To record the transactions in the journal, certain rules are required, and these rules are called as Golden Rules of Accounting.
A journal is the company’s official book in which all transactions are recorded in chronological order.
A ledger is the principal book or computer file for recording and totaling economic transactions measured in monetary terms.
A Voucher is an evidence that a transaction has been taken place. It is used as backup document.A voucher is produced usually after receiving a vendor invoice.
A company's inventory typically involves goods in three stages of production: raw goods, in-progress goods, and finished goods that are ready for sale.
Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax.
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