Good Job, You Kept It Nice & Clean! Waiting For Many Videos: •Depreciation •Stocks & Shares •Marginal / Absorptional Costing •Work In Progress •Financial Shenanigans Love You
I’m starting an apprenticeship in September and it’s thanks to your videos !! I watched a load of them so I was prepared for the interviews and they were super impressed at my knowledge so thank you so much your videos are the best I’ve seen !
Sir thank you very much im currently having trouble with those 2 and this video helps a lot. Im gonna recommend your channel to my classmates because your series has been helping me for quite a while now and i want to share these helpful videos to them and thank you again sir we love this series.
I've be trying to relaunch my career in accounting and I always go back and watch these as a refresher before I interview. They are tremendously helpful, thank you!
Thanks for uploading these videos. Im currently a 1st year taking accountancy and really struggling to keep up. You're helping a lot of people by doing this. Also the 18:9 will never go unnoticed. ❤
watching your videos is like watching one of my favorite series on Netflix, just move from one episode to the next! great work man, and I already shared your videos with my fellow classmates. by now I'm certain that your accounting videos are the best on this platform for beginners. thank you so much.
I am student for mngment amd economics specially finance and banking So these lessons more relation to my department , some piont I were not understood to my lecture , you give me 👍. Really you have teaching skill 👌 From east africa SOMALIA🙏
I am so grateful that there is someone like you Mr. James who is willing to share their expertise in Accounting. I'm actually having my virtual lesson and it seems that you're my virtual professor! Thank you so much because I had the clarification I need to study basic accounting! Hope to see you soon Mr. James and tell you personally how grateful I am! God bless you Mr. James!
Last section of this video has explained brilliantly! how Balance sheet & income statement is prepared. Again, i don't have a financial background but need this knowledge for Web Application Development.
@@Dashrosenstock We pass the journal entry for cash sales as: Cash Account. Dr (Debit what comes in. Cash is coming in the company) To Sales Account (Credit all incomes and gains. Sales is a revenue for the company) Sales come in debit side of cash book and credit side of trial balance because sales is a revenue for company. Cash book consists of two columns. Debit side is of receipt column where all revenue entries will be made. Credit side is of payment column where all payment entries will be made. That's why sales come in debit side of Cash book. In trial balance, expenses is posted on debit side of trial balance and incomes/gains/revenues is posted on credit side of trial balance.
To learn the theory of bookkeeping they're making us do it manually and that can be exhausting. Along with the fact I have no instructor and just a vague manual, I've come here a few times to help me understand the concepts. Your visual style really helps learners like me. Thank you so much 🥰
@@AccountingStuff indeed. I go to a small career collage and since they're only now up and coming, they don't provide instructors for a lot of subjects. They give you the material is all. I had to learn Access on Lynda to supplement that course just to get it all in my brain! Thanks again for all your help. I will send everyone who needs this info this way! I wonder if you could post these on Lynda as well? You would reach a different audience and make some extra revenue off of the same content!
@@AccountingStuff I do find it incredibly useful. Not only does the formatting really accommodate a multitude of learning styles, but libraries and employment offices here in Alberta offer access to Lynda to the underprivileged and those seeking employment. So your content would reach those who may not own much, but they would benefit so much from the knowledge.
I passed my cima financial exam a few weeks ago, your videos helped a lot! Thank you!! I'm on a management accounting module now, some videos on marginal/absorption costing and variance analysis would be super useful
Your videos are really helpful! Can you please do a video on how to correctly measure financial movement from one year to another year using the balance sheet? What time look out for and how to treat the movement. Thanks
Hello James, Your videos are a tremendous help. You do a great job explaining the concepts! I am having a bit of difficulty visualizing how the financial statements interact with each other and why these interactions are important. Do you have a cheat sheet(s) or a video that displays how the financial statements are linked together and how they are developed through the accounting cycle? Example: Capital & Dividends on trial balance feed into the Statement of Changes in Equity, Income Statement feeds the Net Income of the Statement of Changes in Equity.
More importantly, do you have a video that explains why these interactions are important to stakeholders?
I'm very late but you are actually a legend my guy, putting out these videos consistently even 2 years on, replying to everyone individually, very wholesome overall
You're an awesome teacher! Thank you from for the content! In about a year, I would love to operate my own outsourced bookkeeping/account business. Your content is stellar. Any specific book recommendations? I've read "the accounting game" and I grasp those consepts pretty well. What would you recommend next??
