good morning students uh very warm welcome to all of you uh I'm Priya C Priya subramanyan from the board of studies and uh very I'm very happy to that inaugural batch of the foundation live learning classes is starting uh we have a very eminent faculty with us CA sankit sha in accounting and likewise we have eminent faculty in all the other three subjects of the ca course also uh so that you all know the subjects which are there at the foundation level it is accounting qu quantitative aptitude business laws and business economics uh so for those of you who are comfortable with numericals it's accounting and quantitative aptitude and those of you who like uh more of theoretical it is business laws and business economics so there's a fine balance between the theoretical and the uh quantitative uh numerical papers and actually you should learn to balance your time between the both between Theory and pra this one so that you know at any point of time boredom should not set in so that finally balance in a day you should do the theoretical component as also as well as the numerical component also I'm sure all of you will be most of you will be preparing for your uh pre-board and your board exam but at the same time you can benefit from our lectures because many of the topics which we are dealing with are common for your class 12 also and so simultaneously your preparation for Class 12 also will go on as well as for the ca Foundation examinations so as you all know that we have uh uh the study material that is the basic uh material on on the basis of which you should do your preparation it contains a number of illustrations examples test your knowledge questions to help you apart from that uh the board of studies we have also launched a uh McQ practice portal where in you will be able to test your assess assess yourself on how much you've learned in a particular topic although in our uh examination pattern two papers are McQ based and two papers are descriptive accounts and laws descriptive business uh business economics and uh quantitative aptitude are McQ based but however for practice purpose we've given you mcqs in all the four papers so that that is basically for you to help you assess your level of preparation your understanding of the concepts and all that so advise you to make full use of the uh McQ practice portal of course because that should be after you've studied the relevant chapter in the study material after You' listened to the live learning classes then you can go ahead and uh assess your level of understanding in that particular chapter by practicing from the McQ practice portal so whatever wrong questions are there again it'll appear in your next test so that whatever right questions are there you'll get your score from which you can assess your uh level of understanding the wrong whatever questions you've done wrong no problem it goes back into the question pool and next time it will appear to you for when you take up your test apart from study material and apart from the practice portal in our Journal uh student journal the reary Caps capsules come every month you know where the entire thing is projected with the help of tables flowcharts and all so that it learning becomes easier for you you get more interested in that so these are the educational inputs which we offer you and uh as far as the live learning classes is concerned we have eminent uh faculty to guide you to handhold you in the process of preparation for your examination so make full use of these classes live learning classes as it means that you should uh uh view the classes live through your mobile app or through the mobile app also you can view these classes and you can raise doubts raise your doubts through the chat boxes real time and have it resolved so the these are the benefits of the live learning classes but at the same time suppose you you are busy in your exam board exam giving your pre-board exams or something and you're not able to view these live learning classes recorded classes are also available so that you can view it at later point of time uh at whenever you feel comfortable and ready so uh after all this I would like to hand over to ca sankit Shi to he's the uh lecture lecturer for accounting and he's been uh taking lectures for the last couple of years I'm sure you immensely benefit from his classes so over to ca sankit sh thank you ma'am such a great guidance by priia Ma and thank you Board of studies for giving me this opportunity for taking or conducting sessions hello everyone first I will introduce myself I'm CS sankit sha your foundation accounts faculty for June 2024 whether you are familiar with this face or this is a new addition okay welcome to these ICI classes I'm very excited about this Learning Journey ahead friends our time together will be a mix of exploration and growth and remember I have value your unique perspectives and encourage active participation I want participation of every student let's make this class very positive before we jump into the details I will like to introduce myself I am CS anit sha I'm a faculty not only at Foundation level but at inter level also and final level also so I'm here to support you so please don't hesitate to reach out let's make this classes a memorable and successful one CH let's start with our journey first I want to show you what is exactly your syllabuses okay so whether this classes will be in English no revisions will be in Hindi so Hindi medium students will be tension yes my uh session will be in English explanation will be in English and my uh revision will be in Hindi so don't worry please please please Hindi Medi to you can type it in Hindi also okay so let's start first I want to introduce basic syllabus so paper one is principles and practice of accounting and we have introduced many changes okay limited liability partnership GST account is there so these are some additions and some part of inter now we Shi it to Foundation level that is Company accounts so this course is slightly you know um difficult one but addition points so there are many additions in our syllabus so please one one day also very important for you you have to keep 100 Pages book with yourself because CA course is not difficult one it's a lengthy one okay and you have to understand the revisions are very important in the ca course and your study material believe me study material is everything no need to refer any other questions at Foundation level study material is best not only at Foundation level it is of course for all level but your foundation level study material is best many questions are there and if you practice it by using that tick Ticky technique which I'm going to tell you today okay so that tick Ticky technique will help you to complete with your syllabus within time so friends please please please use these classes properly and no need to join any other you know private tutions and all don't waste your money also these are free of cost lectures and you can take benefit of this okay so let's start with this CA Foundation First syllabus I want to introduce okay so syllabus what is C Foundation yes the journey starts so they you paper one is principle and practice what about introduction part let's start with the subject understanding why we have to see this subject so why this subject is in your syllabus at Foundation level and I know many of you are doing 12th standard also so beta you are same as Priya ma told you that your syllabus is same for 12th standard and Foundation but remember here depth is there okay so we have this subject we have to see it thoroughly it's not knowledge okay so you have to see it in detail so CA course vision is different as compared to your bom Vision okay in CA course when we become chartered accountant we are going to see the role of Chartered accountant in first chapter only so understand now your vision is going to change how you pass journal entries