⭐ SUMMARIZING CHANGES IN FINANCIAL POSITION [Part : 2] ⭐

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ALL ABOUT ACCOUNTING : 41st BLOG

      💎💎ACCOUNTING💎💎

★ Accounting exercise and practices : 
Lesson : 4 [Part : 2]

Hi friends 🙏

Today's discuss remaining part of summarizing changes in financial position 

                             So let's discuss ....


★ SUMMARIZING CHANGES IN FINANCIAL POSITION :

        ⭐ THE GENERAL LEDGER : 

A credit organization typically has many accounting transactions each day, such as the disbursement of loans, the payment of employee salaries and the receipt 📜 of loan payments. It would not be practical to prepare financial statements after each transaction. Instead as we discussed in the last session, individual transactions are recorded in the general journal, and at the end of the month (or other designeted accounting periods), financial statements are prepared from these records. 

Accounting systems include a separate record for each item listed on the financial statements. For example, a separate record is kept for the asset "cash", showing each increase and decrease in cash that occurred during the period as a result of transactions involving cash. Similar records are kept for all other assets, liability, equity, revenue and expense accounts. 

The format used to record increase and decrease in the balance sheet or income statement items is called a ledger accounts are. Cash, loans outstanding, equipment, accounts payable, rent, interest expense, interest revenue, etc. The entire group of accounts is called the general ledger. 

Note : A general ledger summarize's the transactions of an organization in order of account number where's the general journal lists the transactions in chronological order. 






Remaining part of  summarizing changes in financial position discuss in 42nd blog... 

                            So wait my 42nd blog... 
 
                                                                             
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  1. AnonymousJuly 9, 2020 at 1:58 AM

    isme GST related news and update ka page banaiye, hame easy language me samaj aa sake esa

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