Complete Financial Bookkeeping And Accounting

Entity|Going Concern Principle|Generally Accepted Accounting Principles (GAAP)|1 Preview 08:58

This session will help you to understand,

What is the need for GAAP and what exactly is GAAP?

Also, Simple examples to explain need and meaning of 

-Entity concept and 

-Going Concern Concept

Let's Revise

Money Measurement|Cost Principle|GAAP|2 Preview 03:39

In this session, we have used Simple examples to explain, 

-The need and meaning of;

• Money Measurement Concept and 

• Cost Concept

Let's Revise

Revenue Recognition|Objective Evidence Principle|GAAP|3 Preview 06:45

In this session we focus on what do we understand from the revenue recognition concept and the objective evidence concept in accounting? and How is it applied?

Dual Aspect|Matching Principle|GAAP|4 Preview 07:10

We will see why do we need to follow the dual aspect concept in accounting and what is the difference between single entry system and double entry system.

Accrual Basis|Cash Basis Principle|GAAP|5 Preview 08:34

This session will help you understand  the Accounting Period Concept or the Periodicity Concept in Accounting Principles, the difference between the calendar year & Financial Year.To add relevance, reliability and comparability throughout the behavior of all accountants globally, accountants follow these accounting concepts in all their activities, thus we have given a revision exercise at the end on all of the accounting principles.

Accounting Period Principle|Revision of All Accounting Principles|GAAP|6 Preview 06:43

This session will help you understand  the Accounting Period Concept or the Periodicity Concept in Accounting Principles, the difference between the calendar year & Financial Year.To add relevance, reliability and comparability throughout the behavior of all accountants globally, accountants follow these accounting concepts in all their activities, thus we have given a revision exercise at the end on all of the accounting principles.

Accounting Conventions|GAAP|7 Preview 09:36

In this video we will see what is the difference between accounting principles and accounting conventions. The 4 conventions Materiality, consistency, conservatism and full disclosure are explained with examples

Classification of Accounts|Real|Personal|Nominal Preview 09:58

This video explains the understanding of an account & what is the need to classify them. Also you will know how accounts are classified / Organized into three broad categories Real, Nominal and Personal Accounts.

Golden Rules of Debit & Credit Preview 09:39

This video explains the basic Debit & Credit concepts & the 3 golden rules of accounting based for Real, Nominal and Personal Accounts.

Accounting Equation Preview 06:40

The Accounting Equation is the foundation of double entry system of accounting.  Learning Objectives:-  

1. What is balance sheet    

 2. The accounting equation: Assets = Liabilities + Shareholder Equity.   

 3. Balance sheet statement overview (position of a company                                     

4. Effects of different transactions on balance sheet through accounting equation                      

So whether you are an accounting student, bookkeeper or MBA candidate with a finance subject, you should find value in this lesson.

Glimpse of Procedure to prepare financial statements Preview 09:51

This video gives you a broad idea of how the entire process is followed right from collecting the source documents till preparing the financial statement. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements. Broadly, entire accounting cycle is completed in three easy stages :- 

1st is collecting data then 

2nd is recording & transferring in various books & 

the last is finalizing them. 

This process is generally followed by every organization, which helps them in making important decisions efficiently.

Source Documents -1|Receipt & Payment Vouchers|Credit and Debit Notes Preview 11:10

In this video the general format of basic source documents like 

- Purchase invoice and purchase order - Cash and credit memo- debit and credit note and the difference between the two - Receipt and vouchers  are explained along with the reason why and when each document is used.

Source Documents - 2 |Bank Documents Preview 07:42

This explains the differences between Bearer, Order, Crossed, A/c payee cheques & some other frequently used bank documents like Deposit and Withdrawal Slips, Bank advice note and bank statement.

Introduction to Journal | Recording of Transactions in Books Preview 10:32

Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur.  This tutorial will help you understand:
1.How to prepare journal
2.What are its features
3. How to record different business transactions in it
Basic entries like cash and credit sales, purchases, capital, expenses paid are covered.
To learn journal you have to have a strong understanding of 
Debit and credit and golden rules of accounts
Classification of accounts

Journal Entries | Accounting entries of Recorded Transactions Preview 10:24

This is continued session of How to pass journal entry.