is normally I'm also going to pass the same journal entry but our thinking is different from others thinking okay this course gives you basically thinking development of your thinking level so better by looking into balance sheet and profit and loss account so these are very heavy words don't worry I will be there with you okay so introduction this paper focuses on concept ual understanding of fundamentals of accounting okay and what is the objective we have to develop our understanding about the basic concept while watching any journal entry while doing any trial balance while preparing balance sheet and profit and loss account how we are make how we pass these entries that we have to see in Thoroughly beta okay so this is the objective development of your accounting students will learn how apply the same in the preparation of the financial statements of non-corporate entities and also for corporate entities okay so non corporate entities at Foundation level we have in detail so proprietorship partnership and also company account so don't worry okay syllabus now what is the syllabus syllabus is very simple chapter 1 to five these are normally theoretical chapters then your accounting process that journal leder trial balance cash book and then we have subsidiary books also and rectification of Errors okay so that we have to understand that is the accounting process then we have to understand inventory depreciation and bank reconciliation chapters in first five chapters okay better first five chapters are related to this then chapter number six is purely your bill of exchange and promisory notes okay so this is the Bill of exchange this is you can call it as other part of this chapter so it's a general purpose chapter and seven number eight number is your soul proprietorship and nonprofit organization how they are going to do accounting so Soul Proprietors books of accounts and nonprofit organization books of accounts now chapter nine is related to single entry now bet this is something new which is introduced in your syllabus that was not about at the time of uh previous course so we introduce it incomplete record so this is a new things remember and chapter number 10 deals with the partnership to chapter number 10 partnership account and 11 number is related to company we have to understand some terms that is a shares debentures Redemption preference shares bonus shares and that we are going to see it in the chapter number 11 now this is your syllabus wait I don't think you must recall all this chapters don't worry we are going to see it in detail so I don't uh no need to recall chapter names it's a bet phase by phase we are going to learn that okay so conclusion now what I want from you yes first what I want from you okay so conclusion part please maintain 100 Pages book why from the very first day you have to do revisions see this course needs your sincerity your passion about this course is important beta I'm passionate for teaching okay and that's why whenever you tell me I'm very passionate about my career okay so similarly you have to be very passionate about your C course please I have to become a c from very first day in your mind from very first day yes I want to do something not only for my okay myself it is for my family better it is not only for your parent and your teachers they will be better very you know uh they will feel very great after becoming you become charted accountant so please enjoy this moment don't take it as a study but enjoy enjoy these things beta and then you are going to become CSC the ca course sir out of 100 10 students are only we heard that only 10 or 15 students are going to pass better don't worry we will be that 15 students if we are very sincere see I am also from middle class family when I was doing my CA course remember but this course gives me identity okay this course gives me my living Hood so remember everyone everyone has better day give their best okay in their life but huh attempt doesn't matter but try to finish it within first attempt if you are sincere from very first believe me you will become CA on very first attempt okay so because so out of 100 students only 15 students pass see beta your medium is also not important I'm from Convent okay it's okay suppose if some students are from vernacular medium okay beta don't worry okay we need little bit English not high-fi English okay and we need confidence that is very important so and South Indian students don't worry my lecture will be in maximum in English it will be only some part will be in Hindi so you will understand Hindi also after certain days okay so friends yeah doesn't matter you are going to become chared accountant if you are sincere from first day mark my words if you are sincere you're going to become chartered accountant okay now what you have to do you have to maintain 100 Pages book from very first day for revision purpose revision purpose and practice questions yes this is very important tool use tick tick technique of s now what is Tik TI technique I will tell you after one two chapters don't worry I'm going to explain you all this tick tick technique and here now in this batch I will tell you to take some screenshots okay so it will save our time or you can watch the sessions afterwards also you can take pauses and you will write it in the 100 Pages book so what I will tell you to write something in 100 Pages book I'm not going to give you this writing you can do you can complete it after the class okay class though conclusion you have to maintain black pen because your paper you have to write it in the black pen because your paper is better going to scan so don't use blue pen now here after you have to use only black pen in exam black pen is only allowed black pen use red pen is only for important points okay don't write headings and all by other other pens make it very simple either black pen or red pen all important points will be in red pen please this is the accounts book accounting paper so you have to prepare it in the forer format and for that journal entry so we need scale also okay the scale pencil eraser and most important calculator now I'm giving you guidance for which calculator so calculator of Citizen please don't use I'm not blaming any you know company but don't use try to avoid CIO Calis because CIO has some different functions so it's my request to all of you and don't use Chinese Calis okay citizen orad you can use it's very you know renowned companies so please and similar Kelsey to use similar Kelsey of any company but try to avoid which one which one beta try to avoid CIO Calis okay next one there is no shortcut today's score there is no shortcut for your success and no excuses sir teaching so every day beta I normally woke up at 6 o' take my classes sincerly and uh all classes at least four to five classes in one day and then better no one tells me this is my duty so there is no shortcut and no excuses for this P failures okay so remember these things and teachers can open the door but you have to enter it yourself I'm only there is like Krishna I will show you the way but ultimately you are Arjuna okay so thank you here we are going to start with the first chapter yes good morning good morning good morning heata G I have purchased Casio in 12 standard it's okay bet but try to change your caly from this day himansu Sharma sir we don't know English at higher level don't worry bet English at higher level h g yes sir december23 please please please I cannot tell you it in the platform so please nearest of sted I completed 12th standard in PCB don't worry if you are from Science Background also don't worry yes this accounting you can start from scratch I'm going to take it from scratch so I will change your uh opinion about the Commerce that accounting they have done it in two years back so better don't worry though you have completed from your science background yes beta accounting is very