Lecture 06- Journal (Part-I) - The first & original book of accounting

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[@krushnapathade5354]

1:55 How to prepare journal 4:33 Transaction 1 5:00 double entry accounting quick revision 9:54 Transaction 2 12:28 Transaction 3 13:48 Transaction 4 15:24 Transaction 5 18:20 L/F column explanation 19:55 Transaction 6 21:42 Transaction 7 22:22 types of discount 23:58 t8 26:51 t9

[@arijitdutta5484]

Too good... Thanks

[@mohammadshamsuddinansari2878]

Very well explained, really appreciated sir.

[@RAJBHARATH0006]

Great work😊😊👍👍

[@pradeep200417]

In the American system, nominal accounts get closed in the end of the year. So sales, expenses all fall under the nominal accounts. Basically any account that comes in the profit and loss statement is the Nominal account. But in the lecture, the lecturer says that Sales is a Real Account, which is confusing.

[@RanjanKumar-d2x]

Right, sales transactions are recorded in nominal account

[@pdixit2989]

Right man. This professor is delivering outdated knowledge

[@rajnishkushwaha3865]

Thanks so much to explained in details

[@rajnishkushwaha3865]

And all everything is understand well

[@synchronyser]

thank you sir.

[@hbctrading6427]

Thanks Sir.

[@mbafinancefreshers4505]

Sir please tell me I have a doubt.. What is accounting entry for bad debts??

[@MrDrpk]

How is cash coming in shown as debit and gooing out as credit ? Isn't it the opposite ? For example when I pay from my account it is called acckint debited and when I get salary it is called account credited . Can someone please explain?

[@chinmoypadhi7943]

It depends on the type of accounts u use, There r 3 types of accounts 1) Personal 2)Real 3) Nominal In personal account like we use bank account whatever we receive is debit , hence our savings account or our salary account we always call them debit card because we receive the amount. where as credit card the banks give us the amount hence its credit card

[@chinmayivbhat1736]

so you are talking about bank message right??? thats different pov. your deposit for the bank is liability which has to be given to you when u ask with them. from bank pov that amount is liability when asset and exp increases we debit and decreases we credit when liability , capital , income increases er credit and decreses we debit thats why whenever someone deposits ur to ac bank says credited because banks liability is increased. they follow the same method . here cash coming in is increase in asset and increase in asset, so debit anc cash going out in decrease in asset so credit both are right just different pov

[@AyushKumar-x4h3d]

@@chinmoypadhi7943 thanks bro for explaning

[@rajnishkushwaha3865]

Sorry sir I could not understand the 22 December entry

[@chinmoypadhi7943]

There are 3 kind of Accounts personal, Real, Nominal Account. In this cash account is real account, hence in real account what comes in debit side, discount account is nominal account which is loss hence it also comes under debit side. naresh kumar personal account has he gives the cash for his account it comes under credit side

[@satnam845]

is somwone here ,who can help me in my accounting assignment? please reply me

[@abhimanyusinghrathore3448]

complete lack of clarity. lectures full of statements like 'this side' 'that side' 'they received' etc. Difficult to comprehend what really prof. talking about

[@chinmoypadhi7943]

brain less fellow

[@Abhishek-ye9kq]

it happens when u are not from commerce background.

[@dakshjain7]

get better

[@pdixit2989]

Mr. professor, you are Frog of the well doesn't want to come out of it, still you are teaching Golden rules of accounting which are outdated. 😅 This is quality is being delivered by IITs. 😂😂😂

[@HadesBTC]

This is a 7.5 years old video, I think you need to see first before commenting🤣🤣

[@pdixit2989]

@@HadesBTC I already knew but that time even it was irrelevant. You please ask your professor to update knowledge.

[@HadesBTC]

@@pdixit2989 It wasn't irrelevant for your kind information and if you find it irrelevant or outdated or have issues then kindly dont watch the videos as already such a good content is available for free, what else do you want?

[@pdixit2989]

@@HadesBTC The modern accounting equation approach focuses on the relationship between assets, liabilities, and equity (Assets = Liabilities + Equity) rather than the traditional golden rules of accounting (debit and credit). This shift emphasizes a more holistic view of financial health and performance. Many contemporary accounting software solutions, such as QuickBooks, Xero, and Zoho Books, utilize this framework. They prioritize real-time data analysis, automated reporting, and integration with other financial systems, making traditional rules less relevant for users who seek a more intuitive and dynamic understanding of their finances.