Ashish Sir - The Accountant Chamber

What is Sale Returns or Returns Inward Journal?

By Ashish Sir February 17, 2023Basics of AccountingNo Comments

A sales return or returns inward journal is a financial record used to record the return of goods or services sold by a business. It is used to track the return of goods or services that are not satisfactory or are not needed by the customer.

What is Sales Journal?

By Ashish Sir February 17, 2023Basics of AccountingNo Comments

A sales journal is a financial record used to record all sales made by a business. It is used to track the revenue generated by the sale of products or services to customers. Each entry in the sales journal includes the date, customer, amount, and description of the sale.

What is Purchase Returns or Outward Returns Journal?

By Ashish Sir February 16, 2023Basics of AccountingNo Comments

A purchase return or outward return journal is a financial record used to record the return of goods or services purchased by a business. It is used to track the return of goods or services that are not satisfactory or are not needed by the business.

What is Purchase Journal?

By Ashish Sir February 16, 2023Basics of AccountingNo Comments

A purchase journal is a financial record used to record all purchases made by a business. It is used to track the cost of goods or services that are purchased from vendors and suppliers. Each entry in the purchase journal includes the date, vendor, amount, and description of the purchase.

What is Financial Statements?

By Ashish Sir February 16, 2023Basics of AccountingNo Comments

Financial statements are final result of accounting work done during the accounting period. Financial statement serves a significant purpose to users of accounting information in knowing about the profitability and financial position of the organization.

What is Double Entry System of Book -Keeping?

By Ashish Sir February 15, 2023Basics of AccountingNo Comments

As per Double Entry System of book-keeping, all the business transactions recorded in accounts have two aspects - Debit aspect (receiving) and Credit aspect (giving). For example, when a business acquires an asset (receiving) and pays cash (giving) for it.

What is Narration?

By Ashish Sir February 14, 2023Basics of AccountingNo Comments

Narration in accounting refers to the description or explanation of a financial transaction. In accounting, a narration is used to provide more information about a transaction and to explain why the transaction was made.

What is Memorandum Book?

By Ashish Sir February 14, 2023Basics of AccountingNo Comments

A memorandum journal is a type of journal in accounting that is used to record transactions that are not significant enough to be recorded in a regular journal. A memorandum journal is a supplementary record-keeping tool that is used to record minor transactions or transactions that do not fit into any of the other regular journals.

What is Cash Book?

By Ashish Sir February 14, 2023Basics of AccountingNo Comments

A cash book is a financial record of all cash receipts and disbursements in a business. It is used to track the inflow and outflow of cash, including sales, purchases, expenses, and payments.

What is Bills Receivable Book?

By Ashish Sir February 14, 2023Basics of AccountingNo Comments

A bills receivable book is a financial record used to track bills of exchange that are owed to a business. A bill of exchange is a legal document that represents a promise to pay a certain amount of money at a future date.

Posts by Ashish Sir

What is Sale Returns or Returns Inward Journal?

What is Sales Journal?

What is Purchase Returns or Outward Returns Journal?

What is Purchase Journal?

What is Financial Statements?

What is Double Entry System of Book -Keeping?

What is Narration?

What is Memorandum Book?

What is Cash Book?

What is Bills Receivable Book?

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