simple once you got this three magical rules okay so we are going to see that contract contract facy will tell you I don't know sir you just Hindi we have to give exam in English so Hindi I won't use only Hindi huh but it's a mixture of sir what is the passing percentage Krishna we don't have to worry about passing percentage why we have to see see whatever the passing percentage we are going to become a chattered accountant in the first exam okay sir I want to become one of your favorite students yes Akil don't worry you will be my favorite student chello good morning Vijay Anand rashka Buu I cannot read all almost more than 500 students are watching BET so it's very difficult for me to take each and every students name but what I want from you I want your consistent Y and live classes attendance no excuses nothing else I want consistency from very first day okay so so come to your chapter number one chapter number one chapter number one sir chapter number one chapter number one yes this is a chapter number one it's a theoretical framework theoretical framework and and and suppose if you like this as please spread the sessions to your friends that IC is running this activity and it's very good and tell to your friends those who are not watching yes watch this on our ICI tube channel okay all recorded lectures are available free of cost so okay so theortical framework theortical framework better first unit is unit one meaning and scope of accounting meaning and scope of accounting beta okay so this unit number one what is accounting what we are going to see so accounting accounting accounting what is accounting that we are going to see it in the chapter number one okay so what is the overview overview first we have to understand introduction part so introduction part next one is our meaning and objectives meaning and objectives of accounting Evolution see this is the best part evolution is given by The Institute okay it's a new part which is added in your study material so we are going to see how accounting is evoluation is there yes process of accounting so accounting process gathering information using information functions limitations of accounting yes this is measurement forecasting decision making that part we are going to see wait wait wait I'm going to take it in detail and what is a book keeping so bookkeeping and accountancy there are two different words bookkeeping bookkeeping is a different thing accounting is a different thing and that we are going to see it in detail what is the bookkeeping because 11th standard you may have the subject bookkeeping okay but many students they don't know they call it as accountancy okay but accountancy and bookkeeping are two different words and we are going to learn that bookkeeping is different from accounting what are the subfields of accounting so accounting means what sub fields and role of chartered accountant what is the role of Chartered accountant okay so role of Chartered accountant so this is the last unit part so this is unit number one okay so we have to finish this chapter this are there are five six units in this chapter and we will go very slow and today we are also going to start with some journal entries okay so journal entries I want to develop your journal entries uh confidence so please don't miss today's session 100% attendance up to last minute okay I will leave you at 1:00 and it's very difficult to sit on one place for two hours by movie maybe stud and you have to do something in your life so don't miss a single session and have patience till last minute see beta online classes will save your time of traveling see the benefits of online classes there are yes Corona taught us how online classes be effective and don't tell to yourself N I will go in offline classes offline classes offline classes One Way communication I will ask you to give comments coms so you cannot ask questions directly but if there are more than 500 students better we normally hesitate to ask questions and if your question I think it is a it is important one I will definitely answer your question if I think it is irrelevant so I will ignore that question okay so third benefit you will save your timing of travel daily 30 to 40 minutes to and fr is better very difficult for students so online classes daily 1 hour means at the end of the 30 days 30 hours you save and sub difficult in offline classes BET our friends circle our friend Circle we normally keep on enjoying our moments but bet at the end it is very difficult so it's request at the end then we understand are I I have done so much time pass and now it's very difficult so please from the day one focus on these online classes these are very helpful and you know after 3 four months you're going to Shi on online so it is of no use so it's better from very first day see these are distance learning coures and IC is giving you best faculties fac so understands 100 Pages book main 400 Pages books Main and we have to do this course properly okay sir I had done huge mistakes for going private coaching I knew about you were lately no worry beta Shas G an problem sir I'm live because I'm unable to see live comments yes you are live better satam Raj kushy don't worry I can see your comments and nadir is saying sir my friend told me that your classes as amazing thank you beta nadir adya Patel sure sir I already told my friends who was earlier confused yes beta thank you Aditya for recommendation DEC picturea and you classes is too good thank you for Kushi yes I know you personally Sharma ranit weightage yes better I will give you weightage afterwards CH so I will read your comments afterwards bet I will give you exactly 10 to 15 minutes for comment section so let's start with the introduction part okay so introduction part what is the introduction part introduction number one yes first concept sir I am earning a salary I'm earning a salary see this employee he's earning a salary or sales is there he purchases some cloths now earning salary purchase something is related to money money money and whenever it is related to money money means economic activity see economic economic related related related to money is called as economic activities so there are two examples so economic activities are basically divided in two parts okay economic activities are divided in two parts one is transaction try to recall this economic activities are divided in two parts one is transaction one is transaction and second one that what is transaction transaction means a business performance of an act or an agreement okay so anything that you are performing sir I invested rupes two lakhs I earned salary I paid salary so all of these transactions individual invest rupes 2 lakh I purchase something one lakh 15,000 I sold something these are all transactions which are related to money sir whether whether yes I want to do marriage whether this is economic activity no beta this is not economic activity so just for a fun so economic activity so I'm in Love no sir this is not the economic activity so why we are going to record that so activities which are related to money that only we are going to record and that is a transaction okay so that is a transaction and what about events events means happening as a consequences of transaction sir events means consequences see two words okay performance is a transaction and consequences is a result is called as event okay so consequences is called as event okay result result okay so I have Surplus surplus of 42,000 so my income is there uh 1 lakh and my expenditure is 58,000 so I'm in surplus of 42,000 so that Surplus is nothing but it is an event okay so income minus expenditure that is a result you are getting so result event and and inventories in hand inventories in hand stock in hand is called as beta stock in hand is called as event okay whatever inventory you left with so what is is the difference between transaction and events