Am I the only one who thinks that the balance sheet is more simple of the trial balance? It helps you to visualize better assets, liabilities and equity in different sections, isn't it? :D Thank you for this video! ;)
Hey Sebastiano, you're not wrong. That's why the Balance Sheet is one of the main Financial Statements. But we need the Trial Balance in order to make it
@@Dashrosenstock I believe it's because the equation must always be equal. Revenues=profit/sales, so it will increase the equity. Equity is a debit entry, so the revenue goes to credit. 😊
I am studying for work cause i was put in the accounting division even though i am a marketing major. These videos are helping a lot. Although i still wanna cry 😩
The Trial Balance itself hasn't changed in a long time. But where we used to rely on paper, we now use software to speed things up. This makes it a lot quicker to run Trial Balance reports for varying periods of time
Why such educational channel like this have few subs? I literally don't understand Edit: this educational channel literally change the way newbie accountants see the accounting (not difficult) so why o why most accountants don't subs to this channel
Good video, only comment I would give is that it was quite misleading that the Retained Earnings just appeared without telling us what the dividends were.
Hey James, quick heads up....the link above to the "Trial Balance Tutorial" actually lands you on the "T accounts explained simply" video, so you might wanna fix that. :)
Those are the same things, both of those shows the exact same result (Revenue (Income) minus Expense = Profit/Loss). The report name is used interchangeably according to the generally accepted terms in your region/standard.
Learn the accounting might be easy for everyone, taxation is the worst part. Each state, region, country, or even international trade between 2 different countries has their own rules. And unfortunately, I live in one country with complicated rules.
@@Dashrosenstock That's a different perspective. Keep in mind that the transaction booked in Trial Balance works by looking the nature of each transactions. FOR TRIAL BALANCE. As we know, Sales in this Case, will always booked in CREDIT as it's Nature. While the Account Receivables, or the Cash/Bank that we earn from those Sales will be added in the DEBIT. This is because, we will have those Bank/Cash/AR earning from those SALES, that's why we have those ASSETS as a DEBIT. Which these assets will be presented on our Trial Balance then will be summarized to the BALANCE SHEET in FINANCIAL REPORT. While the SALES, as we know, will always be on CREDIT side as its own NATURE, which will be presented in the TRIAL BALANCE and will be summarized to the PROFIT & LOSS REPORT in the FINANCIAL REPORT. BUT FOR CASH ANALYSIS BOOK. Since it's only a ledger focusing on recording the cash in-out flow by the CASH DEBIT/CREDIT perspective, so it won't be the same as we booked the SALES on our normal ledger and TRIAL BALANCE, etc. This book will only see which way those CASH goes? DEBIT side if we earn money, CREDIT side if we lose money. As simple as that.. I'll make you some examples. COMPANY A booked a sales amounted in $ 50.000 with a Cash On Delivery payment method. Journal : (D) CASH 50.000 (C) SALES 50.000 How do we define their position in TRIAL BALANCE, BALANCE SHEET, and CASH ANALYSIS BOOK? You can simply look at those (D) or (C) sign, that's where they are belong to.
@2:58 What about a shareholder's equity statement? Or "retained earnings statement"? What's the difference? Are there other terms that mean the exact same thing for either of the same statements (or both if there is no difference)?
Shareholders equity consists of Share Capital (Equity Share Capital and Preference Share Capital) , Reserves and Surplus, Money received against share warrants etc.
Reserves and Surplus are part of Retained Earnings. Retained Earnings are those earnings which are left after paying dividend to stockholders. Retained Earnings comes under Shareholders equity in balance sheet.
No they aren't. The Trial Balance has DEA on the left (Dividends, Expenses Assets) and LER on the right (Liabilities, Equity Revenue). But the Balance Sheet has only Total Assets on the left, with Total Liabilities & Equity on the right.
Can an expence account have negative balance or an income account? For example, somebody wants me to buy food for $9, I buy it with cash from my wallet so my expense is $9. I give the food to the person who wanted me to buy it for him and he gave me $10 bank note and doesn't want $1 back. Should I debit my expense account with $9, then credit it with $10 so the balance is negative (1)$ or should I credit my expense account with 9$ so the balance is 0$ and credit my income account gifts with $1?
