Accounting with Journal Entries without Accounting Rules

Name: Accounting with Journal Entries without Accounting Rules
Rating: 3.8 (11 reviews)

Accounting of business transactions through Journal Entries and rectify the errors made in accounting.

Created byCA Nilesh Phadke

Last updated 8/2026

English

English [Auto],

What you'll learn

How to do accounting with the help of journal entries
How to rectify the errors made in accounting by accountant
How to record sales, purchases, expenses in accounting
How to record fixed assets purchase, investment made etc. in accounting
How to record capital introduced, Loans taken etc. in accounting

Course content

1 section • 10 lectures • 1h 5m total length

Items of Profit & Loss Account and Balance Sheet and how it always tallies5:04
Learn how to record business transactions with journal entries using the balance sheet approach, linking profit and loss items to retained earnings and ensuring the balance sheet tallies.
Lecture 1 Quiz
Journal Entries - Capital Introduced and Bank Loans Taken for Business8:23
Master how to pass journal entries for capital introduced and bank loans using the aid arc rule, recording debits and credits to balance assets and liabilities.
Lecture 2 Quiz
Journal Entries - Cash and Credit Sales8:59
Explore how to pass journal entries for cash and credit sales, applying the debit and credit rules, and observe impacts on cash, debtors, sales, and retained earnings.
Quiz Lecture 3
Journal Entries - Cash and Credit Purchases10:10
Learn how to pass journal entries for cash and credit purchases using debit and credit rules, recording purchases as expenses and balancing assets and liabilities.
Journal Entries - Fixed Assets, Depreciation and Loss on Sale of Fixed Assets8:56
Learn journal entries for fixed assets, including machinery purchases, depreciation, and loss on sale, and see how debits, credits, and narrations affect the balance sheet.
Rectification of Errors - Fixed Assets Purchased is Considered as Expenses4:40
Learn to rectify errors by reclassifying a machinery purchase from expense to fixed asset, and record the proper journal entries to adjust retained earnings and the balance sheet.
Rectification of Errors- Sale of Goods is considered as Purchases6:00
Learn to rectify posting errors that affect the profit and loss and balance sheet, illustrated by misposting sale of goods as purchases to creditors instead of debtors, via journal entries.
Rectification of Errors - Purchases of Goods is Considered as Sales4:39
Rectify errors in posting purchases as sales by preparing a balance sheet format, adjust retained earnings, purchases, and creditors, and pass the rectifying entry.
Rectification of Errors - Sale of Fixed Assets is treated as Sale of Goods3:59
rectification of errors corrects misposted transactions that affect profit or loss and balance sheet, such as treating sale of old furniture as sale of goods, requiring a balance sheet rectification.
Rectification of Errors - Personal Drawings is Considered as business Expenses4:13
Learn how to rectify errors in accounts when personal drawings are misclassified as business expenses, using balance sheet corrections, debit and credit adjustments, and proper narration.

Requirements

Basic knowledge of English and mathematics required

Description

In this series of videos learners of accountancy will learn how to do accounting with the help of Journal Entries.

Any business related transaction like sale of goods or services by businessman, purchases of goods or services, expenses incurred by business, raising of funds for business , raising of bank loan for business, Purchases of fixed assets , Investments made by business etc. are recorded in book keeping and accounting with the help of Journal Entries.

Preparation of Journal Entries and writing narration after the entry is important task accountant need to know.

Each and every transaction in accounting is written in special format while journalizing the transaction. Accountant write something on Left Hand Side in journal entry also called as Debit Side and write something on Right Hand Side in journal entry also called as Credit Side. Total of Left hand side always equals total of Right Hand Side in Journal Entry.

Student and learners of accounting through these series will first understand what are the various items appear in profit & loss account and balance sheet and based on that students will learn how to journalize the transactions with the help of balance sheet.

Unique technique used in this series help the learners how to prepare journal entries with the help of balance sheet.

I have made use of word Left Hand Side and Right Hand Side along with accounting language word Debit & Credit so that learners can correlate accounting with the mathematics as everyone of us have learn mathematics before learning accounting.

Sometimes accountant makes mistakes while recording transactions e.g. sales is incorrectly recorded as purchases or purchase of computer mistakenly considered as purchase of goods or incorrect amount is taken while recording of transaction etc. and with the help of rectification Journal Entry students will learn how to rectify these errors in accounting and show correct financial position.

You need not require any software or additional material to learn from this course.

Who this course is for:

Learners of Accounting and book keeping
Commerce Students