Record Keeping

Record keeping basis
–Recording: journalising as and when transaction takes place. Journal is book of original or first entry.
–Classifying: all entries in journal or subsidiary books are posted to ledger account (posting) to find out at a glance the total effect of all such transactions. Ledger is book of secondary entry.
–Summarising: last stage is to prepare the trial balance and final accounts with a view to ascertain the profit or loss during particular period.
–It is customary to use to and by while posting ledger.
–Balancing an account means equalizing two sides.
–If debit side of account exceed credit side, difference is put on credit side and it is said to have debit balance and vice versa..

Accounting & Finance for Banking

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