Hello, Hello, Hello, Hello, Hello
Welcome to another beautiful lecture
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Accounting basics
The same basics that have been bothering you
Have been troubling
The same account basics that are clear once
Accounting becomes easy for a lifetime
But the problem is
Even if it is clear once
It could not be clear until today
You also try
We have kept the basics of accounting
The most difficult part of accounting
We never tried to pay attention to it
Never understood
On 11th and 12th, the bouncer went over the head
The gain of Shoaib Akhtar does not go so fast
As fast as he went over us
Accounting basics
So friends
We are here for you
To improve your accounting basics
I say accounting
One of the easiest subjects in the world
Many people think so
But many people get worried
Who are the people who get worried?
People who wander in this chapter
People who do not have clear basics
The most beautiful and special thing about accounting
This is a friend
Once the basis of the account
Became Ramnaam Aadhaar
Those who make the way in water
The basis of the account basics
Those who make the way of accounting in every chapter
There will be no problem
There is no problem in the future
Accounts Do it in the biggest and smallest company
If the basic is clear, then there will be no problem
Any chapter of accounts
It is needed while applying
So if this is not clear
Then all the accounting in the future seems difficult
This is wrong
If this is not clear
Then the easiest chapters in the future also seem difficult
If this is clear
Then the most difficult things in the future are also super
easy
So we will do this
Do it
Now it will take time
As much as you want
Keep watching
When am I refusing
We are doing
Do not hurry
Focus If you want to clear the account
Then you need to focus
Do not hurry
If you want to do
Then do it as soon as possible
Be stable
Go ahead
Understanding basic accounting terms
This is our topic today
In the basics of accounts
Understanding basic accounting terms
You do not even know the meaning of words
I say
You have to learn English language
We are not talking about his accounts
I will talk about English for a while
Suppose we have to learn English
How to teach English to a child
There is a newborn baby
He has started speaking
You want to teach him English
You threw Oxford dictionary in front of him
And told him to remember all the words
You gave him a table of tenses
And told him to remember all
And you are starting to make him speak
Will he be able to speak?
How will he learn so many typical things?
How will he know?
What is the way?
First teach him ABCD
Only then he will understand
When he comes to ABCD
Then he will know that words are made by ABCD
Then he will know that words are made by sentences
Then he will know that
Sentences have past, present and future
Then he will build his vocabulary
And become a fluent English speaker
Do the same in accounts
If I tell you a lot of heavy things
How will you understand?
Journal entry, debit, credit, what comes in, goes out
This account, ledger, trial bans
How will you understand?
You have not learned the ABCD of accounts
So these are the basic accounting terms
This means
ABCD of accounts
Some words used in accounts
Some terms
Some words
Which are regularly used
What do they mean?
You will be taught in this clip
If you learn this, then accounting will be smooth in the
future
It will be easy
You do not know this well
Who is debtor, who is creditor, who is trade payable
And who is bill payable, who is trade receivable
And who is bill receivable
And you jump into the big concepts of accounts
In big chapters
Yes, this is our mistake
We are going to correct the same mistake
We will learn the meaning of words first
Then we will see
There is a debit, there is a credit, there is a journal
entry
There is something else
Whose name is today's class?
Just the names of words used in accounts
Today's evening
Names of different words in accounts
Very very good
So much introduction is done
So you do something
When am I refusing
Take this, take this, take this
First Business transaction
What is the name of this disaster?
Business transaction
What is the name of this disaster?
This is the name of that disaster
Where does accounting start?
This is the name of that disaster
Where does accounting start?
For this, let's go to the pad
Let's go to the pad
Let's move to the pad
We came to the pad
Yes sir
See See sir
Accounts have a cycle
Sir Whose A1 has a cycle?
Or Atlas has a cycle?
Now you have reached here
Which cycle?
Account cycle does not mean
Pedal cycle
Account cycle means a series
A start and an end
Accounting It is called accounting cycle
The whole process
Accounting has a process
Where does it start?
