Basic Journal Entries Explained with accounting Example - B.COM / M.COM /MSC. Administrative Science
In this video I have discussed basic journal entries accounting example using Modern equation of accounting and DEALER technique. Further I have explained how to pass basic journal entries like
1. Paid Rent
2. Paid Salary
3. Drawings Entry
4. Income Tax paid
5. Commission Paid
6. Depreciation
and many more with the help of following example:
𝐉𝐨𝐮𝐫𝐧𝐚𝐥 𝐄𝐧𝐭𝐫𝐲 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 #𝟏
1. Ahmed started business with cash Rs 1,00,000
2. Paid into bank Rs. 70,000
3. Bought goods for cash Rs. 5000
4. Sold goods 50,000
5. goods from X Rs. 55,000
6. Sold goods to Y Rs 30,000
7. Received from Y Rs 30,000
8. Paid to X Rs 55,000
9. Purchased Building Rs 7,00,000
10. Sold Furniture Rs 30,000
Moreover I will also discuss techniques of generalising journal entries as below
:1. Analyze the transaction
2. Identify at least 2 A/C’s Involved.
3. Find in which category each of them fall in.
4. See Increase or decrease
5. Use the RULES (DEA-LER)
After watching this video you will be able to solve all financial accounting questions involving basic journal entries.
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