The GST Teacher

Importance of "Journal Entries" in Accounting Journal Entries are the base of Accounting.  It is the first and foremost step to start Accounting. As per a General proverbs "Pehle Likh Pichhe De,Bhul Pade Kagaj Se le"  is indicating the importance of Journal Entries in the accounting.                        This is the main reason to maintain  "Day Book or Rojnamcha". With the help of day Book we can explore any transactions properly for which we want. We can track every transaction with the help of day Book.       With the help of Day book or Journal we can prepare Ledger which is the base of Trial Balance and Final Accounts (Profit & Loss Account and Balance Sheet.)        If any transaction is not in day book then that cannot be trace. So we should prepare  our Journal Entries carefully.        With the help of Journal Entries we can adjust our acc...

      Hi Friends Today We will check our knowledge as per previous Blogs with help of                                                          Practice Set 1.  S tate bank of india account,which type of account of?     a) Personnel       b) Real        c) Nominal         d) None of these 2. Goodwill account is which type of account?      a) Personnel.                   b) Nominal      c) Real.                             d) None of these 3. Furniture account is which type of account?      a) Personnel.                   b) Nominal ...

Do You Know?, Books are our best friend. There are many types of books like Hindi, English, Science,Maths, Social Science, Literature etc.      We can get everything things through books like famous places,About Historical Buildings, Tourist Places, Famous Temples and many other things which we want.      With the help of books we can travel throughout the world. Books are the best way to know about our historical ups and downs. There are many things in our History which is still out of our knowledge but with the help of our best friend(Book) can get those unknown information and  facts also.       As example :  Ramayan is our Religious book which is based on the Life Story of Lord Ram. In this book,there are a "glimpse of our ancient Bharat and Bhartiya Culture." Further more,There are Four Vedas (Rigved,  Yajurveda Samved, Atharvaveda) which are full of wisdom and knowledge.     

Q.  Do you know about " Golden Rules of Accounting?" Ans. There are  "Three Golden Rules Of              Accountin" .These rules are the base of        accounting. Rules are as under -         1. Personnel Account :-        Dr. The Receiver      Cr. The Giver 2. Real Account :-     What comes in Dr.      What goes out Cr. 3. Nominal Account :-     All losses and expenses Dr.     All gains and Profit Cr. https://dl.flipkart.com/dl/product/p/itme?pid=BKPFUVPDS6XK9VHP&lid=LSTBKPFUVPDS6XK9VHPUZXXOC

 1. Who is the father of Accounting? 2. What is Accounting? 3. How many types of accounts in accounting? https://www.amazon.in/Govindamm-Crystal-Spiral-Stylish-Earrings/dp/B08DBJRB9Y/ref=pd_ybh_a_7?_encoding=UTF8&refRID=RBHRBEB2ENXK9MAQ00KE&th=1 4. Give examples of real accounts? 5. Salary account is which type of account? 6. Bansal Trading account is which type of account? 7. What is nominal account?With example. 8. What is cash book? 9. B.R.S. stands for what? 10. What is financial year as per income tax act? https://www.amazon.in/dp/B07YHBBFM1/ref=twister_B07YHBQYW7?_encoding=UTF8&psc=1 Answer : 1. Luca Pacioli 2. Accounting is a system to record daily translation related to business properly. 3. Three.     Personnel A/c, Real A/c and Nominal A/c 4. Machinery  A/c, Furniture  A/c ect. 5. Nominal  A/c. 6. Personnel  A/c. 7. Nominal  A/c is those accounts which only recorded in P&L  A/c. Ex. Insurance,Rent & Tax,Salary e...