![debit credit chart accounting debit credit chart accounting](http://4.bp.blogspot.com/-2L7lj5UcOKo/UCKBhb8NBWI/AAAAAAAAAWs/UIPB3DRDBzA/s1600/matrix+of+debit+credit.png)
#Debit credit chart accounting how to
KYC (Know Your Customer) - How to Check Your KYC Status.Voter ID /Election Card - Documents, Application, Eligibility.Agricultural Income - Types & Tax Calculation.Form 10E - Claim Income Tax Relief under Section 89(1).Gross Total Income - Computation of Total Taxable Income.Income Tax Audit Under Section 44AB of Income Tax Act.Claim Tax Credit on Foreign Income of a Resident Indian.Income Tax on Awards & Prizes - Lottery, Game Shows, Puzzle.Income Tax on Dividends - How dividends are taxed?.Section 56 - Taxation of Wedding/Marriage Gifts Received.
![debit credit chart accounting debit credit chart accounting](https://kashoo.com/wp-content/uploads/2014/09/DC6-1024x418.png)
Minimum Alternative Tax - Applicability & Calculation of MAT Credit.PRAN Card - Permanent Retirement Account Number Guide.Section 12A - Tax Exemptions for Charitable Trusts & NGOs.Presumptive Income Taxation Under Income Tax Act.Section 92E - Furnishing Reports For International Transactions.URN Status - How to check your URN Status?.Advance Tax: Calculate & Make Payment Online.Types Of Income, Deductions, Tax Slabs & e-Filing ITR Online.Tax Saving Benefits for Home Buyers with & without Home Loan Rules for Debit and Credit ( Modern Classification) Example like purchase, wages, salary, depreciation, discount allowed and rent. These are the accounts of expenses or losses incurred in carrying the business. Examples like Sales, Discounts Received, Interest Received, Bad Debts recovered, etc. It includes both Capital Account and Drawings Account. These are the accounts of proprietors/partners who have invested amount in the business.
![debit credit chart accounting debit credit chart accounting](http://2.bp.blogspot.com/-zypdYr-4LFM/TyyR8FOgd9I/AAAAAAAAABU/q16UlgWpx-A/s1600/debit-credit.jpg)
Liability accounts are accounts of lenders, creditors for goods, outstanding expenses etc. Under this approach all the accounts are classified into the following five categoriesĪssets accounts are those accounts which relates to the economic resources of an enterprise such as Land and Building, Plant and Machinery, Furniture, Inventory, Bank and Cash etc. Whereas, Modern Approach uses the Accounting Equation to classify different transactions. In Traditional Approach, the key concept is to classify various accounts under two broad categories, i.e., Personal and Impersonal Accounts which we will discuss further in detail. Basically accounting can be done following theġ- Universal, Traditional or British Approach of Debit/Credit As we all know one is debit side and the other one is credit side, for understanding of an accounting entry, first we need to understand the account types and their corresponding debit credit rule.įor a beginner in the field of accounting, one is required to go through the tough choice of selecting the rule. When a financial transaction takes place it affects two accounts and in the dual entry system of accounting we have two columns for entering our transaction. We cannot enter a transaction before understanding the detail meaning of which account should be debited or credited. Two important aspects of accounting is debit and credit. Accounting today is much more than book-keeping.