This video tutorial focuses on important journal entries which are frequently asked in examinations like

1. Trade discount & Cash Discount  2. Goods distributed as free samples  3. Insolvency  4. Bad debts/Losses  5. Dishonor of Cheque.  It covers all the entries with reasons as to why to debit or credit the accounts for these basic transactions. This video is a great way for beginners to gain accounting knowledge.  To learn journal you have to have a strong understanding of  Debit and credit and golden rules of accounts Classification of accounts.

Introduction to Subsidiary Books | Recording of transactions in different books Preview 07:10

This session Covers; 

-Meaning, Need and types of subsidiary books.

-Comparison between journal to ledger and subsidiary to ledger.

Cash Book - Types of subsidiary books Preview 11:41

Here we will learn What is Cash Book , Its Importance & Types :

1) Single Column / Simple Cash Book 2) Double Column Cash Book

Petty Cash Book - Type of Subsidiary books Preview 07:25

This video explains what is petty cash book & its need, what are the types of petty cash book & how to record transactions in petty cash book.

Ledger | Transferring transactions from Primary Books Preview 11:05

This video explains the importance of journal and how to record different business transactions in it.

Broadly Covers need for ledger, format, posting of transactions in ledger & balancing ledger accounts.

Bank Reconciliation statement | Comparison of Bank Book & Cash Book Preview 10:55

Check out our video on Bank Reconciliation statement which covers why and how we prepare BRS statement by comparing Bank book/ cash book to pass book / bank statement.

Quiz on Bank Reconciliation Statement - 1 Preview 04:57

Take part in this test on Bank Reconciliation Statement. It will make your understanding on the topic even stronger and the Tips given to answer these questions will help you to quickly analyze and solve many questions on BRS.

Trial Balance | Finalizing of Ledger Balances Preview 10:09

This Video explains the need & Importance of preparing Trial Balance & Posting ledger balances in Trial Balance.

Depreciation - Adjustments in financial statement Preview 10:15

This video explains,

-Need & Concept of depreciation in Accounting, 

-How to calculate depreciation & 

-How it is recorded.

Provisions & Reserves - Adjustments in financial statement Preview 08:05

Through this session you will understand,

-Why provisions and reserves are made and  

-What is the difference between the two. 

Also we will see the different types of reserves.

Errors & Rectification - Adjustment in financial statement Preview 11:09

Many times we make mistakes unknowingly in our accounting books, so in this session we will learn how to rectify them such that our statements show a true & fair view.

Quiz on Errors & Rectification Preview 02:58

Take part in this fun and exciting quiz on the chapter Errors and Rectification. Test yourself and see how many you get right.

Closing Stock - Adjustments in financial statements Preview 08:44

This session will give us a broad understanding of the importance of closing stock.

We will go through the following points :

1. Meaning & Introduction  

2. Stock Ledger  

3. FIFO Method / Weighted Average Method 

4. Recording Closing Stock

Bad debts - Adjustment in financial statements Preview 10:56

In this session, we will learn through different practical situations the meaning, the entries and adjustments related to bad debts.

Adjustments in Financial statements | Incomes & Expenses Preview 12:03

Learn Different types of adjustments, Such as :

1) Prepaid Expenses 

2) Outstanding Expenses

3) Accrued Incomes 

4) Advance Income

5) Difference between the terms 'due for payment' and 'accrued'

Quiz on Adjustments in financial statements Preview 05:13

Financial Statements - 1 | Format of Financial Statement Preview 11:38

In this video we will learn the need to prepare financial statements or final accounts and the format in which it is made. The different components and differences are explained.

Financial Statement - 2 | Recording of Balances in Statements & Accounts Preview 11:00

In this video we will learn posting/recording of each account from the TRIAL BALANCE to the FINAL STATEMENT.

Quiz on Financial Statements -1 Preview 04:20

Take part in this fun and exciting quiz on the chapter Final Accounts. Test yourself and see how many you get right.

Quiz on Financial Statement - 2 Preview 04:54

Get ready for a unique practice session/quiz. From the given information and financial statements we will prepare a trial balance! Let's see f an get them all right before the timer ticks off.

Reading of Financial Statement Preview 10:16

This video explains how to read & interpret financial statement in a simple language with the help of comparison between financial statements of two Business / Companies.

Comparing & Analyzing two financial statement Preview 11:07

Here's an interesting and practical financial statement analysis case. Let's get on to this mission together to find out whether this is a big fraud.

Finding missing information by comparing Financial Statements Preview 08:51

In this session we will be completing a financial statement & recording adjustments from the limited information provided.