transaction means transaction per 42,000 so result is an event result is an event so got the concept yes transaction and events okay yes if we donate also it say nonprofit organization so related to money so donation is also covered under transaction very good beta Atul G very good okay so meaning and objective so so you understood the difference we are going to record this transaction and event events so meaning at objectives of accounting so what is accounting what is accounting okay what is accounting accounting definition sir please so so we have subject so can you define what is accounting properly yes I'm going to Define it accounting is an art so art art yes this is an art of recording classifying and summarizing now see the example I'm giving you the best example there are two you know partners of mine one is pritesh Sir and one is nikil Sir okay pritesh sir also collects data from someone and nikil sir also collects data from someone okay now nikil sir does not have any system pritesh has proper system pritesh first he takes records okay whenever he takes records he takes client sign okay yes your record course are now with me okay after that he sent letter of engagement letter of Engagement means that I'm doing your work nikil sir there is no better such things okay he directly collects data and he keeps it in the you know his shelf and he does not give any engagement later and all so see this is the art of keeping your account so there is a system there is you know standards okay they app look suppose a example in nationalized Bank when you visit nationalized Bank in '90s they won't give you any you know response properly but if you visit then ICICI and HDFC Bank W okay so icic K lady yes welcome sir so very systematically she introduced herself and she told uh every client can how you have to open your accounts what is the procedure so he everything is very nicely so this is the art okay and how they develop their business against government banks in '90s now government Banks also giving you the good you know facilities but being 90s in 2000 when I was kid beta at that time I know the how rude behavior of government your uh you know nationalized Bank people but now this is how they have changed so accounting is also person to person it is an art okay proper summary so recording see the word art of recording classifying and summarizing or art of recording classifying and summarizing yes better I will give you time for taking screenshots at the end okay so don't take screenshot now I will tell you what to write in 100 Pages book and what not to write in 100 Pages book okay so this is an art of K art recording yes tell me it in the comment section CH F art of recording classifying and summarizing art of ratar Point by heart Point art of recording classifying and summarizing so what is recording what is classifying what is summarizing wait wait wait I'm going to explain it don't worry record means how to record classifying means Leisure and summarizing is a trial balance pandle and balance sheet we're going to see it in detail but this this is Art of recording classifying and summarizing okay see better if you are from Science Background Raj Rami Raj okay don't worry though you are from the Science Background just focus on my words these new words learn these new words and you will find it very simple account subject say Raj from W okay so everyone one clear with the concept so write down it in the comment section very good beta tuba Wasim CR student very good beta she wrote Art of recording classifying and summarizing in terms of money in terms of money yes bet Anushka you can give but don't skip your exams so you're not serious for your studies so I won't suggest never miss your exams okay very good very good beta CH so everyone has written in terms of money of transaction and events it's very simple definition accounting is an art of recording classifying and summarizing in terms of money and transaction and events okay so record next see of financial characters and interpreting the results thereof so Financial characters and interpreting the results thereof okay so interpretation of results so we are going to see this definition in detail this definition in detail okay so in this chapter so what is recording what is classifying what is summarizing in terms of money transaction events you already understood but what is the character and interpretation the results thereof see it in detail okay CH so definition part over process now what is the process the process I already explained you so this is the first one identify transaction and events then this is the process Science Background students first you will record it somewhere which is called as Journal which is called as Journal recording see the word recording recording recording means Journal you will record it you will record it it's called as Journal okay this is a primary book what is called as it is called as primary book okay so yes tanu beta art of recording is a record in journal then better we are going to transfer it in the ler ler classify yes we are going to see these words science backround St just note down this journal and then leer journal and then leer we transfer it to ler and leer summarize in the trial balance and then we prepare the financial statement this is a how process is going on how we keep our books of accounts okay records okay so accounts record it's in this format accounting means is what identifying event or transaction then record it in the ler then transfer it to sorry record it in the journal then transfer it in the ler then summarize in the trial balance and prepare final accounts over this is how you are going to record your books of accounts yes so YouTube comment YouTube comment section if open to I will like if you uh write it in the comment section but okay so you to comment here and like Buton and please please please give positive feedback so that we have more energy to give another session so if you like my session please please please give feedbacks feedbacks when you close your session please give feedbacks and feedbacks are very important so so that IC can understand which are better best faculties better faculties worst faculties your feedbacks are always important for us okay so feedback promise me feedback okay so write down it in the comment section number registration number and your application you can download our B app and through which you can write it in the comment section and this benefit is only for live students so recorded students please try to come it in the live one and you can interact with sankit sir okay sir I watched your lecture first lecture of you and you are the best teacher of accountancy but sir I bought one private coaching so what can I do please give me advice but simple advice please have only one teacher so on whom you can keep a trust if you think my teaching is good so you can 100% depend on my sessions if you think n sir I need extra advice from I won't say you don't go for that classes huh it's your choice I cannot tell ke whether you should go or not but my suggestion please if you like any faculty follow him throughout your ca career okay it's my advice if you are comfortable with with me so better only the point is that I'm not I cannot see it in the live one huh but your comments or at least you know uh your name I can watch on my um application so please please please please okay yes to I identification record transfer summarize prepare financial statement everyone is clear is the with this okay can I get 100 marks in accounting under new scheme yes if you work hard you'll get many students of our B they messaged me is sir I got 90 plus 95 plus so but it's very possible don't worry you can score it in this paper yes CH next one measurement measurement Iran G I am from Hindi medium I don't understand English so performance and bance you know you should know where we have to reach this