Tag: elements of accounts

distinction between subsidiary books and ledger

Covers classification of accounts (personal, real, nominal), single entry vs double entry systems, and fundamental accounting rules and conventions

distinction between accounting and book-keeping

usefulness of an accounting equation

drawing account of partners

balancing of accounts

outstanding and prepaid expenses

Calculation of interest on partner's drawings and capital accounts including various withdrawal patterns and accounting treatment

balancing the accounts

Accounting treatment of outstanding and prepaid expenses including balance sheet presentation, adjustments, and journal entries