R.K.Pandey Accountancy Classes

Recording of Daily transaction in the form of Debit and Credit is "Jornal". it is basic  book of accounting also called  Day Book. It  is often referred to as the "book of original entry". Trader  records his daily transactions in  chronological order in the journal. Rules of Debit and Credit Based on Traditional Classification of Accounts Based on Modern Classification of Accounts Types of Account Debit Credit Types of Account Debit Credit 1. Personal A/c The Receiver The Giver 1. Asset A/c Increase Decrease 2. Real A/c What comes in What goes out 2. Liability A/c Decrease increase       3. Capital A/c Decrease increase 3. Nominal A/c Ali Expenses and...

 FATHER OF ACCOUNTING The "father of accounting" is Luca Pacioli, an Italian mathematician and Franciscan friar. In 1494, he published "Arithmetica" which included a section on double-entry bookkeeping. Pacioli's contribution laid the foundation for modern accounting principles, emphasizing accuracy, accountability, and systematic record-keeping, which are essential for financial management and transparency in businesses today.  ACCOUNT An account is a record of financial transactions for a specific item or category, such as assets, liabilities, revenue, or expenses. It serves as an individual ledger entry within the broader accounting system In summary, an account is a specific financial record. A=Accommodation C=Cash C=Credit O=Of U=Universal N=Net T=Transaction Account includes Cash and credit Accommodation of net universal transaction. "Account is Part of Bookkeeping" BOOKKEEPING Bookkeeping is the process of recording and organizing these financia...