill?
2. Why is there  a need to value goodwill ?
3. How to value goodwill ?

Try out this challenging and interesting quiz to get the perfect knowledge and practice of goodwill valuation.

This video explains "How the valued goodwill gets record in the Firm's Books of Accounts" at the time of admission and retirement of a partner. 

Try out this challenging and interesting quiz to enhance your knowledge on goodwill accounting treatment.

Dissolution?

Shutting Down?

These words only explains their meaning. 

When it happens there is lots of things has to be taken care 

So this session will get to know "what is dissolution and the process of it".

So after getting concepts right you can easily solve this problem on Dissolution and will get to know how accounting gets done.

After dissolution there is one procedure is to be done which you will learn in this session which is,

-What is piecemeal distribution, 

-The order of payment and how statement of excess capital and statement of distribution is prepared through a simple example.

Now it's time to apply the knowledge which we have learned in the earlier session 

So this is a problem solving session which will be covering simple transaction recording and adjustments like donations, subscriptions and  outstanding& prepaid expense or income. 

You will get the thorough knowledge of accounting of Non-Profit Organisations. also go through the assessment tool to get the extra knowledge of this topic.

A "Bank Reconciliation Statement" is a summary of banking and business activity that reconciles an entity's bank account with its financial records. Check out our video on Bank Reconciliation statement which covers why and how we prepare BRS statement by comparing Bank book/ cash book to pass book / bank statement.

Take part in this test on Bank Reconciliation Statement. It  will make your understanding on the topic even stronger and the Tips given to answer these questions will help you to quickly analyse and solve many questions on BRS.

Take part in this interesting quiz on Bank Reconciliation Statement..Find out whether to Add or Less these items on our bank reconciliation statement to find the balance as per passbook! This is great for revising your concepts too.

Here's a practice session based on bank reconciliation statement! It's challenging and fun... Try it out!

A joint-stock company is a business entity in which different stocks can be bought and owned by shareholders. 

What is it exactly? Here is a video explaining all you need to know about company.. 

Details inculded are:
1. What is Joint Stock Company & its Features
2. What are advantages & Limitations of Joint Stock Company  
3. The procedure to incorporate Joint stock Company and the types of joint stock companies. 

This session will help you to understand Through which sources companies can raise their funds or capital, 

It Covers : 

A Glimpse of What are;

- Shares
- Debentures 
- Types of Shares
- Types of Preference shares
- Issuing of Shares.

This session will give you an insight into the basic procedure of issuing shares by a company covering the different stages namely, prospectus, application stage , allotment stage  & calls. It also covers basic journal entries related to issue of shares.

This session will help you understand the concept and entries of under subscription and over subscription of applications when shares are issued at par. Cases for calls received in advance and calls in arrears are also explained with their journal entries.

Debentures are a debt instrument issued by a company on which fixed interest is given. 

Learn more about debentures, 

-Their features and different types based on factors like convertibility, redeemability, security, priority and transferrability in this session.

This video explains,

How the accounting of Irredeemable debentures gets's done. Right from its issue process till the entries passed in the books of accounts at the time of application, allotment & final call stage.

So it includes, 
*Process of Issuing Debentures 
*Accounting Entries when debentures issued at Par, Premium & Discount
-For cash
-For consideration other than cash 
-As a collateral security

This video explains,

How the accounting entries of forfeiture of shares gets done right from cancelling shares till its reissue.

This video explains,

How the accounting entries of forfeiture of shares gets done right from cancelling shares till its reissue.

This session will give us a broad understanding of the importance of closing stock.

We will go through the following points :

1. Meaning & Introduction
2. Stock Ledger
3. FIFO Method / Weighted Average Method
4. Recording Closing Stock