Ledger Posting in Accounting

Ledger Posting In Accounting

Ledger Posting in Accounting is a very important role in maintaining accounts books or records of the transaction. At the time of preparing accounts in any organization (business), preparing different ledger accounts, and also finding balance in each account is very important. Accounting is a process of recording the financial transactions of the business. The … Read more

Distinction between Capital and Revenue

Distinction between Capital and Revenue

A very important is the Distinction between Capital and Revenue Items in accounting. The distinction has important implications for creating the trading and profit and loss account and record. The revenue items form a part of the trading and profit and loss account, the capital items help with the preparation of a record. Whenever payment … Read more

Balance Sheet

Balance Sheet

Balance Sheet- The record may be a statement prepared for showing the financial position of the business summarizing its assets and liabilities at a given date. The assets reflect debit balances and liabilities (including capital) reflect credit balances. It is prepared at the top of the accounting period after the trading and profit and loss … Read more

Trading and Profit & loss Account

Trading and Profit & loss Account

Trading and Profit & Loss account are prepared to determine the profit earned or loss sustained by the business enterprise during the accounting period. It is basically a summary of the revenues and expenses of the business and calculates the net figure termed as profit or loss. Profit is revenue for fewer expenses. If expenses … Read more