Basics of Financial Statements – 1

Accounting is the language of Business. It's about recording all the business transactions. Transaction is the business activity where exchange is involved. Large Businesses like Reliance will have thousands of business activities. There is need to record, classify and summarize the activities. Therefore, accounting is about recording, classifying and summarizing the activities. The goal of … Continue reading Basics of Financial Statements – 1

Basics of Accountancy: Debit and Credit Approach – 1

https://www.youtube.com/watch?v=RieLX3-Uaug&t=23s Basics of Accountancy: Debit and Credit Approach - 1 There were three friends Rancho, Raju and Farhan. They dropped out of engineering college to pursue a business idea. Their idea was to buy T-shirts from wholesalers and sell them on the beaches of Goa to tourists. They estimated that they would require a capital … Continue reading Basics of Accountancy: Debit and Credit Approach – 1