Question

What is leder of ( abhishek started business with cash)

Answer 1

Accounting Process’ is a complete sequence of accounting procedures which are repeated in the same order during each accounting period. The sequential steps involved in an accounting process are as follows:

 

Step-1 Journalising: Record the transactions in the Journal or subsidiary books as and when        they take place. 

Step-2 Posting: Transfer the transactions (recorded in the Journal or subsidiary books), in the respective accounts opened in the ledger. 

Step-3 Balancing: Ascertain the difference between the debit and credit side of each ledger account. 

Step-4 Trial Balance: Prepare a list of ledger balances of each and every account to verify whether the total of debit balances is equal to the total of credit balances. 

Step-5 Income Statement: Prepare Trading and Profit & Loss Account to find out the profit or loss of the enterprise for the accounting period. 

Step-6 Position Statement (or Balance Sheet): Prepare the Balance Sheet to ascertain the financial position of the enterprise as at the end of the accounting period. 

Answer 2

Firstly we have to make journal of this question and then posted it into legder