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  • Accounting Practice Sheets

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    Chirag Jogi
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    The document discusses the key elements of double entry bookkeeping including capital, drawings, liabilities, assets, expenses, and revenue. Capital represents the owner's investment, drawings are money taken by the owner, liabilities are amounts owed, assets are items of value owned, expenses are costs to run the business, and revenue is money received for goods and services.

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    Accounting Practice sheets

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    The document discusses the key elements of double entry bookkeeping including capital, drawings, liabilities, assets, expenses, and revenue. Capital represents the owner's investment, drawings are money taken by the owner, liabilities are amounts owed, assets are items of value owned, expenses are costs to run the business, and revenue is money received for goods and services.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    12 views4 pages

    Accounting Practice Sheets

    Uploaded by

    Chirag Jogi
    The document discusses the key elements of double entry bookkeeping including capital, drawings, liabilities, assets, expenses, and revenue. Capital represents the owner's investment, drawings are money taken by the owner, liabilities are amounts owed, assets are items of value owned, expenses are costs to run the business, and revenue is money received for goods and services.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 4

    Double Entry Book-keeping

    Accounting 9706
    Types of elements
    1 3 5
    CAPITAL: Liability:
    Expenses:
    Owner’s Amounts due
    Payments
    investment in by business.
    made by all
    the business. firms for
    running a
    business.

    2 4 5
    Drawings: Assets: Revenue:
    Money taken Items of value Receipts of
    by owner from that business money for
    business for possess. goods/service
    his/her private provided by
    needs. business.
    Double Entry system
    Double entry system

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