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Post Info TOPIC: I have started learning accounting through online classes , Please help .


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I have started learning accounting through online classes , Please help .


I am attending classes online through Zoom software due to covid 19 issues .

They have taught me

Accounting equation

Journal

Ledger

and

Trial balance

Since the classes are online , the teaching methods are not of the highest quality . I still have to do a lot of self learning after they end the class because i don't understand everything they explain in the class .

They haven't started ,

The trading

The profit and loss

and

The balance sheet yet .

So i only have little ideas about those .

What is trading and profit and loss account and what does it contain ? Do we use information from the trial balance to write both the trading and profit and loss account ?



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Guru

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Hi Osama,

Well done on starting your bookkeeping course.

As you say the course hasn't yet covered the things you are asking about, but once it does you should have an understanding of these things. Whilst people are often happy to help out with specific questions, at this time of year the majority of bookkeepers/accountants on here are extremely busy and don't necessarily have the time to go into teaching principles in great depth. I just wanted to write you this quick reply so you didn't feel you were being ignored.

Good luck with your ongoing studies!

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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



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@BudgetB



Right now they are taking SAP FICO classes so got a break from the manual accounting classes .

Anyway like usual i tried to self learn a few more things before the classes .

I learned from a book that trial balance is so important when preparing trading and profit and loss and balance sheet accounts .

A book i referred says ,

Trading account contain all the items of direct expenses and sales items

Profit and loss account contains all the items of Indirect expenses and Indirect incomes

Balance sheet contains debit and credit balances of Assets , Liabilities and Capital

Is that correct .

I hope someone free would have the time to reply .

Thanks






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Guru

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Hi Osama

Welcome to the forum, what accountancy course are you doing?

I notice from your profile that you are based in India so terms and requirements may be different between the two countries, I agree with Jenny in that I think you should wait until your course moves on to these areas as even though you may be reading things from a book you may find it confuses you even more when it comes to the actual way the classes will teach you.



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



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@Artois

I am doing a course which teaches Manual Accounting and some software accounting like SAP FICO and SAP MM .
These classes are only just once a week through Zoom software , so i have plenty of time to revise and self learn too

Right now waiting for the classes itself is the best idea , because self learning accounting which i have tried before joining this institution was like wasting time looking at too much garbage

Thanks for the reply



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Forum Moderator & Expert

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with accounting its very much a case of you need to learn to walk before you can run. The things that you consider garbage are no doubt important building blocks to get to where you want to be.

Having a fundamental understanding of T accounts and the extended trial balance is the core to everything. From there you will be able to transfer all of the figures to the P&L and B/S including getting those reports to integrate with each other.

Read everything that you can get your hands on, watch every Youtube viideo, sign up for Open Tuition and ingrain every little detail that you can acquire.

If you consider what you are learning garbage then you may not understand the importance of the fundamental knowledge that you are acquiring before moving onto more complex studies.


As a side note I think that your Avatar is a little too political. Last thing that we want is Mr Trumps legal team looking at the site. I'll give you a day to change it yourself but if its not changed then I will have to change it.

Kindest regards,

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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OK, thanks for the reply .

These are from my notes i prepared and collected from different places.


It starts with Entries ,then moves to

Accounting Equation
Journal
Adjustment entries
Ledger
Trial balance
Profit and loss
Balance sheet
Cash flow statement
and
Fund flow statement


Accounting is the art of recording a companies items , amount and parties in a transaction or in an accounting event


There are many categories of items that move in and out of a business

Debits and Credits
The term debit indicates the left side of an account, and credit indicates the right side. They are commonly abbreviated as Dr. for debit and Cr. for credit. They do not mean increase or decrease, as is commonly thought. We use the terms debit and credit repeatedly in the recording process to describe where entries are made in accounts. For example, the act of entering an amount on the left side of an account is called debiting the account. Making an entry on the right side is crediting the account



There are items of assets ( cash )
There are items of expense ( purchase )
There are items of income ( sales )
There are items of capital
There are items of liability

Create the records of of the Items of those category according to the rules of accounting


At the end of the year after preparing trial balance a list of unrecorded items is prepared which is called list of adjustment for which adjustment entries are passed. Now closing entries will be passed. The purpose of closing entries is to close all those accounts which comes in trading and profit & Loss and these accounts are mainly related to expenses , incomes and goods.


@Shamus ,

Yup you are right , i have only learned till Trial balance .

There was a lot of confusion in the beginning , but now i have a little bit more understanding and i am even comfortable when doing those till Trial balance

I should practice more till the Trial balance and wait for the manual accounting classes to start the rest of the classes







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