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  • Processing The Transactions

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    Srujana Ganta
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    This document discusses accounting concepts including financial statements like the profit and loss statement and balance sheet. It covers the accounting cycle from journal entries to the trial balance and financial statements. Key accounting principles are explained, such as the accounting equation relating assets, liabilities, and equity, along with debit and credit rules for increasing and decreasing accounts.

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    Processing the transactions

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    This document discusses accounting concepts including financial statements like the profit and loss statement and balance sheet. It covers the accounting cycle from journal entries to the trial balance and financial statements. Key accounting principles are explained, such as the accounting equation relating assets, liabilities, and equity, along with debit and credit rules for increasing and decreasing accounts.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    11 views6 pages

    Processing The Transactions

    Uploaded by

    Srujana Ganta
    This document discusses accounting concepts including financial statements like the profit and loss statement and balance sheet. It covers the accounting cycle from journal entries to the trial balance and financial statements. Key accounting principles are explained, such as the accounting equation relating assets, liabilities, and equity, along with debit and credit rules for increasing and decreasing accounts.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 6

    Session 3

    Processing Transactions
    Financial Statements
    • Profit and Loss statement
    • Balance Sheet
    Accounting System
    • Journal Entries
    • Post them to Ledger
    • Trial Balance
    • Statement of Income and expenses
    • Balance Sheet

    We are not concerned about the record keeping procedures


    Double Entry System
    The T Account

    Debit = Left Credit = Right

    Debits = Credits
    Accounting Equation revisited

    Assets = Liabilities + Equities

    Assets = Liabilities+ Capital + Revenues - Expenses – Drawings-


    Dividends

    Assets + Expenses + Drawings + Dividends= Liabilities + Capital + Revenues


    Debit and Credit Rules
    Effect Assets, Expenses, Drawings and Liabilities, Capital and Revenue
    Dividends
    Increases Debit Credit
    Decreases Credit Debit

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