It starts with a transaction
After this, the next step is
Journal entries
After that
The next step is
Ledger L-E-D-G-E-R After that, the next step is
Trial balance
And after that
The next step is
Financial statements
This is
Friends Your account cycle
I will explain this later
But how?
Until you understand this
How will you understand this?
Until you know how to pedal on the cycle
How will you learn to turn on
That's why
Transaction Accounting starts with a transaction
Transaction As soon as
Transaction comes in business
Accounting starts
Accounting discussion
If there is no transaction
We do not think about accounting
The subject of the account
From where?
From transaction
If there is a transaction
Accounting If there is no transaction
We do not think about accounting
All the games are of transaction
Whatever is there in the account
That is transaction
Whatever is there in the account
That is transaction
Let's go
Let me tell you in simple words
An activity
We call that activity a transaction
All four things should be fulfilled
Activity i.e.
any action
Plus business
Plus on financial condition
Plus there should be some effect
If all four conditions are satisfied
Then that action, that event
Will become a transaction
And then for that we
General entry, ledger, trial balance, financial statement
That is, we will talk about accounting
Otherwise, we will not talk about accounting
Let me give you some examples
Let me provide you some examples
Let me give you some examples
What is a transaction?
How and how not?
Let me show you some examples
Friends, tell me one thing
Capital invested by the owner in the business
Friends, is this an activity?
Yes, it is an activity
Some money is being transferred by the owner
It is an activity in the business account
Will this affect the financial condition of the business?
Yes, the financial condition of the business
Will be stronger than 4 lakhs
Because 4 lakhs came in the account of the business
The owner transferred
Will this become a transaction?
Yes, it is a transaction transaction my dear friends
business financial condition transaction transaction
transaction transaction transaction transaction strike
strike strike strike strike strike
strike
strike strike strike strike strike strike strike strike
strike There is a process in itself, something is
happening, it is empty, will it have an effect on the
financial condition of the business, ask your heart and tell
Ask your heart and tell, will it have an effect on the
financial condition of the business, how will it not?
If the employee does not work, how will the work be done?
Employees will leave the job and go, then how will the work
be done?
All the customers will break, how will the market demand be
fulfilled?
The image of the business will be deeply pushed in the
market.
People will think, man, she is not able to keep her
employees happy.
What kind of businessman is he?
There must be some nonsense going on inside him, he must
have not paid his salary.
This means that if there is no profit, then it is going
down.
Such and such image will start becoming of the business.
So yes sir, all four things are being fulfilled.
But friend, still we will not call it a transaction.
Now sir, what will this be?
You have already taught that if all four conditions are
fulfilled, then transaction, if not fulfilled, then not
transaction.
Now sir, all four conditions have been fulfilled here.
Still you are saying that this is not a transaction.
How is this?
Because there is a fifth condition too, which I am telling
you now.
Plus, capable to be expressed in terms of money.
This is the fifth condition.
The effect of that incident on the financial condition of
the business should also have some monetary value.
We should know how much money is being affected by the
financial condition of the business.
Like in the first incident, we knew that the financial
condition of the business is being affected by capital
investment of 4 lakh rupees.
The amount of the transaction was also available there.
That is why the transaction was made.
The amount of the activity was also available.
But here the employees have been struck.
We know that the financial condition of the business will
have a negative effect.
But the amount is not known.
The amount is not known.
That is why the fifth condition was not fulfilled.
That is why the second thing, strike by employees, this
transaction will not be made.
And friends, friends, friends, that is why its accounting
will not be done.
Neither will it have a journal entry, nor will it have a
ledger, nor will it have an effect on its trial balance,
nor will it have an effect on its financial statement.
We will put any effect and go.
Strike by employees.
Close your eyes. Ignore.
You are an accountant.
The owner came to you.
And the owner came to you and said that there was a strike
in the business.
You heard from one ear and took it out from the other.
You said that my work has been struck.
So you see, you go.
I don't have to do anything about the strike in accounting.
I am not concerned with strike anymore.
Okay, sir.
Okay.
Sir, tell me one thing.
In the first incident, when capital was coming to the
business of 4 lakh rupees, there was a positive effect on
the financial condition of the business.
