Double Entry Double Entry System 2 System 2 DR CR
The Accounting System The Accounting System to record transactions to record transactions Click me!
Objectives Objectives At the end of the lesson, students should be able to : • know what are General Journal and Special Journals. • able to record simple business transactions using the Double Entry Accounting System into the General / Special Journals.
An Overview… General Journal Special Journals Ledger Accounts Trial Balance Prepare Simple Financial Statements Adjustments
GENERAL JOURNAL Debit Credit Date Particulars $ $
Debit Credit Credit Credit Debit Debit Assets = Owner’s Equity + Liabilities Assets = Owner’s Equity + Liabilities (Debit) (Credit) (Credit)
Debit Credit Date Particulars $ $ General Journal a) a) John began bus ines s with cas h in hand John began bus ines s with cas h in hand $5000 on 1 January 2000. $5000 on 1 January 2000. 2000 Jan 1 Cash in hand Capital-John 5000 5000 John began business with cash $5000.
Debit Credit Date Particulars $ $ General Journal b) b) John began bus ines s with a bank loan of
- Spring '12
- Debt, 1966, 1971, 1942, 1977