Basics of Accounting

 


Our Stream is Commerce. Commerce means Business and we have some forms of business 
& Forms is based on Ownership
1.If Ownership in one person hand it is called Sole proprietorship
2.If Ownership in 2 or more person hand it is called Partnership.
3.If Ownership in Unlimited Shareholders' it is called Company.
We have Studied in class XII  Journal, Ledger & Trail Balance
Trail Balance  can be further classify in (a)Profit Statement (b) Position Statement
 (a)Profit Statement Consist of 1.Trading Account 2.Profit & Loss A/C 
(b)Position Statement& Balance Sheet
Combination (a) & (b) is called Final Accounts
Partnership is also like this (a few changes can be seen)
which we discuss in future
Company (in upcoming page)

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