Types of Accounts and Journal Entries

Objectives-

1. To understand journal entries.

2. To get a better understanding of the golden rules and types of accounts

3. Able to solve problems

The Master Class will focus on the following aspects:-

1. Types of Accounts- Personal, Real and Nominal

2. Golden rules of Accounts- For all the three types of accounts ( personal, nominal and real)

3. Basic Journal Entries- Sales, Purchase, opening balance, Different Expenses, sales return and purchase return.

One hour will focus on the basic of Accounting for the students to understand the concepts from the scratch. The Master Class will also focus on solving few questions related to it so that they get an understanding of what needs to be done in a practical form. After this, the students will be able to solve basic questions of journal entries without any problem and will give a glimpse of further difficult journal entries but that will be focused and solved in the other classes if needed.