Showing posts with label Basic Accounting. Show all posts
Showing posts with label Basic Accounting. Show all posts
Thursday, April 25, 2019
Monday, April 1, 2019
Accounting Journal Entries
Lecture on Journal Entries: This is Part 2 of 2 videos. Please check each of the transactions very carefully. Hopefully this video will be helpful for you. In the second part few more transactions will be uploaded.
Practice: Financial Transactions for January 2019
01/01/19 Mr. Z invested 50,000 in the business
02/01/19 Purchase of factory machinery worth 20,000 by issuing a
Note payable after 3 months
03/01/19 Purchase of inventories for cash 5,000
10/01/19 Sale of finished goods for cash 4,000 and on credit 2,000
13/01/19 Receipt of cash 1,000 on credit sale
8/01/19 Logistics company has submitted a bill worth 250 for shipping expenses
23/01/19 Partial payment of 2,000 for inventory purchased on credit
28/01/19 Wages, utilities, and rent paid in cash 1,000, 400, 600 respectively
30/01/19 Payment of annual insurance premium 10,000
31/01/19 Mr. Z withdrew 1,500 cash from the business for personal use
Practice them well and share my videos to everyone near you
For more free lectures, please visit https://www.thestudyaid.com/
For all your clothing needs and fashion statement please visit http://www.thewearbest.com/
Friday, March 29, 2019
Accounting Journal Entries
Lecture on Journal Entries. This is Part 1 of 2 videos. Please check each of the transactions very carefully. Hopefully this video will be helpful for you. In the second part few more transactions will be uploaded.
XYZ Inc.
Practice: Financial Transactions for January 2019
01/01/19 Mr. Z invested 50,000 in the business
02/01/19 Purchase of factory machinery worth 20,000 by issuing a
Note payable after 3 months
03/01/19 Purchase of inventories for cash 5,000
10/01/19 Sale of finished goods for cash 4,000 and on credit 2,000
13/01/19 Receipt of cash 1,000 on credit sale
8/01/19 Logistics company has submitted a bill worth 250 for shipping expenses
23/01/19 Partial payment of 2,000 for inventory purchased on credit
28/01/19 Wages, utilities, and rent paid in cash 1,000, 400, 600 respectively
30/01/19 Payment of annual insurance premium 10,000
31/01/19 Mr. Z withdrew 1,500 cash from the business for personal use
Solutions will be provided in Part 2 of this lecture video.
Find links to the comprehensive problems on Journal
Practice them well and share my videos to everyone near you
For all your clothing needs and fashion statement please visit http://www.thewearbest.com/ (Not paid promo!!!)
Saturday, March 2, 2019
This is part of a series of comprehensive accounting tutorial. This video is designed to help beginners in the field of Business Studies and specifically Accounting. After watching this video, the viewer will have comprehensive understanding of the Accounting Equation, how Assets, Liabilities, and Equity moves to Debit and Credit. The viewer will also be able to know about Double Entry System. At the end of the lecture there will be 10 transaction analysis problems and solution.
So keep watching, keep sharing knowledge, and lets together make knowledge free again...
Thursday, May 31, 2018
Title of Financial Statements
IAS 1 (Presentation of Financial Statements)
1. Statement of Financial Positions (previously know as Balance Sheet)
2. Statement of Profit or Loss account and other comprehensive income for the period. (Previously Know as Income Statement)
3. Statement of Changes in Equity for the period.
4. Statement of Cash flows for the period. (Previously Know as Cash flow Statement)
5. Notes, comprising a summary of significant accounting policies and other
explanatory notes,
6. Comparative information prescribed by the standard
** Sample of Financial statements will be given on next post.
4. st andatement of profit or loss and other comprehensive income for the periodstatement of profit or loss and other comprehensive income for the periodsadasdsad
a statement of financial position (balance sheet) at the end of the perioda statement of financial position (balance sheet) at the end of the perio1.
a statement of financial position (balance sheet) at the end of the period
IAS 1 (Presentation of Financial Statements)
1. Statement of Financial Positions (previously know as Balance Sheet)
2. Statement of Profit or Loss account and other comprehensive income for the period. (Previously Know as Income Statement)
3. Statement of Changes in Equity for the period.
4. Statement of Cash flows for the period. (Previously Know as Cash flow Statement)
5. Notes, comprising a summary of significant accounting policies and other
explanatory notes,
6. Comparative information prescribed by the standard
** Sample of Financial statements will be given on next post.
4. st andatement of profit or loss and other comprehensive income for the periodstatement of profit or loss and other comprehensive income for the periodsadasdsad
a statement of financial position (balance sheet) at the end of the perioda statement of financial position (balance sheet) at the end of the perio1.
a statement of financial position (balance sheet) at the end of the period
Sample of Statement of Profit or loss account
IAS 1 (Statement of Profit or loss account )
$ $
Sales
A 000
B 000
Total Sales: 000
Less: Cost of Goods Sold /Sales ** ( 000 )
Gross Profit : 000
Administrative OverHeads (000)
Selling O/H (000)
Other O/H (000)
Net profit before interest and tax 000
Interest : (000)
Net profit before TAX 000
Corporation tax (000)
Net Profit 000
**Cost of goods sold and overheads are different from company to company. It will be discussed details later.
IAS 1 (Statement of Profit or loss account )
Statement of profit and loss account
for the period ended 30th June 2018
$ $
Sales
A 000
B 000
Total Sales: 000
Less: Cost of Goods Sold /Sales ** ( 000 )
Gross Profit : 000
Administrative OverHeads (000)
Selling O/H (000)
Other O/H (000)
Net profit before interest and tax 000
Interest : (000)
Net profit before TAX 000
Corporation tax (000)
Net Profit 000
**Cost of goods sold and overheads are different from company to company. It will be discussed details later.
Accounting / Accountancy
*** It is important to know the explanation of Accounting for facing job interview or university final viva. I am gonna give some explanations which can be memorized for interview.
1. Generally Accounting means "keeping records of financial transactions".
2. Accounting is the process of sorting, classifying , summarizing, recording financial transactions plus storing & retrieving and presenting the information in various reports and analyses.
3. It is a systematic process of collection of documents, analyzing those documents, identifying/checking transactions, classifying , recording on software, verifying entries, summarizing, measuring, interpreting and providing financial information to stakeholders.
It helps to provide statement of profit or loss account for a given period, and the value and nature of an organization's assets, liabilities and owners' equity.
Father of Accounting is Luca Pacioli. In 1494 he published a book on double-entry accounting. He did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian Renaissance period.
*** It is important to know the explanation of Accounting for facing job interview or university final viva. I am gonna give some explanations which can be memorized for interview.
1. Generally Accounting means "keeping records of financial transactions".
2. Accounting is the process of sorting, classifying , summarizing, recording financial transactions plus storing & retrieving and presenting the information in various reports and analyses.
3. It is a systematic process of collection of documents, analyzing those documents, identifying/checking transactions, classifying , recording on software, verifying entries, summarizing, measuring, interpreting and providing financial information to stakeholders.
It helps to provide statement of profit or loss account for a given period, and the value and nature of an organization's assets, liabilities and owners' equity.
Father of Accounting is Luca Pacioli. In 1494 he published a book on double-entry accounting. He did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian Renaissance period.