There was a positive effect.
I said yes, absolutely right.
And sir, the second incident will have a negative effect.
Yes, absolutely right.
So sir, can there be any kind of effect?
Yes.
I have written the word effect.
I did not say that if there is a positive effect, it will
be called a transaction.
If there is a positive effect of an activity, it will be
called a transaction.
I did not say that.
I just wrote the word effect.
Now, the effect on the financial condition can be both
positive and negative.
It can be any kind of effect.
Okay, sir.
Okay, done.
Sir, give us some more examples.
We are getting this very, very, very, very interestingly.
Give us some more examples.
I said okay.
Give me some more examples.
I will give you two or three more examples.
Building purchase 2 lakh rupees.
I bought a building for 2 lakh rupees.
Sir, by the way, where do you get a building for 2 lakh
rupees in today's times?
Tell us.
We have to go there.
We also buy a building for 2 lakh rupees.
Where do you get it?
You get it in my questions.
You have to buy it.
You have to sell it.
You will not get anywhere else.
You get it in years.
Okay, sir.
Okay.
Why are you angry?
You are not buying.
Go.
Building purchase 2 lakh rupees.
Friends, is it an activity to buy a building?
You will have to buy it yourself.
You will have to go.
You will have to buy it.
You will have to get it restored.
You will have to go around the court.
You will have to make a deal.
You will have to make an agreement.
You will have to do a lot of work.
You will have to make a payment.
So, this is an activity.
Will it affect the financial condition of the business?
Yes.
If you buy a building, you will have to make a payment.
It will affect the financial condition of the business.
Now, some people are saying.
Sir, what if I buy a loan?
Oh, brother.
Listen to me.
You bought a building.
If you are making payments together, then the financial
position of the business will be affected.
Yes, of course.
Because money will go.
And why are you just thinking that money will go?
Hey, the building will also come.
Money will go and the building will come.
The financial position has changed.
The effect does not mean that the financial position of the
business will go up or down.
Whether it will move or not.
That's it.
Yes, it will move.
Two lakh rupees will go and turn into a building.
This is a transaction.
The effect is on the financial position.
Sir, if we buy a building on loan.
If you buy a loan, then the building will come to you.
The building will come.
And at the same time, it will bring a loan on your head.
Do you understand from the financial position that the
money in the pocket will affect them or not?
Do you understand the meaning of the financial position?
If money comes in the pocket, then the financial position
is hurt.
The financial position has improved.
And if money goes out of the pocket, then the financial
position is negatively hurt.
So this is the effect on the financial position.
Otherwise, there is no effect.
I am saying that we have kept this money as it was.
We bought a building.
Neither money came nor money went.
It is the same as it was.
But I got a loan on my head.
I will have to pay that money today or tomorrow.
Does it still affect the financial position?
Yes, absolutely.
You have taken a loan from the bank.
You have to pay it today or after a while.
So is your financial position very good?
No, sir.
We are in the loan.
Ultimately, we will have to pay.
So that is also an effect on the financial position.
Yes, buying a loan is also an effect on the financial
position.
Is it capable to be expressed in terms of money value?
Yes, it has a monetary value of Rs 2 lakhs.
The fifth condition has also been fulfilled.
This has become a transaction.
So we will enter its journal.
We will make a ledger.
We will put an effect on trial balance.
We will put an effect on trading under the balance sheet.
Okay, sir.
After this, next.
I will give one more example.
Buying goods.
Goods purchased.
It does not matter if it is a loan or a deposit.
You are buying a loan or a deposit.
It will be a transaction.
You have understood this.
Goods purchased, Rs 1 lakh.
Goods sold.
Rs 2 lakh.
Like this.
Okay? Okay, sir.
No problem.
I will ask you one last question.
Expected loss.
Yes, sir.
What did you write?
Expected loss.
What does it mean?
There is no loss.
I hope you will have a loss.
Yes, sir.
You sold a person a loan.
For Rs 10,000.
And he said to you.
Friendship is coming.
Old acquaintance.
Give me some time.
To make a payment.
You came to your senses.
You gave him two months.