When you learn the language of finance (accounting), you take a big step in the direction of becoming wealthy. Thank you for your content😁🙌🏼
You are very welcome Frederik!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Good Job,
You Kept It Nice & Clean!
Waiting For Many Videos:
•Depreciation
•Stocks & Shares
•Marginal / Absorptional Costing
•Work In Progress
•Financial Shenanigans
Love You
Hey Faizan, cheers for all of the suggestions!!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
I’m starting an apprenticeship in September and it’s thanks to your videos !! I watched a load of them so I was prepared for the interviews and they were super impressed at my knowledge so thank you so much your videos are the best I’ve seen !
Congrats on landing your apprenticeship, I hope it goes well!
Sir thank you very much im currently having trouble with those 2 and this video helps a lot.
Im gonna recommend your channel to my classmates because your series has been helping me for quite a while now and i want to share these helpful videos to them and thank you again sir we love this series.
Hey John, thanks that would be great! Glad to hear that the videos have been helping you out
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
All of your videos have been a lifesaver! Accounting has been my toughest course this semester and I don't know what I would do without these
No worries Kaela, good luck with the rest of your course!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Your videos are LIFE! I am binge watching your videos tonight cause you are seriously saving my life...thank you for helping me understand this stuff!
No problem Amber! Hope they are helping
Girl, SAME
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
just one month away before my University exams, these videos are really helping me a lot.
A video on income statement can really help a lot buddy!
Not so long to go! Hope your revision is going well. Thanks for your suggestion regarding the income statement
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Thank you! I recently went back to school after a "few" years. Your videos are helping me so much! God bless you!
Good on you! All the best
I've be trying to relaunch my career in accounting and I always go back and watch these as a refresher before I interview. They are tremendously helpful, thank you!
No worries, good luck with getting back into accounting! It's like riding a bike...
As a project manager I am finding it really useful to have these snappy videos to open up the dark world of accounting! cheers buddy!
No worries Laurence, it's great to hear that you're finding the videos helpful.
Thank you for this amazing video !! I love the way you edit videos, it makes accounting more fun !!
Cheers the edit takes a long time to put together so I'm glad you enjoyed it
Great use of 6 minutes instead of searching on websites
Thanks for uploading these videos. Im currently a 1st year taking accountancy and really struggling to keep up. You're helping a lot of people by doing this.
Also the 18:9 will never go unnoticed. ❤
Hey Noel, best of luck with your studies!! Are you a fan of 18:9? I have been experimenting with it lately
@@AccountingStuff Thanks! Yea, I like 18:9 it fits on my phone and all. Just my personal preference tho
Awesome!
watching your videos is like watching one of my favorite series on Netflix, just move from one episode to the next! great work man, and I already shared your videos with my fellow classmates. by now I'm certain that your accounting videos are the best on this platform for beginners. thank you so much.
Cheers Fadi, glad you're finding them helpful. Hope your studies are going well :)
I am student for mngment amd economics specially finance and banking
So these lessons more relation to my department , some piont I were not understood to my lecture , you give me 👍.
Really you have teaching skill 👌
From east africa SOMALIA🙏
Cheers Abdirizak, glad to help. All the best in your studies!
I am so grateful that there is someone like you Mr. James who is willing to share their expertise in Accounting. I'm actually having my virtual lesson and it seems that you're my virtual professor! Thank you so much because I had the clarification I need to study basic accounting! Hope to see you soon Mr. James and tell you personally how grateful I am! God bless you Mr. James!
Cheers Jhobert, all the best with your studies!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
You’re the future of education bruh...
James you are simply the best. your videos and teaching methods have helped dispel my fears of basic accounting terminologies. keep up the great work
Cheers Henry! Great to hear that you're feeling more confident
The way you make everything so CLEAR, is SO impressive! Thank you!
PS... can you do a video on tags and tagging groups?
Thanks for your request :)
I am bingewatching all the videos because I have a midterm today. You are saving lifes buddy keep up the good work👍🏻
Good luck!!
Last section of this video has explained brilliantly! how Balance sheet & income statement is prepared. Again, i don't have a financial background but need this knowledge for Web Application Development.
Thanks, glad you found it useful!
I honestly would have flunked my exams if it werent for you mate.Great and informative content.Cheers,love your work!
How did they go?