is your end point financial statement okay yes yes everyone is very interested yes CH so prepare financial statements okay measurement measurement now yes understood the process process is I understood the Process Measurement now what is measurement at what value value is a question mark measurement means at what what value we are going to record is called as measurement okay measurement value record at what value you are going to record it okay so H your child name or question a so measurement measurement transactions and events are measured in terms of money at ruling currency of a country ruling currency sir we are going to record it in the terms of rupees are our home currency rupees not in dollars so okay soes this is dollar Yen pound okay and starm or rocket okay this is only for so ruling currency is rupees so rupee in India Dollar in say in which terms you are going to keep your financial statement everything we are going to measure it in the terms of Rupees is called as measurement at what value we are going to record measurement okay what value we are going to record it called as measurement measurement now sir what is the procedural aspect how we are going to keep this accounts what is the procedure procedure what is the procedure so first one it is basically divided in two parts you will generate the financial information gathering of the financial information information generate very simple okay so most important generating information means your invoices but if you visit any mall that mall Wala gives you that copy of invoice what is written on that invoice tax invoice or it might be cash memo or it might be you know Bill in simple language we call it as Bill that bill is the supporting supporting it is called as supporting supporting means from where you're going to record these books of accounts no you should have some in supporting ENT and that supporting is a generating of the information this is how we generate the financial information Okay so gener generating information is called as supporting okay person question 18 years okay or good sir U Medium say who very good how many attempt did you give for clearing your C exam better I'm very average student so yes definitely I'm not a ranker one H one I cleared my first attemp my first exam of foundation then one group one group and final also one group one group I cleared in two two is or now no more personal information I'm going to share if you want to understand Facebook in generating information recording basic function sales bill pass book salary slip okay so what is the basic function is a sales bill pass book or salary better it is called as supporting what it called as it is called as supporting take then recording is done in the books which is called a journal recording just it is called as Journal okay recording is called as Journal then then Journal is divided into several subsidiary books several subsidiary Books Okay so first one you will take help of sales Bill passbook better passbook everyone knows passbook from Bank salary sleep these are some examples from where you will gather the information these are called as supporting okay next one next one is recording is done in the book called as journal and journal is divided in subsidiary books so first way cord is journal or subsidiary books this are either all okay we are going to see it in detail journal and subsidary books are either all either you record journal or you record subsidiary books so it is called as recording so first function is recording understood very simple first function is recording when to write afterwards beta when to write afterwards classifying now second phase second meaning classifying so recording is a journal or subsidary book recording in journal or subsidiary book recording in journal or subsidiary book recording in journal or subsidiary book recording in journal or subsidiary book okay then classifying where to classify better where to classify systematic analysis of recorded data systematic analysis of record data this is called as classification and it is also called as leer okay classification means ler so today I'm going to teach you some journal entries and ler after Journal we are going to see ler you have a separate unit for ler so second word recording Journal classifying ler recording Journal classifying leer recording Journal classifying ler recording Journal classifying leder recording journal and classifying ler this is the best way to recall anything five times revise it five times revise it okay screenshots afterwards beta next one summarizing summarizing what is the next part beta summarizing next part is summarizing so what is summarizing summarizing in trial balance preparation of financial statements trial balance profit and loss account balance sheet and cash flow statement summarizing trial balance balance sheet uh profit and loss account balance sheet cash flow statement these four words are new for you we are going to prepare these books but not now we are going to summarize this but not now this is the words that you should know okay see how exactly suppose I don't know exactly where is Kolkata h i know only in West Bengal Kolkata is there but I never visited Kolkata so Kolkata When I visit then I practically understand ah I visited that place kolata famous labor is very cheap in Kolkata so that words I heard only but when I visit then I can visualize or I can feel that okay so this is how just try to understand first words slowly slowly okay so this is like you know slowly slowly we are going to see this trial balance profit and loss account balance sheet and cash flow statements summarizing yes CH write down it in the comment section recording is Journal classifying is Leisure and summarizing four words trial balance pnl balance sheet cash flow statement say summarizing is the last part summarizing is the last part understood sayi ji write down in the comment section fat recording Journal classifying leiser right here in the comment section summarizing trial balance this is the best way to recall anything write it recall it and write it in the comment section and classifying summarizing trial balance pel BS and CFS cash flow statement sir very good very good very good chello then analyzing analyzing means what analyzing means methodological classification of given data for example fixed asset at one place current asset at one place so this is called as analysis fixed asset now so what is fixed asset which are more than 12 months with me and which are less than 12 months with me is called as current asset so this data analyzing okay in the simplified form all items put at one place is called as analyzing so there is a systematic way of presentation and when this is a systematic way of presentation is called as methodological classific ification and that will be covered under analyzing so fourth one is a analyzing fourth one is analyzing okay very good very good very good beta everyone has written yes a number summarizing interpreting four marks question four marks question interpretation so what is the procedural aspect it might be in your exam interpretation so you have to prepare for all worst things in your exam okay so enable the end user to make a meaningful judgment so see if the company's in profit I will invest in that company see now Tata technology just IPO ISS raise IPO and it's almost 1 1200 plus price and 1200 plus price IPO T technology those students who have who are watching this financial so B this is very important daily 30 minutes please watch news Okay related to CNBC CNBC aom you don't understand but try 30 minutes daily you must understand this you know all videos it's very simple nowadays just click on YouTube and you'll get the information okay so thank you Som G so here meaningful judgment meaningful judgment means what meaningful judgment means yes you can take a decisions decisions okay is called as interpretation and