In this video, I have explained how to prepare income statement and balance sheet of trading business under periodic inventory system. Video Link: https://youtu.be/GiCSYA-p1Q0
Fundamentals of Financial Accounting
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Syllabus, Recommended Books, Paper Pattern & Past Papers
Introduction to Financial Accounting
Basic Terms of Financial Accounting
Accounting Equation
Rules of Debit & Credit and Analysis of Transaction
Journalizing , Ledger and Trial Balance
Financial Reporting & Adjusting Entries
Financial Reporting and Adjustment for Prepayments(Deferred Expenses)
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Adjustments for Deferred Expense, Deferred Income and Accrued Expense
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Kinds of Assets and Adjustment for Depreciation
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Adjustment for Accrued Income
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Practice File-Adjusting Entries
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Accounting Cycle-Servicing Business
Acounting Cycle-Trading Business
Difference between Perpetual & Periodic Inventory Systems and Entries for Perpetual Inventory System
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Complete Accounting Cycle for Trading Business-Perpetual Inventory System from Journal to Opening Entry
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Differences between the entries of perpetual and periodic inventory systems and journal , ledger & trial balance of trading business under periodic inventory system
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Trading Business-Periodic Inventory System-From Adjustments to Opening Entry
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Practice for Financial Statements(Both Trading and Servicing Businesses)
In this, I have uploaded 2 videos in which I have taught how to prepare income statement, balance sheet and closing entries without making adjusted trial balance.Then I have uploaded some practice for you and I will update this list in the future too BECAUSE THE MOST IMPORTANT SECTION OF FFA IS ACCOUNTING CYCLE.
Inventory Valuation
Perpetual Inventory System-Specific Identification Method & FIFO
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Perpetual Inventory System-LIFO & Average Method
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Periodic Inventory System-FIFO, LIFO & Weighted Average Methods and Their Comparison
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Comparative Income Statement and Effects of Overstatement or Understatement of Ending and Opening Inventories
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IAS-2(Inventory)-Lower of Cost or NRV
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IAS-2(Inventory)-Lower of Cost or NRV-Mark-up and Margin
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Valuation of Accounts Receivable-BAD DEBTS
Valuation of Accounts Receivable-Explained and Balance Sheet Approach
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Bad Debts-Balance Sheet Approach
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Bad Debts-Balance Sheet and Income Statement Approaches
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Does writing off accounts receivable change its realizable value?
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Aging of Accounts Receivable
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Accounting for Tangible Non-Current Assets (Depreciation)
Tangible Non-Current Assets & Capital and Revenue Expenditures
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Methods to Estimate Depreciation-Straight Line Method
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Methods to Estimated Depreciation-Diminishing Balance Method and Sum of the Years' Digits Method
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Working Hours Method, Units Production Method & Disposal
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Disposal of Non-Current Assets & Change in Estimate
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How to Account for Extraordinary Repairs of Fixed Assets
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Correction of Errors
Understanding Accounting Errors: One-Sided vs Two-Sided Errors, and Types of Errors
Reading
Two-Sided Accounting Errors: Definitions, Examples, and Rectification Methods
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Mastering Suspense Accounts: Correcting One-Sided Errors with Practical Examples
Reading
Perfecting Error Correction in Accounting:Suspense Account ,Trial Balance Adjustments
Reading
Book of Prime Entry
Bank Reconciliation Statement
Accounting for Incomplete Records/Single Entry
Accounting For Non-Profit Organizations
Company Accounting-Issuance of Shares & Financial Statements
Introduction to Company Accounting: Key Concepts,Types of Company & Shares
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Accounting for Issuance of Shares in Consideration of Cash-Market Value = Par Value
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Accounting for Issuance of Shares: At Premium & Discount Explained
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Balance Sheet Preparation: Share Issuance at Par, Premium & Discount
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How to Record Issuance of Shares for Cash and Non-Current Assets-Part 1
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How to Record Issuance Shares for Cash and Non-Current Assets -Part 2
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Issuance of Shares in Consideration of Running Business & Preliminary Expense
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Disposal of Income of the Company-Appropriations, Cash Dividend, Stock Dividend and Statement of Retained Earnings
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Accounting for Sales Tax
Cash Flow Statement
Introduction and Direct Method Formulas
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Cash Flow Statement Solved: Direct vs. Indirect Method Explained with Examples
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Cash Flow Statement-Practice(Computations, Modern Equipment, Farooqui Ltd & CPA Company
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Cash Flow Statement-Practice(Crescent, Shan, Farooqui & Farhan)
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