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
@@Dashrosenstock We pass the journal entry for cash sales as:
Cash Account. Dr (Debit what comes in. Cash is coming in the company)
To Sales Account (Credit all incomes and gains. Sales is a revenue for the company)
Sales come in debit side of cash book and credit side of trial balance because sales is a revenue for company. Cash book consists of two columns. Debit side is of receipt column where all revenue entries will be made. Credit side is of payment column where all payment entries will be made. That's why sales come in debit side of Cash book. In trial balance, expenses is posted on debit side of trial balance and incomes/gains/revenues is posted on credit side of trial balance.
Skill + Great Presentation = Nice Results. Thank you. Excellent videos.
Thanks, that's kind of you to say!
Nice video in less time ....
# Lots of respect form INDIA 🇮🇳
Why am I only discovering you now ?! 🤦🏽♀️
Thank you so much for these videos.
No worries, I'm happy to help!
To learn the theory of bookkeeping they're making us do it manually and that can be exhausting.
Along with the fact I have no instructor and just a vague manual, I've come here a few times to help me understand the concepts.
Your visual style really helps learners like me. Thank you so much 🥰
Hey Elichke, that sounds like a tough way to learn the subject
@@AccountingStuff indeed. I go to a small career collage and since they're only now up and coming, they don't provide instructors for a lot of subjects. They give you the material is all. I had to learn Access on Lynda to supplement that course just to get it all in my brain!
Thanks again for all your help. I will send everyone who needs this info this way!
I wonder if you could post these on Lynda as well? You would reach a different audience and make some extra revenue off of the same content!
Did you find Lynda useful? Thanks for your suggestion re: posting the content on there. It could be an interesting opportunity
@@AccountingStuff I do find it incredibly useful. Not only does the formatting really accommodate a multitude of learning styles, but libraries and employment offices here in Alberta offer access to Lynda to the underprivileged and those seeking employment.
So your content would reach those who may not own much, but they would benefit so much from the knowledge.
I passed my cima financial exam a few weeks ago, your videos helped a lot! Thank you!! I'm on a management accounting module now, some videos on marginal/absorption costing and variance analysis would be super useful
Congrats!!! Awesome to hear that you passed! Cheers for the suggestions
Your videos are really helpful!
Can you please do a video on how to correctly measure financial movement from one year to another year using the balance sheet? What time look out for and how to treat the movement. Thanks
appreciate the help bro God bless you
No problem :)
Hi James. Can you please make a video explaining the difference from a Post adjustment and Post closing Trial balance
Hey Revin, I may touch on this in my next video! Working on it as we speak
These videos are brilliant! very easy digestible information.
Cheers Bradley!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Hello James, Your videos are a tremendous help. You do a great job explaining the concepts!
I am having a bit of difficulty visualizing how the financial statements interact with each other and why these interactions are important.
Do you have a cheat sheet(s) or a video that displays how the financial statements are linked together and how they are developed through the accounting cycle? Example: Capital & Dividends on trial balance feed into the Statement of Changes in Equity, Income Statement feeds the Net Income of the Statement of Changes in Equity.
More importantly, do you have a video that explains why these interactions are important to stakeholders?
I haven't as yet but I would like to make a video covering this in the future. The key is in the Expanded Accounting Equation.
Can you please make a video explaining the CPJ, the CRJ and the general ledger?
THANK YOU FOR THIS. BIG HELP. KEEP UPLOADING. FROM PH 🇵🇭
You are very welcome :)
I'm very late but you are actually a legend my guy, putting out these videos consistently even 2 years on, replying to everyone individually, very wholesome overall
You're most welcome. Thanks for watching!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Thank you you are the best .You helped me to understand many topocs that were dificult for me . Please continiue because shaw must go on😉
No worries mate, it is so good to hear that the videos are helping you to understand difficult topics. I don't plan on stopping anytime soon!
You're an awesome teacher! Thank you from for the content! In about a year, I would love to operate my own outsourced bookkeeping/account business. Your content is stellar.
Any specific book recommendations? I've read "the accounting game" and I grasp those consepts pretty well. What would you recommend next??
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Hi thanks so much for doing these videos! I just started to do the account event for DECA, so these videos have helped a ton.
Glad to hear the vids helping!
Can you make a full video with one example everything in order? Like entries, acct equation, etc with one example?
Here you go → ruclips.net/video/yYX4bvQSqbo/видео.html
Thank you very much for making these videos!
No worries Gary!
and back again!! with another USEFUL stuff!!
keep it up buddy!!