You said okay.
You give Rs 10,000 after two months.
It is a matter of mutual relationship.
I love you too.
You said.
You gave him a loan of Rs 10,000.
Friends.
As soon as two months are going to be completed.
Three to four days are left.
You started calling him.
Do you know what happens?
One bell goes.
The phone is cut.
Did you understand the legend?
What I am trying to say?
One bell rings.
And the phone is cut immediately.
Sir, he blacklisted.
He is caught right.
His DP is not visible on WhatsApp.
He is caught right.
On Instagram.
Instagram user is writing.
He is caught right.
He has decided to be underground.
And you are not getting him.
You are going to his office.
You are not getting there.
You are going home.
You are not getting there.
You have kept your wife at home.
Whoever comes.
You start misbehaving with him.
You say to him.
I am a lady.
If you try to do more with me.
I will put you in jail.
In false accusation.
Me too.
It was a Me too campaign.
What was it?
It was a Me too campaign.
I don't know.
On whom the girls have accused.
He has raped me.
Okay.
Leave it.
It is expected to happen
It is not confirmed
It will be confirmed when it will be insolvent
When we will meet him, talk to him, ask him why are you
giving money
He will say I don't have
Then it will be confirmed
But till then it is expected
But my dear friends, this is an activity
Not picking up the phone
It will also affect the financial position of the business
What? Doubt on money
Doubt on money
Will this money come or not
So there was a difference in the situation
Earlier the situation was strong
We were saying that this money will come
But now we are making a doubt in the mind
I don't know if it will come or not
There is a difference in both things
So this has also affected the financial position of the
business
And we know
How much did we give him?
We gave him Rs 10,000
So we have his monetary value
We will record it
The loss has not happened
It is expected that it will happen
Then we will record it
Will do
Sir, how did the business affect the financial position?
How did the business affect the financial position?
We are a little doubtful about this
The money that was going to come with strength
Now the clouds of dangers are hovering over it
Will it come or not
There is a difference in both these things
There is a difference in both these financial conditions
Look at this
This is a person
And this is also a person
This is a person
And this is also a person
His name is Mr.
Mr. A
Mr. B's uncle
This is his nephew
My mother's wife
My mother's wife calls me son
My mother's brother calls me nephew
My brother's daughter calls me uncle
God, you gave me everything
Now give me a beautiful wife
These people have come from there
Mr. X
Mr. X is also an uncle
Mr. BY
Oh my god
Mr. Y is the nephew of Mr.
Now they love both
They love both
Too much love in heart
Not their sons
That's why they have a lot of love
Hereby, my dear friends
Mr A said
I will also give my property to you from Mr.
And Mr.
X also said that I will also give my entire property to my
nephew Mr.
Mr. A has also prepared an agreement
And Mr.
B's signature is yet to be done
Property worth 1 crore
Mr. B's name has not been confirmed yet
But the condition is ready to be perfect
Everything is ready to be signed by Mr.
And Mr.
B will definitely do it
Although Mr.
B is not the owner yet
But there is a 100% chance that Mr.
B will become the owner
Mr. X has said to Mr.
Y that he will give his property
But he is not getting the agreement
He is saying that he will be able to do it, but he is not
feeling well
Think a little
He is in confusion whether to give or not
He is thinking to sell himself and go somewhere
Go to the hotel and have fun
Drink alcohol day and night
Have fun and eat
He has said this in the beginning
He loves him, but he is in confusion
So this is also a property worth 1 crore
Mr. B's name has not been confirmed yet
Mr. Y's name has not been confirmed yet
Both are equal
But if you look at it internally
Both have a big financial condition
Mr. B's name has been confirmed
But it has not been confirmed
The effect has not yet taken place
It will take place, but the chances are very bright
But the chances of Mr.
Y are also very low
And if it happens, he will also get
If uncle's mind changes suddenly
He should not even say that the chances are in his dark
He may also get the property
But there is a difference between the two
The chances of one are absolutely certain
One thing can happen or not
Neither did anyone get it
The owner is also not worth 1 crore
No millionaire has been found yet
Both are equal for now
But still Mr.
