accounts tips and tricks

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Tips and Tricks of Accountancy By : Vinod Kumar www.webaccountsguru.com E-mail : vinod0050@gmail.com

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Book used for tips and tricks : “Ultimate book of Accountancy” For Class XI and XII

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Understanding opening capital & Closing Capital Capital 50,000 Add N/P 5,000 55,000 Add additional capital 3,000 52,000 Add interest on capital 2,000 50,000 Less Drawing 12,000 48,000 Less interest on Drawing 2,000 46,000 Opening Capital Closing Capital

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Understanding of Assets & Liabilities Capital Fixed Assets Reserves Current Assets Outsiders Liability Misc. Expenditures ( Fictitious Assets) Balance Sheet Capital + Reserves – Fictitious Assets = Shareholders Fund

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Outsiders Liabilities Creditors B/P Bank Overdraft Loan Outstanding Exp.

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Fictitious Assets & Exp. Misc. Expenditure Preliminary Exp. Differed Revenue Exp. Advertisement suspense Underwriting Commission Discount on issue of Shares or Debentures

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Understanding of Personal Real & Nominal A/c Capital Fixed Assets Reserves Current Assets Outsiders Liability Misc. Expenditures ( Fictitious Assets) Capital = Personal A/c Assets = Real A/c Expenses = Nominal A/c

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How to Prepare Any Account Identify which account you are going to prepare Preparation of Asset Account 2. Preparation of Liability Account

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Preparation of Asset Account Particulars Amount Particulars Amount Opening Balance Items by which this A/c Is increasing Closing Balance Items by which this A/c is decreasing Liability A/c is opposite to Asset A/c

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Example : Machinery (opening balance ) 50,000, purchase of machinery 3,000, Depreciation on machinery 5,000, sale of machinery 15,000 Particulars Amount Particulars Amount Opening Balance Cash 50,000 30,000 Depreciation Cash Closing Balance (Bal. Fig.) 5,000 15,000 60,000 Machinery A/c

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How to make Journal entries Particulars Amount Particulars Amount Sale Ram Machinery 2,000 3,000 5,000 Purchase Rent Bank 5,000 1,000 4,000 Cash A/c

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Understanding of Capital and Revenue Capital Exp. Benefits of which we will enjoy for a long time or in future Revenue Exp. Related to current year

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Understanding of overvalued & undervalued Increase & Decrease Understand the words Increased by or Decreased by Increased to or Decreased to

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Understanding of Trading A/c Particulars Amount Particulars Amount Opening Balance Purchase ………. Less Return ……… All Direct Exp. Sale ……. Less Return ……. Closing Stock Calculate missing items by preparing trading A/c

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Effect of closing stock on profit If closing stock increasing If closing stock decreasing Now Think about opening stock

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Understanding of P/L P/L (Loss) Dr. Balance is Asset Balance P/L (Profit) Cr. Balance is Liability Balance

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While doing the accounting transactions Treat Yourself as business or company Otherwise there is 100% chance of mistake

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