BOOK KEEPING & ACCOUNTANCY
COMPLETE E-BOOK
UNIT-3
CHAPTER-3
THE MEANING & OBJECTS OF BOOKKEEPING
Book Keeping
- Book Keeping is involved in the recording of transactions
- It is the systematic recording and classification of financial data of an organization in an orderly manner
- It is to show the correct position regarding each head of income and expenditure as well as assets and liabilities
- It is essentially a record-keeping function done to assist in the process of accounting
- It is the preliminary step of the ‘Book of Account’
- It is actually a recording function & the analysis is done during the accounting…………. READ MORE
Journal Proper
Journal Proper is a residuary book in which those transactions are recorded that cannot be recorded in any other subsidiary book
The various examples of transactions entered in a Journal Proper are Opening entries, Closing entries, Transfer entries, Adjusting entries, Rectifying entries & other misc. entries. Ledger
The Ledger is the main or principal book of accounts in which all the business transactions would ultimately find their place under various accounts in a duly classified form.
After recording the business transaction in the journal or special purpose subsidiary books, the next step is to transfer the entries to the respective accounts in the ledger. .…………….. READ MORE
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