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Prepared for relegate word by Dr. Shilpa Dalvi
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What is Accounting?
The art of: ? Recording ? bill ? Classifying ? Verifying ? Summarizing ? Interpretation of fiscal Transactions
Prepared for class discussion by Dr. Shilpa Dalvi
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Luca Pacioli -Father of Accounting
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What is Accounting?
Accounting is the recording of dayto- day monetary activities of a business entity and organization of that information into summary reports.
Prepared for class discussion by Dr. Shilpa Dalvi
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financial
Prepared for class discussion by Dr. Shilpa Dalvi
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Identification of Financial Transactions
1. Signed a contract to rent an apartment at Rs. 20,000 per month
2. Paid rent Rs. 20,000
3. appoint a manager at a salary of Rs. 30,000 per month 4. change goods for cash Rs 50,000
5. Bought machinery for Rs. 50,000, nonrecreational Rs. 20,000 in cash and agree to pay the balance in three equal periodical installments
Prepared for class discussion by Dr. Shilpa Dalvi
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Identification of Financial Transactions
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Bought goods worth Rs 20,000. Paid full amount in cash.
7. Sold goods for Rs 30,000. Cash received Rs 20,000
8. Took a loan of Rs 500,000 9. Agreed to deal goods worth Rs. 40,000.
Agreed that 50% payment would be do at the time of delivery and the balance after 45 days. 10. Received the goods as mentioned in the transaction above.
Prepared for class discussion by Dr. Shilpa Dalvi
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Financial Item -- Rent
?Rent paid Rs. 20,000 ?Rent received Rs. 20,000 ?Rent paid in amelioration Rs. 20,000 ?Rent received in advance Rs. 20,000 ?Rent receivable unless non paid Rs. 20,000 ?Rent due but not received Rs. 20,000
Prepared for class discussion by Dr. Shilpa Dalvi
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Financial Transactions
Paid
EXPENSE
Received
INCOME
Prepared for class discussion by Dr. Shilpa Dalvi
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Financial Transactions
Paid in Advance Due but not Received
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