communication so we can communicate by our reports to the end users okay communicating means transfer this information whatever you understood to the decision maker investors give this information to your investors Okay so commun communicating it might be internal users or it might be external users so we are going to see it in detail so communication is a last part how you are going to use this information generating this information recording classifying summarizing analyzing interpreting communicating soell all six points write down it in the comment section recording classifying summarizing analyzing interpreting communicating okay you can see your study material you have finished with finish yes you can see in your study material I have made it very simple so study material already you I told you this is your Bible Quran bhagat stud sir transaction and event meaning of accounting ah sir this definition we already covered next then then then H generating information summarizing analyzing and I will read this study material in detail today promise me almost you have finished with the seven pages okay I cannot read each and every sentence I will make it simple and it's your choice yes betam Muhammad G very good kajal chit return all these points snil Madu ran VI Bish yes biswal Nishi rashika shital please huh if I read your comments daily basis I can you know uh identify your names okay afterwards I I can recall your names so please every time if you want K sanket sir should take my name or he must remember me so you have to write it in the comment section musan Nancy Lippi hin Kumari G Ajit b sain b Ravina man Mana Mina abzal very good beta very good Chell yes beta recall all is very difficult to read theor because I'm not a theory teacher but I made it simple in the systematic way so you can recall it at any time interpr meaningful Jud judgment interpretations meaningful judgment decide PRI yes beta very good yes beta bisual G larani sir remember my name Aditya Patel I'm I will become a chartered accountant and will'll meet you definitely beta I'm waiting for you shik g shik Jam better comment section you you cannot read other see we have a separate application you this is not like YouTube communication okay YouTube we have our private App application Technic team techn team so your comments only I can watch no other students can watch your comments okay these are very you know highly technology Institute they're paying a lot of money or investing lot of money for your career so take benefit so this application you cannot read comments of other students okay CH take sir can I watch this lecture after the session yes but you cannot give comments you cannot interact with me okay and live sessions are always best live sessions refer yes beta I can read your comments Anita Roy ritwik I can read your comments Communication open anual report is open to public and that public report is a community communication communication means through this report you can communicate it is available on website any report you can see suppose if I uh download the report of yes you can see the Google Google a Google uh G huh Google baj Finance report annual report so I can easily access it so this is a communication see here annual report is given by baj Finance now you can read this report today you can see don't read thoroughly but at least you can understand there is a profit and loss account there is a balance sheet there is a cash flow statement and how this report beta yes you can click on this yes see the report annual report so this is a communication by baj Finance to public through this report you can read this report okay our business construct contacts Sanju baj G chairman letter so yeah a communication so they cannot come to your home and ask you B Finance report they can give this report through internet okay so this is the communication okay by now using the information gurum Mantra series yes beta website P either if I allows me you will get it on my YouTube channel gurumantra series I will do it after one month after one month not now Guru Mantra series H yes or about me you already researched gurra using the financial information CH now we are at the using the financial information so this is last part after that we will take a break of 5 to 10 minutes but break about we will come with the journal entry so don't miss today session after this procedure because this is a theory part now we will finish this theory part using the information and what is the users information investor employee lender supplier customer government and public so these are users okay investor is the user employee is the user lender lender means who is giving you loan supplier creditor customer dator government and public these are our users they use this information and takes the decision okay so this is all for first part of the session after the break we are going to see second part that is journal entries today we'll start with some journ entries and that we will cover after break so how to think recording recording how to record the entries so Science Background students daily some entries I will give you not 100% entries in first half we will see some theory part and in second part we will see some practical part okay so we'll finish with the two chapters then in 10 to uh 20 days in 15 days okay CH so till now any difficulty otherwise yes now take a screenshots 100 Pages book maintain 100 Pages book screenshot number one you can take screenshots screenshots I'm moving yes now you can take a screenshots and accounting is also called as a language of business H I forgot this line this is very important it's a language of business this is a language of business so this is the introduction screenshot number one screenshot number one H now you can take a screenshot sir the screenshot if Board of studies give me permission I will upload the screenshots on telegram Channel but I don't know telegram Channel we'll keep one telegram Channel if permits so meaning and objectives screenshot number two screenshot number two accounting definition you writed this in 100 Pages book so better please maintain 100 Pages book separately to recall your Concepts 100 to 150 Pages book okay so screenshot number two this is summary book screenshot number three screenshot number three no beta we will keep it separately till now not allowed beta screenshot three h screenshot four don't draw this diagram joking so screenshot number four and 100 Pages book and after break but notes I'm going to give you this is you have to write it in your 100 Pages book okay this is separate that you have to maintain procedural aspect okay yes procedure aspect man H just note down this hey which one is the screenshot number four W five screenshot number five is generating the information you can write like this 1 2 3 4 one after one H don't write in the same way in tree diagram form don't write it is one after one up yes one after one chello and using the information who are users investor employee lender supplier customer government public so maintaining in your 100 Pages book take so beta this is screenshot number six say screenshot number six so here we have finished with today's part first part after break better very interesting session so so I hope till now everything is very clear uh friends we'll take a break up to 12:20 bar towards a journey of journal entries how to pass don't miss next session this next session next one is very crucial for your concept Clarity okay huh till now any difficulty now you can ask me you can ask me till now any difficulty everything is clear like button huh Press thank you bye-bye and we'll meet at 12:20 take a small break welcome back once again better now we we have covered what is the accounting process how generate the information what is the accounting transaction events and now we are going to start with some general entries so recording sir how to do recording