Deriving Cash/Bank Summary from 2 years statement Preview 08:04

Another Art of Accounting Analysis video where we will trying to prepare a cash bank summary for missing record of 1 year from given financial statements.

Deriving Missing financial Statement from available information Preview 09:14

Let's analyze the statements together and see if we can fill in all  the missing figures.

Quiz on Whole Accounting Cycle Preview 07:59

This is a fun quiz based on the whole accounting cycle. Answer before the timer ticks off! Have fun!

Types of business organisations Preview 09:10

This video explains different business organizations namely,

-Sole proprietorship, 

-Partnership Firm and 

-Joint stock company & their main features which distinguishes them.

Introduction to partnership Preview 10:08

This video explains the following concepts :

1) Basics of Partnership

2) Adjustments in Capital Accounts

3) Presentation of Profit & Loss Accounts 

4) Methods of Capital Accounts

Partnership Final Account - Problem solving - 1 Preview 11:38

Partnership Final Account - Problem solving - 2 Preview 13:48

Admission of a Partner | Reconstitution Of Partnership Firm Preview 10:10

Learn how the accounts are to be presented and the different adjustments on admission of a partner like, 

-Profit sharing ratio

-Capital contribution

-Goodwill calculation

-Calculation of revaluation profit or loss 

Admission of a Partner | Problem - Solving - 1 Preview 08:55

With the help of this video we will learn " Problem Solving on Admission of a Partner" in the easiest way.

Admission of a Partner | Problem - Solving - 2 Preview 10:05

With the help of this video we will learn " Problem Solving on Admission of a Partner" in the easiest way.

Retirement Of a Partner | Reconstitution of Partnership Firm Preview 06:42

In this session we will learn through simple examples, the different adjustments on retirement/death of a partner.

It covers,-Treatment of goodwill

-Revaluation of assets and liabilities

-Profit and loss adjustment and calculation of gain ratio.

Retirement Of a Partner | Problem-Solving Preview 03:46

In this session we will understand through an example how accounting is done for retirement/death of a partner.

Calculation of Profit Sharing Ratios Preview 09:26

In this session you will learn how to calculate,

-Gain ratio, 

-Sacrifice ratio & 

-New profit sharing ratio in different scenarios.

Interesting & Challenging Quiz | Profit Sharing Ratio Preview 06:00

Here's a little quiz based on Profit sharing ratios! It's challenging and fun... Try it out!

Valuation of Goodwill Preview 12:15

Get your answers to,

1. What is goodwill?

2. Why is there a need to value goodwill?

3. How to value goodwill?

Interesting & Challenging Quiz | Valuation of Goodwill Preview 07:16

A Quick Review on "Valuation of Goodwill" Take this interesting quiz to further enhance your knowledge on the topic

Accounting treatment of goodwill Preview 11:24

This Video Explains How to Record Goodwill in the Firm's Books of Accounts,

-At the time of admission and 

-Retirement of a partner. 

Interesting & Challenging Quiz | Accounting Treatment of Goodwill Preview 04:21

A Quick Review on "Accounting Treatment of Goodwill" Take this interesting quiz to further enhance your knowledge on the topic.

Dissolution of partnership Preview 11:14

This video will give you a broad understanding on what is dissolution and the process or different steps taken on dissolution. 

Dissolution of Partnership Firm - Problem Solving Preview 07:12

In this session we will understand through an example how accounting is done at the time of Dissolution of Partnership Firm.

Piecemeal Distribution Preview 10:48

In this session you will learn what is piecemeal distribution, 

-The order of payment and 

-How statement of excess capital and statement of distribution is prepared through a simple example.

Introduction to Non-Profit Organisations Preview 08:57

In this session we will learn,

-How Non-Profit Organisation is different from Profit making Organisation, 

-How their accounting books are maintained and the difference between Capital Income/Expenditure and Revenue Income/Expenditure. 

Non-Profit Organisations - Problem solving Preview 06:53

Problem solved on Non Profit Organisation covering simple transaction recording and adjustments like 

-Donations, 

-Subscriptions and  

-Outstanding-Prepaid expense or income.

Single entry system Preview 07:42

This session covers: 

-Single Entry System(Introduction), 

-Recording of Events, 

-Limitation, Single Entry Vs Dual Entry, 

-Problem Solving of the same.