#LoveFromBangladesh
Thanks Niloy!
Am I the only one who thinks that the balance sheet is more simple of the trial balance? It helps you to visualize better assets, liabilities and equity in different sections, isn't it? :D Thank you for this video! ;)
Hey Sebastiano, you're not wrong. That's why the Balance Sheet is one of the main Financial Statements. But we need the Trial Balance in order to make it
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
@@Dashrosenstock I believe it's because the equation must always be equal. Revenues=profit/sales, so it will increase the equity. Equity is a debit entry, so the revenue goes to credit. 😊
great you-tuber
makes it so easy
by the way congratulations because you have 0 dislikes
Cheers Hamza!
I am studying for work cause i was put in the accounting division even though i am a marketing major. These videos are helping a lot. Although i still wanna cry 😩
Ouch, that's quite a change!
@@AccountingStuff yup. Tears have been shed. And i am already having literal nightmares about accounting. I feel like it's haunting me 😭
@@felicitysmoakandwillgraham6453 Sorry to hear you've been having a rough time. I hope there is light at the end of the tunnel
You are sent from the gods!! thank you so much !!!
Hey,
Great work you're doing here.
Please address how to identify and correct errors
Thank you it’s starting to make sense now.
That’s so good really and clear
Good Job and keep going 👍🏻
Cheers!
I'm hoping that you'll make adjusting entries tutorial videos on your channel. :)
Hey Andy, I've made a whole playlist covering them → ruclips.net/p/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp
Accounting Stuff thank you so much sir! Your videos helps a lot, please keep making videos and I'll support them ❤️
Short and sweet. Another great video delivery James!
Cheers mate!
Please next video on INCOME STATEMENT!!
When's your exam??
Hi James loved your videos. Is it possible to do one on ratio analysis and interpretation of financial statements.
Hey John, thanks for your suggestion!
Very good 👍 explanation about balance sheet and trial balance.
Thanks :)
Very good work, keep it up man
Thanks for your support :)
please do a video on accounting ratios.
Hey Joel, cheers for the suggestions!
You are pure awesome mate!
Cheers Ananth!
thank you so much for your videos, I learned a lot!
Your videos are really helpful!! Looking forward to more!
Much Love from Dxb
There are plenty more coming soon!
These videos are genius!!!! Keep up the good work
Thanks!!
This is really nice, thanks so much for this video,. 👍
Thanks
No worries, hope it helps!
Awesome content for starters like me
Glad you found it useful!
Simply amazing. Thank you!
Hello love the videos I was wondering if you were a member of CCAB if so what board did you go for or are you a part of cima?
Thanks! I'm a member of the ICAEW
Very helpful. Thanks.
Great,very clear!
Love your videos. Short but well explained!
Thanks Uchiha!
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Hey! Would you be able to do a budgeting video that accountants might use to manage their own money.
Hey that's a good shout, cheers for your suggestion!
Hello Sir, thanks for the informative videos, what is the difference between the traditional and modern approach of the trial balance sheet?
The Trial Balance itself hasn't changed in a long time. But where we used to rely on paper, we now use software to speed things up. This makes it a lot quicker to run Trial Balance reports for varying periods of time
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
It is amazing.Easy to learn too.
Thanks Nilanka!
I love your channel I feel I am a slash genius accountant
Cheers Sara!
Why such educational channel like this have few subs? I literally don't understand
Edit: this educational channel literally change the way newbie accountants see the accounting (not difficult) so why o why most accountants don't subs to this channel
Thanks for your kind words!
very good concept
Keep going 💪🏻
Will do!
Good Job
Thanks Neil :)
Good video, only comment I would give is that it was quite misleading that the Retained Earnings just appeared without telling us what the dividends were.
This example assumes there haven't been any dividends. If there were some then you'd have to consider them too.
Accounting Stuff how did you get retained earnings without less dividends ?
@@AdaptedStudios The company hasn't issued any dividends so there are none to deduct
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
another great video from your channel :)
if you can, then i would really appreciate more video about trial balances
Cheers Annmary, thanks for your suggestion!
Hey James, quick heads up....the link above to the "Trial Balance Tutorial" actually lands you on the "T accounts explained simply" video, so you might wanna fix that. :)
Thanks for letting me know, I'll look into it!
Good one
Thanks Munesh!