in real life how we record books of accounts how we record Journal entri so first process in your life is very important it's a crucial part that you must record all entries properly yes let's try to understand it is called as double entry system what is called as double entry system every debit has credit this is scientific method of accounting understand this is a scientific method of accounting according to this all transactions have two effects CH I'm I'm waiting for your replies okay double system double entry system okay chello so every debit has Credit Now what is debit credit it is simple science background students if we do not give two effects okay our accounting is not going to tally okay our purpose is every debit where to record it so if your debit at total debit means left hand side in simple language debit means left hand side and credit means right hand side in simple simple language Science Background student don't worry debit credit is nothing but it is left hand side and right hand side up effect left right left and right total match you are on the correct track okay so this is how arithmetically we are checking this accuracy so whoever better Luca Pas is a person who invented traditional system that we are going to see it in the next session but he derived this accounting technique and and therefore we have developed this process debit and credit so welcome to the world of debit and credit okay in simple language debit means left side and credit means right hand side okay Science Background students comments a minute okay huh AA to yes better first and second chapter I'm doing it in mixed way but not exactly second chapter but just want to give you the inform information about debit and credit so according to this all transactions have two effects thus in every transaction at least two accounts are affected at least two accounts are affected okay concept of account see beta t format there are two separate columns concept of accounts concept of account we see you can see this t format T later and here left hand side is assets or liabilities that we have to understand so asset balance liability balance okay for liabilities so t format any account left hand side is called as debit and right hand side is called as credit see asset and liability we will see it later so recording of transaction how you are going to record this there are two approaches there are two approaches there are two approaches okay approaches approaches accounting equation approach and traditional approach how many approaches are there accounting equation approach and traditional approach so approaches accounting equation this is called as modern approach this is called as modern approach accounting equation approach this is a relationship between assets liabilities and Equity Equity means owner's contribution Equity means owner contribution science student asset means from which you are deriving benefit for example asset means vehicle furniture Plant and machinery and uh land and building are assets liability M loan liability means loan okay and Equity means our contribution okay as a businessman I have invested five lakhs okay it is called as owner contribution Equity means owner contribution Malik business is called as owner Equity asset liability and owner Equity see you are doing it for the first time then you might feel you know difficult but when we are doing revision it will be very easy for you to asset liability and owner equity asset liability and owner Equity asset liability and owner Equity take y asset liability and owners Equity yes what is the equation Equity plus liability is equal to asset okay I will give you the simple example I introduced 30,000 rupees in the business plus I have taken a loan of 1 lakh so my cash with me is 1 lakh 30,000 so cash so see my equation is telling this is called as owner's contribution this is called as loan so I have cash with me 130,000 this equation how it Telles how it works equation work Equity owners contribution like and match journal entry we are going to record it in this format modern approach in this batch in this batch I'm going to explain you not only traditional approach but also modern approach TR traditional approach and modern approach Equity is capital yes Equity means capital capital owners contribution Capital means Equity second word capital and owners owners contribution is called as capital owner anything difficult now yes okay we will develop this thinking slowly slowly okay don't use any shortcut so whatever you studied in 11 12th standard beta erase it I will teach it in the scratch from scratch okay so 11 12 I'm not saying that is wrong but I want to develop your process of learning accounts so please learn it in my way okay to have grip over accounts 11 12 I'm not saying that is wrong it is an art of understanding okay I will develop your entry sense recording sense okay devop thinking yes till now everything is simple Capital resolve but slowly slowly you are not rajik so first approach you understood that is is called as modern approach this is a modern approach but beta normally I follow AA asset means debit balance left hand side from where to start you will start in asset from left hand side liability you always start with the right hand side credit balance means you will start posting from right side t format left side right side when you start from left side it is a debit balance understood when you start from right side it is called as credit balance so credit means right hand side Capital whenever you open Capital account you will start from right side credit balance expenses whenever you start in expenses you will start with the debit side and income income is credit side income is credit side got the concept accounting equation approach it is called as accounting equation approach okay so equation asset debit liability credit Capital Credit expense debit income credit okay so please recall this asset yes please close your eyes asset recall debit balance liability credit balance Capital Credit balance expenses debit balance income credit balance one more time close your eyes beta asset debit liability credit Capital Credit expenses debit income credit please please please this is heart of account accounts don't ignore this message okay close your eyes please close it asset debit asset debit asset debit asset debit asset debit liability credit liability credit liability credit Capital Credit Capital Credit credit expense debit expense debit income credit I want everyone must be perfect in accounts to I want everyone contribution contribution important I will go very slow in Basics I will develop your thinking process over the per bar asset debit liability credit expense debit Capital Credit Income Credit there are only two credit balances capital and income and three debit balances asset capital and expenses okay Buu a second beta 100% done tell me it in the con uh tell me it in the comment section sir we can recall anything now we can recall this we can recall this yes tell me very good three debit two credit no sorry sorry liability capital and income credit sorry my mistake my mistake capital is also credit capital is also credit three credit and two debit sorry asset and expenses take capital is not debit it's a credit sorry anit Amit when we write left side left side is better uh debit and right side is a credit remember now we are moving to second thinking you can pass debit credit entry by using traditional approach you can record this is my favorite approach because I'm a traditional faculty I like traditional approach okay I don't like modern approach traditional approach will definitely traditional approach there are three golden rules golden rules of accounts how number one rules are divided in three parts your whole accounting is divided in three parts personal real nominal personal real nominal we call it personal account will carry to balance