Ritikaa Durgapal

Introduction to accounting with all basic concepts attempt MCQ for more clarity
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What is Inventory?
Inventory is defined as assets that are intended for sale, are in process of being produced for sale, or are to be used in producing goods. It is also referred as Stock of Raw material, Work in Progress, Finished good, valued on specific day depending upon the Company’s Business, It can be valued on daily, weekly, monthly, half yearly, or even yearly.
Sums for Practice https://yashasviedublog.co.in/start_quiz/48
for more details https://yashasviedublog.co.in/blog/30
YouTube https://youtube.com/shorts/KssS3tDPyPA?feature=share

what is Inventory? (part 1) #inventory #accounting #accountingconcept #clearconcept #finance

What is Money Measurement Concept?

Money measurement concept: As per this concept only the transaction which can be expressed in terms of money are recorded in books of accounts. Since money is a medium of exchange, and standard of economic value. Some transaction even if they affect the business materiality such as employee of business is not recorded in books of accounts as they cannot be converted in monetary terms.
For e.g. Company had 5 computers, 5 tables, 7 chairs, this will not give useful information unless express in terms of money Computer ₹.1,50,000/-, Table 70,000/-, Chair 49,000/-.

For clarity click on below link.
https://youtube.com/shorts/ySPa1rCsD2Q?feature=share
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Money measurement concept #accountingconcept #learn accounting daily HelloBy profession I am a semi qualified Chartered Accountant and a teacher. Here I am going to regularly upload a content for you that may be helpful you ca...

Hello Morning let us Study Accounting Concepts & Principles

1. Entity Concept: This concept implies that business is separate unit and distinct identity from owner, owner is the person who contribute capital in the business. Based on this concept while accounting only business transaction will be recorded and not personal only the amount of capital contributed by owner will be part of books of account.
For e.g.
• Owner’s take a premises on rent amounting to ₹ 70,000/-, only 50% of premises is used for business purpose rest of the premises is residential, In this case ₹35,000/- will be charged to Profit & Loss a/c i.e. rent of the premises used for business purpose and for balance no effect in books of account unless paid from business accounts than it will shown in drawings

• Mr. Y started a business with capital ₹7,00,000 from which he by a machinery for ₹.5,00,000/- and balance is cash in hand, now if Mr. Y spend ₹.4,000 for his personal use from cash in hand, than it will not be charged to Business expenses and will shown in Capital account as Drawings. And reduced the capital liability of ₹7,00,000/- to 7,00,000-4,000= ₹ 6,96,000/-

For Detail you can also check this vlog
https://youtube.com/shorts/Ae52iFUN958?feature=share

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Hello Morning
A very basic topic but Important part of Accounting,
Three Golden Rules of Accounting;
Personal Account : Debit the receiver credit the giver
(This rule is applicable on person, Individual, etc will debit the person who is receiving and credit the person who is the giver)

Nominal Account: Debit all expenses and losses, credit all income and gain
(This rule is applicable on expenses and revenue)

Real Account : Debit what comes in, Credit what goes out
(This rule is applicable to cash, bank, assets)

For more clarity
https://youtube.com/shorts/Qe3p8w_WmFM?feature=share

Basic accounting rules #accountingconcept #accounting #clearconcept #learning #bba #finance

What are the Assets for Business?
Basically Assets is something that your business owned or Receivable amount is been due and you will receive in future. For Eg: Plant & Machinery you purchased to use for more than one year period this expenses you cannot charged to Profit & Loss account gradually over the life of asset will be debited as expense, Account receivable is also treated as Asset because its the amount you are going to receive in future. Other examples are land & Building, cash, Bank, Inventory, Debtors, trade Receivable, Bill Receivable, Prepaid Expenses etc.

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What is Drawing?

Drawing is an amount or goods withdrawn by owner or partners from business for his personal Use.

Let us discuss what is capital?
In Simple words, total Amount Invested by owner in the business is called capital. Also Excess of Assets over Liabilities is an Owners Capital.

Owners Capital = Assets –Liabilities

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Classification of Account and how to pass Journal Entries

For more detail click on below link https://yashasviedublog.co.in/blog/27

Transaction can be Monetary or Non- Monetary

Monetary Transactions: While Exchange of goods & services between two parities there is involvement of money or money’s worth is known as monetary transactions. In Case of Cash Transaction there is immediate Payment whereas in case of credit transaction there is involvement of relaxations time, Payment is made after or within the credit period allowed (E.g. Sales to Mr. X with a credit period 3 months i.e. Mr. X can make a payment within 3 months).

Non-Monetary Transactions: Transactions which does not involve exchange of Money or Money’s worth is called a non-monetary transaction.