Business Accounting

Statement showing assets & Liabilities

• Balance Sheet

• Profit & Loss A/c

Gross Profit/ Loss calculated in

• Profit & Loss A/c

• Trading A/c

Cash is

• Fixed Asset

• Current Asset

Balance Sheet has 2 sides

• Debit & Credit

• Liabilities & Assets

Financial Year starts from

• 1st January

• 1st April

ABC Ltd. A/c is

• Nominal A/c

• Personal A/c

Cash withdrew by Owner is

• Profit

• Drawings

Depreciation is charged on

• Fixed Assets

• Current Assets

Closing Stock is calculated at

• Beginning of year

• Ending of year

Cash Book records

• Only cash transactions

• Cash & Credit transactions