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Double Entry Bookkeeping Training at Globalnest Solutions
Objective Explain basic accounting to programmers
Advantages to you
I hear and I forget. I see and I remember. I do and I understand.
Session 1 Plan for three sessions Rules of Accounting Books of Accounts Case 1 (Trial Balance) Case 2 (Trading A/c, P&L A/c)
Session 2 Case 3 Inventory Depreciation Provisions Loans Cash Flow Accruals
Session 3 Case 4 Trading Account Profit & Loss Account Balance Sheet Q & A
Rules of Accounting 1.Debit what comes in. Credit what goes out. 2.Debit the receiver. Credit the giver. 3.Debit the expenses/losses. Credit incomes/gains.
Books of Accounts Journal (Book of Prime Entry) Ledger
Meaning, Objectives and Terminology of Accounting.
Chapter 2 Balance Sheet Accounts. Terminology An Account is a form where changes in transactions are recorded A T-account helps us learn accounting Left.
30/11/2013YRM, PTC, Mys Quiz on Double Entry System.
Why trial balance is balanced?. Two Type of question Deal with only transaction Deal balances and transaction.
Financial Statements Income Statement & Statement of Financial Position (Balance Sheet) Mr. BarryA-level Accounting Year 12.
The closing of the General Ledger Chapter 9. The closing of the general ledger Transactions are entered in Journals Journals are totalled And posted to.
Record the end of period General Ledger account balances in the Trial Balance columns of the worksheet. ◦ See General Ledger & Worksheet solutions.
Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 3.
BRIEF OF CHAPTER 1, 2, 3, 4 Sania Wadud. Basic Accounting Rule Basic Equation: Assets = Liabilities + Owner’s Equity Expanded Equation: Assets= Liabilities.
AC120 lecture 36 Errors in books of account Correction of errors Use of suspense accounts Source: Thomas, chapter 18.
Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.
MEANING Final accounts prepared at the year consist of trading, profit & loss account and balance sheet. In order to decided as to which item will be.
Cost of Sales – How much it costs the company to make or buy goods. Gross profit – profits made before paying bills Net Profit – profits made after.
Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 27.1 Chapter 27 Double entry records.
Chapter 4. Objective test 2 On 20 June 20x3 an entity pays R500 in advance for repairs on its vehicle. The supplier first had to order the spare part.
Accounting for Depreciation – THE STEPS STEP 6 – Balance the Accumulated Depreciation Account The closing balance should be on the debit side STEP 5 –
Acquiring and Organizing Management Information Chapter 3.
Why Record Transactions? To have a systematic recording of transaction analyze report to users Items that goes to Balance Sheet (Asset, Liability &
Double Entry System 3 DRCR FINANCIAL STATEMENTS.
ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.
MILLIONAIRE SCOREBOARD $100 $200 $300 $500 $1,000 $2,000 $4,000 $8,000 $16,000 $32,000 $64,000 $125,000 $250,000 $500,000 $1 MILLION Click the $ for.
Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 15.1 Chapter 15 Purchases day book.
Work Sheets & Adjusting Entries. Lesson 6-1 The Trial Balance columns of your work sheet prove the accuracy of the posting you did in your general ledger.
AC303 lecture 18 Methods of calculating deferred tax –Deferral method –Liability method Recent international and domestic guidance.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-1 Creating a Worksheet.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance.
Certification of Company Accounts Accounting : Art of recording, classifying and summarizing monetary transactions and events and interpreting the results.
1 Financial Accounting Week 5: Lecture 5 & 6. 2 From Trial Balance to Financial Statements :To illustrate the process of adjusting the financial statements.
Final accounts. Introduction This is a key topic in the OCR specification. In the Accounting Principles paper, a question will be asked requiring you.
Review Notes First Midterm Exam Chapters 2 – 4: Spring 2016 EBD – 301 Accounting and Finance For Entrepreneurs Dr. D.P. EchevarriaAll Rights Reserved1.
The Accounting System & Double Entry Bookkeeping The principles of double entry bookkeeping and the effect.
Financial Accounting Designed to give you knowledge and application of: Section C: The Use of Double-entry and Accounting Systems C1. Double-entry.
THE ENTERPRISE ZONE SKILL BUILD BASIC BUSINESS ACCOUNTING JIM MOULD TEACHING FELLOW SHEFFIELD UNIVERSITY MANAGEMENT SCHOOL MARCH 2010.
1 Module 3. Recording Financial Transactions Dr. Varadraj Bapat.
LESSON 11-2 Posting to an Accounts Receivable Ledger.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries.
Chapter 8 Creating Financial Statements using data from Work Sheet.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-3 Preparing a Post-Closing Trial Balance.
ADJUSTED TRIAL BALANCE An Adjusted Trial Balance is prepared after all adjusting entries have been journalized and posted. It shows the balances of all.
Double entry records for depreciation When a business purchases fixed assets, the cost price is recorded in the respective fixed asset account. Any depreciation.
0 Glencoe Accounting Unit 4 Chapter 20 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Steps for Closing the Ledger A corporation does.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-2 Posting to an Accounts Receivable Ledger.
Managing Finance and Budgets Seminar 3. Seminar 2 - Activities During this seminar we will: Review some of the principles of double entry bookkeeping.
Accounting Entry Flow LAI Siu Tim Timmy Timothy In-service Course of Teacher Training (Technical)
1 16. Understanding Accounting & Financial Statements.
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A General Ledger identifies each account individually and includes posted transactions and balances. ◦ Posting is the process of transferring original.
Accountancy Format of Accounts in Class XI Books of Accounts The financial records, ledgers and journals that make up the accounts of a company. A company's.
Introduction to Book-keeping and Accounting. What is Book-Keeping? Recording business transactions in financial terms.
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