Journal Entry Class XIth Accounting: Part 2 Rules Of Debit And Credit in Journal Entry

 

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Here I m with my Part 2 of Fundamentals of Journal Entry in financial Accounting. This particular video basically related to "The Rules of Debit and Credit in Journal Entry".

What is Basic Rules of Debit and Credit in Accounting?

Rules of Debit and Credit: Here we will learn Rules of Debit and Credit on The Basis of Classification of Accounts.

1) Traditional Approach of Accounts

2) Modern Classification of Accounts.

I. traditional Classification of Accounts divided into three parts:

A) Personal Account : Related to Natural, Artificial and Representative Person.

B) Nominal Account: It is related to Income and Expenses.

C) Real Account: It is related to Assets and Liabilities.

II. Modern Classification of accounts: 

A)Assets

B) Liabilities

C)Drawings

E) Capital

F) Revenue

G) Expenses

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https://youtu.be/uo_1OHOBYEQ

       Here I m with my Part 2 of Fundamentals of Journal Entry in financial Accounting. This particular video basically related to "The Rules of Debit and Credit in Journal Entry".
In this video I tried to provide you a clear idea about the procedure of doing journal entry by following some Specific rules of Debit and Credit. or we can say that what rules are necessary to follow while doing a journal entry.
I provided you all the material related to The Rules in an easier language and after watching the full video, you will be able to a journal entry of a particular transaction which is done at a particular date.
In Part 3: I will discuss about the basics "Rules of Identifying a Cash and Credit Transaction".
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#Rules Of Debit and Credit in Journal Entry.
#Traditional Approach of Classification of Accounts.
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