Single entry system - Problem Solving Preview 09:11

This session covers will give you a clear idea about conversion method of single entry system.

Introduction to Bill of Exchange Preview 08:01

This session explains the following points : 

-What is Bill of Exchange? 

-General Terms & Importance. 

-Terms of payment dates. 

-Acceptance of Bill

Interesting & Challenging Quiz | Bill of Exchange Preview 05:15

Take part in this fun and exciting quiz on the chapter Bills of Exchange. Test yourself and see how many you get right!

Accounting Entries of Bill of Exchange - 1 Preview 08:01

Learn accounting entries from Drawers perspective Like, 

-How transactions are recorded when bills are drawn, accepted and retained, discounted or sent to bank for collection.  

-Further, what happens when they are honored or dishonored.

Learn accounting entries from Drawers perspective Like, 

-How transactions are recorded when bills are drawn, accepted and retained, discounted or sent to bank for collection.  

-Further, what happens when they are honored or dishonored.

Accounting Entries of Bill of Exchange - 2 Preview 09:55

Continued entries in the Drawers book like, 

-Endorsement & Retirement of Bill of Exchange.

-Also all the accounting entries in the books of Drawee.

-and a quick revision on bill of exchange

Introduction to Joint Stock Company Preview 08:10

A joint-stock company is a business entity in which different stocks can be bought and owned by shareholders. 

What is it exactly? Here is a video explaining all you need to know about company.. 

Details inculded are: 

1. What is Joint Stock Company & its Features 

2. What are advantages & Limitations of Joint Stock Company   

3. The procedure to incorporate Joint stock Company and the types of joint stock companies. 

Sources of Funds | Shares | Debentures Preview 09:08

This session will help you to understand Through which sources companies can raise their funds or capital, 

It Covers : 

A Glimpse of What are;

- Shares - Debentures  - Types of Shares - Types of Preference shares - Issuing of Shares.

Issue of Shares - Accounting Entries - 1 Preview 09:55

• This session will give you an insight into the basic procedure of issuing shares by a company covering the different stages namely, prospectus, application stage , allotment stage  & calls. It also covers basic journal entries related to issue of shares.

  
  

Issue of Shares - Accounting Entries - 2 Preview 11:09

This session will help you understand the concept and entries of under subscription and over subscription of applications when shares are issued at par. Cases for calls received in advance and calls in arrears are also explained with their journal entries.

Issue of Shares - Problem Solving - 1 Preview 10:56

Issue of Shares - Problem Solving - 2 Preview 09:30

Introduction to Debentures Preview 12:37

Debentures are a debt instrument issued by a company on which fixed interest is given. 

Learn more about debentures, 

-Their features and different types based on factors like convertibility, redeemability, security, priority and transferrability in this session.

Accounting Entries of Debentures Preview 10:55

This video explains,

How the accounting of Irredeemable debentures gets's done. Right from its issue process till the entries passed in the books of accounts at the time of application, allotment & final call stage.

So it includes,  *Process of Issuing Debentures  *Accounting Entries when debentures issued at Par, Premium & Discount -For cash -For consideration other than cash  -As a collateral security

Forfeiture and Re-issue of shares Preview 06:54

Redemption of Debentures Preview 10:47

Cash Flow Statements: Introduction, Importance & Basic Concepts Preview 12:38

Operating, Investing, Financing Activities Format Preview 11:45

Direct Method Preparation in Cash Flow Statement Preview 08:52

Indirect Method Preparation in Cash Flow Preview 14:20

What is consignment? Introduction to consignment Preview 06:19

Hello Friends,

Check out our New Video On What is Consignment | Basics of Consignment | Consignment Accounting |By CA Sonali Doshi.

In this session on Consignment Accounting, We are giving a clear idea about What is consignment and How its process works?

Topics explained in this video of What is consignment accounting is as follows:

1.What is Consignment?

2.What is consignment agreement & its definition?

3. How & Why the consignor sends goods to consignee?

4. Remittance on consignment

5. Commission on consignment

6. Principal Agent Relationship

7. Consignor

8. Consignee.

This Video Is Useful for students of FYBCOM sem - II, CA-CPT, IPCC, CMA and to anyone who wishes to learn the consignment. We Hope You Liked This Video On What is Consignment | Basics of Consignment | Consignment Accounting |

Let's Revise

Basic Terminologies of Consignment Accounting Preview 04:56