Do you know how business organizations are keeping its records? What are the methods they used for? Why it is impoortant? What are assets and liabilities? how it is treated in business and accounts? These and similar queries are nicely explained in this animated presentation.
****After studying this chapter, you will be able to:
• Describe the nature of transaction and source documents;
• Explain the preparation of accounting vouchers;
• Apply accounting equation to explain the effect of transactions;
• Record transactions using rules of debit and credit;
• Explain the concept of book of original entry and recording of transactions in journal;
• Explain the concept of ledger and posting of journal entries to the ledger accounts.
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