B will smile more
Mr. Y will be a little confused
That's why
Even though both are on the same boat
There can be a big difference in their financial condition
My dear friends
Okay sir
So let's go to our notes
And let's see the meaning of transaction
Let's see in the notes
What is the meaning of transaction
First read it
Business transaction
It is a financial transaction or an economic event
Expressed in terms of money
Which brings in change in the financial position of an
enterprise
Which brings in change in the financial position of an
enterprise
The same thing happened
This is such a transaction, such an event
Which affects the financial position of the business
Expressed in terms of money
And there must be some monetary value in this money
The same 5 conditions are written in a line
Some examples are written ahead
It involves transfer and exchange of goods
Purchase, sale of goods, services
Wages paid to workers
Rent paid, dividend received, lending and borrowing
These are all examples of business transactions
Sir Wages paid to workers
It is an activity
This will affect the financial position of the business
Money will go
And how much money will go
Monetary value
Rent paid
This is the same activity
Will affect the financial position of the business
And how much its value will be
Dividend received
Write these 5 conditions for any transaction
Start thinking in your home
Will this transaction happen
Will there be a transaction?
My father scolded me
This will affect my father's financial position
How? I will be worried, I will cry, then I will have to
bring something to convince him
Did this transaction happen?
Hmm...
Did this transaction happen for my father?
Yes It affected his financial position
Scolding you by your father is a transaction for your father
Yes, yes, yes, yes, yes
Okay? In this way, you can also apply in real life
Will there be a transaction?
No
Sir, what is written above?
Transaction It is an event which involves transfer of
money, goods and services and can be classified into cash
or credit transactions
Cash transaction is the one where cash receipt or payment
is involved and credit transaction is one where cash is not
involved but will be paid or received later
All in all, this is the same thing that I explained to you
a while ago
It is not necessary that the transaction is either cash or
cash
Cash payment or cash receipt is immediately
We will also call the loan transaction as a transaction
We will also call the loan events and activities as a
transaction
Even if it is a loan
In business, this does not mean
The financial position does not mean
That money came or went, only then it will become a
financial position
If the money is intact, neither came nor went
Still, there are some effects due to which
If not today, then tomorrow
We will have to make a transaction
We will have to inflow or outflow cash
So that thing will also become a transaction
If you say, in short form
Money is coming or going today
Or money is not coming or going today
But it will come or go tomorrow
This thing has been decided in today's transaction
That is, loan transactions
Still, that thing will become a transaction
Okay, now let's revise for once
What are those five conditions?
There should be activity
There should be activity related to business
So the example I gave you of Papa
That is for your home accounting
For home accounting
That is not for business accounting
And we always do business accounting
So if Papa scolded you
It will affect Papa's financial position
And Papa has a business
So Papa cannot record that financial transaction in his
business
That I gave my son a game
He went to Russia, that's why
And I bought a game for 10,000 rupees and gave it to him
No, no, no
That is Papa's personal problem
That is Papa's personal transaction
Not a business transaction
It is Papa's home transaction
Okay, sir
So there should be activity
It should affect the financial position of the business
How should the effect be?
Both positive and negative will work
Yes, sir, if there is a positive effect, it will work
If there is a negative effect, it will work
There is no problem
If the effect is such
Which will not happen today, but will happen tomorrow
Still, it is an effect
That is, we are talking about loan transactions
Bought a loan
Did not pay today
Will have to pay in the future
Sold a loan
Did not get money today
Will get in the future
Still, these things will become transactions
And when something will become a transaction
Then the journal entry, ledger, trial balance and financial
statement will come for it
That is, the entire accounting will be discussed
These are the steps of accounting
Transaction, journal, ledger, trial balance and financial
statement
There are five steps
The first step was explained to you
Transactions Now I will not come on journal or ledger
I will not come on journal, ledger, trial balance and
financial statement
Now we will learn the meaning of other words
Which will give us journal, ledger, trial balance and
financial statement of trading payment and balance sheet
financial statement we are on this topic we are on this
topic this was meaning of transactions ok everyone thank you