Hi James you are greatt, thanking you 🥹
You are too kind :)
Have to admit that I am falling love to James not because I am a gay but the quality videos he made.
Haha thanks, I'm glad you're enjoying them
Are Income Statement and Profit and Loss Account same things??
And What is Trading Account??
Please Guide about This.
Those are the same things, both of those shows the exact same result (Revenue (Income) minus Expense = Profit/Loss).
The report name is used interchangeably according to the generally accepted terms in your region/standard.
@@bimogushatriastanto Thanks
Should the balance sheet and the post closing trial balance match?
Very good ♥️♥️
Thank you!
Hi thanks for the video.
Have you made a video regarding irrecoverable debts by any chance.
I haven't, but thanks for your suggestion!
great one
Hi James I need to understand the excel you use to export those accounts
Good Job!
Thanks!
Thank you for explanations.
may I know why do debits got - & credit got + in a income statement?
In the Income Statement, Revenue is shown as positive and Expenses are shown as negative. It's the most intuitive way for people to read it.
what automatic accounting software would you recommend
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
Why dont u start CMA videos
Thanks 😄😄
Learn the accounting might be easy for everyone, taxation is the worst part.
Each state, region, country, or even international trade between 2 different countries has their own rules.
And unfortunately, I live in one country with complicated rules.
Why is sales in debit in the analysed cash book, but in credit for the trial balance?
@@Dashrosenstock That's a different perspective.
Keep in mind that the transaction booked in Trial Balance works by looking the nature of each transactions.
FOR TRIAL BALANCE.
As we know, Sales in this Case, will always booked in CREDIT as it's Nature. While the Account Receivables, or the Cash/Bank that we earn from those Sales will be added in the DEBIT.
This is because, we will have those Bank/Cash/AR earning from those SALES, that's why we have those ASSETS as a DEBIT.
Which these assets will be presented on our Trial Balance then will be summarized to the BALANCE SHEET in FINANCIAL REPORT.
While the SALES, as we know, will always be on CREDIT side as its own NATURE, which will be presented in the TRIAL BALANCE and will be summarized to the PROFIT & LOSS REPORT in the FINANCIAL REPORT.
BUT FOR CASH ANALYSIS BOOK.
Since it's only a ledger focusing on recording the cash in-out flow by the CASH DEBIT/CREDIT perspective, so it won't be the same as we booked the SALES on our normal ledger and TRIAL BALANCE, etc.
This book will only see which way those CASH goes? DEBIT side if we earn money, CREDIT side if we lose money. As simple as that..
I'll make you some examples.
COMPANY A booked a sales amounted in $ 50.000 with a Cash On Delivery payment method.
Journal :
(D) CASH 50.000
(C) SALES 50.000
How do we define their position in TRIAL BALANCE, BALANCE SHEET, and CASH ANALYSIS BOOK?
You can simply look at those (D) or (C) sign, that's where they are belong to.
eres mi salvacion
@2:58 What about a shareholder's equity statement? Or "retained earnings statement"? What's the difference? Are there other terms that mean the exact same thing for either of the same statements (or both if there is no difference)?
Shareholders equity consists of Share Capital (Equity Share Capital and Preference Share Capital) , Reserves and Surplus, Money received against share warrants etc.
Reserves and Surplus are part of Retained Earnings. Retained Earnings are those earnings which are left after paying dividend to stockholders. Retained Earnings comes under Shareholders equity in balance sheet.
The total balance in the Trial Balance and Balance Sheet has to be the same?
No they aren't. The Trial Balance has DEA on the left (Dividends, Expenses Assets) and LER on the right (Liabilities, Equity Revenue). But the Balance Sheet has only Total Assets on the left, with Total Liabilities & Equity on the right.
double entry please
I really liked this damn video. I'll be watching the others.
Cheers Fasullo! Hope you find them useful
@@AccountingStuff I"d love to see a video on depreciating assets.
@@fasullodan Cheers for the suggestion!
🔥🔥
Thanks Amal!
Can an expence account have negative balance or an income account?
For example, somebody wants me to buy food for $9, I buy it with cash from my wallet so my expense is $9. I give the food to the person who wanted me to buy it for him and he gave me $10 bank note and doesn't want $1 back. Should I debit my expense account with $9, then credit it with $10 so the balance is negative (1)$ or should I credit my expense account with 9$ so the balance is 0$ and credit my income account gifts with $1?