Accounting Principle

Capital and Drawings It is vital to the reminder that business is treated as a detached entity from the businessman. All transactions of the business…

Journal is a date-wise record of all the transactions with particulars of the accounts debited and credited and the total of each transaction. In accounting,…

Steps in Journalizing The procedure of analyzing the business transactions under the heads of debit and credit and recording them in the Journal is called…

Rules for Debiting and Crediting Debits and credits are the opposing sides of an accounting journal entry. They are used to adjust the ending balances…

Nature of Account The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on…

Accounting Equation The source document is the beginning of a transaction and it initiates the accounting procedure, whose starting point is the accounting equation. This…

A voucher is a written document in maintain of a trade transaction. Vouchers are arranged by an accountant and each voucher is counteracting signed by…

Debit Note is a document which reflects that a debit is made to the other party’s account. It is prepared by the purchaser and it…

Credit Note is a tool used to notify that the other party’s account is credited in his books. It encloses the date on which goods…

Pay-in-slip is an outline presented in banks and is used to deposit money into a bank account. Each pay-in-slip has a counterfoil which is returned…