Difficulty understanding basics of Accounting

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June 11, 2023 at 9:16 pm #2891

Abhijit Chakraborty
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I am a Indian CA student pursuing the IPCC course but struggling with the basics of Accounting. All the journal entries and T-accounts are very confusing for me. Can someone please explain the basics in a simple manner? I have my exams in 1 month and really need help understanding the fundamental concepts.

June 11, 2023 at 9:17 pm #2892

Akanksha Gupta
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There are 3 basic accounting concepts you need to understand – Debit, Credit and Dual Aspect concept. Journal entries always have Debit and Credit side. Left side is Debit and Right side is Credit. Cash and Bank accounts are debited when cash comes in and credited when cash goes out. Assets increase on debit side and decrease on credit side. Same for liabilities and equity
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