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what is accounting? pls tell me in exact definition
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Answer Posted / satish
accounting is the systematic way of entering all the
business transactions in various books of accounts.it
involves in various stages like....
1.journalising of all day to day transactions of business
ina book called journal and the procedure is called journal
entries
2.from journal, post them into various accounts called ledger
3.from the balances of ledger prepare trial balance.
4.from trial balance prepares final account i.e, Trading and
profit and loss a/c and Balance sheet
from the balance sheet we came to know whether the company's
financial position is sound one or not.......
from satish ;)
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The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
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