sheet personal May there are two rules better wait you will improve it over the time so don't worry if you recall it 8 to 10 times your rules will be perfect personal account due relationship due relationship means anything which is payable or receivable means you have purchased on credit udari udar so personal account it is called as personal account okay personal account due relationship due means udari either you will receive something receivable or payable receivable or payable data means re receivable and creditor means payable unless receivable or payable receivable or payable and beta when we receive it when we receive it debit the receiver credit the G so what is the rule debit the data debit the data when receivable when better you sell something you sell something or you have some income income so you have some datas from whom you are going to receive the amount data we are going to see some examples don't worry dat will be there if you focus on these rules if you understand these rules once but you can pass any journ entry these are very very important and students normally making mistake they do not recall in this way so I'm giving you the way how you should think 11 Okay so okay so dat 400 dat a person from whom income is receivable Andor purchase purchase or expenses or expens I have to pay something I purchase something on credit then I have to pay for example in the morning in the morning morning suppose if you are Milkman who gives you daily one one liter milk so for you for you you take that Mill and you pay him after one month so he is your creditor creditor it them simple but at the same time in his books in his books you are a dater you are a dater okay okay not cash transaction you will open that Milkman account use your own language okay you have to pay him you have to pay him to your clear with the concept clear with the concept okay clear with the concept data creditor yes now you give me example now you will give me example like Milkman now you prepare your own example example English doesn't Matteri orati okay language I know rajani okay don't write it in Bali chello CH you prepare one example up B example example say yes example in the morning ch ch ch I'm waiting for your example no better you only give me example full example you and other party so for you that person is and for that person you no beta anaga I purchase a table from shopkeeper yes you are correct I will be creditor no shopkeeper will be creditor for you you just better have not mention it properly shopkeeper will be creditor for you okay just see one example now you only tell me you only tell me huh Cho shopkeeper and popat shopkeeper and popat see now tell me shopkeeper sold mobile shopkeeper sold mobile and popatlal is going to pay cash not immediately after certain time the shopkeeper K popet is in the books of shopkeeper opal is dator or creditor tell me so write down in shopkeeper books popet is yes tell me tell me tell me tell me very good very good VJ very good beta yes beta Sachin very good beta very good popat is for shopkeeper popat is very very good for shopkeeper popatlal is a dater very good who wrote it very fast answer Gupta CI CI shopkeeper book po is a dater shopkeeper is not a dater beta Mina in shopkeeper books popatlal is a dater okay and when Pop pays money he becomes Giver this rule we will see it afterwards and in pop books in pop books yes shopkeeper payable to shopkeeper so shopkeeper is a creditor in my books different account op books shopkeeper account shopkeeper books op account okay so it's a yes in your book your account is not there in your book someone's account simple okay very simple in your books another person account and in another book your account so cross cross shopkeeper po books shopkeeper is a creditor now tell me sanket sir and Mish Mish is a student of sanket Sir sanket Sir sold pendrives to monish and monish will pay cash afterwards Mish will pay cash to SS book in SS book now tell me in books of ss monish is in comment section who is writing very fast monish is in shopkeeper books monish is yes beta tell me in shopkeeper books uh sorry in SS books in SS books monish is books monish is think logically think logically and then answer Subs is answer by Lisa Rani G from Yaro very good Lisa very good is a dator is a DAT is a dator monish is a dat and when Mish pays money then he becomes give and in monish books in monish books sanket s is creditor last one customer and tat Motors tat Motors yes customer buys car from Tata Motors and yeah oh oh sorry huh so tell me for customer for customer tataa motor is tataa Motors is yes tell me for customer tataa motores answer dat motores very good chit answered very fast chit answer very past tat Motors is creditor tat Motors is creditor and in tat Motors books customer is a data very good very good beta now you understood relationship are relationship dator creditor everyone is clear now data creditor very important concept beta see data creditor is very important see I sold Goods to Mr X to SS books sanket s's books X is X account so sanket s books X account is a data because I I sold Goods so I will record it from debit side I will record it on the debit side so data two sales assume of goods of rupees 500 okay and in X books SS account on the credit side he will write by purchases he purchases he will start from credit side Credit Credit 500 and two sales 500 uh yeah be dator creditor okay understood beta till now any difficulty no difficulty till now by purchases 500 Now Beta when X pays assume he pays me 400 rupes till now he pays me 400 rupees by cash how much amount he paid he paid 400 rupees so here I will write byy cash and X becomes Giver X is Giver he pays me cash so remember dater becomes giver and Giver you will note on the credit side where you write Giver on the credit side and when we X pays when X pays to cash SS becomes receiver our balance better now only 100 rupees is remaining okay so creditor becomes receiver and we record on the debit side when he pays when creditor pays so what is the sentence creditor pays he becomes receiver he becomes receiver and dater becomes Giver okay creditors cror sorry creditor receives and dator gives creditor receives he become receiver and dater becomes X book SS receiver and SS book X Giver so dat becomes Giver dat deit to Giver credit when he settles account when he settles account so when due relationship due relationship is dater and creditor and when settlement when settlement he becomes Giver opposite effect dater becomes Giver dater becomes giver and creditor becomes receiver got the concept so we will reduce his account now 500 minus 400 but reduction is always on the opposite side account is always written not plus minus account is always debit credit debit credit right hand side left hand side right hand side left hand side debit credit account is not always plus minus no account is always on debit side and credit side how we post accounts not plus minus WE Post account in the format of debit and credit credit okay now you got the concept dater becomes giver and creditor becomes receiver so what is the second rule what is the second rule rule is very simple when due relationship is there when due relationship is there when due relationship is there data creditor but when settlement is there settlement receiver Giver settlement is the there reer Giver got the concept got the concept very simple everyone please tell me in the comment section dator becomes Giver debit giver when he pays and creditor receives therefore he receives receiver credor or receiver dat orer data and Giver are bet dator b becomes Giver creditor afterward becomes receiver and your balance will go down your balance reduces settlement settlement okay got the concept easy Che easy Che but it's very simple once you focus on this concept data means see what is the sequence of recalling it yes slowly slowly we will recall it slowly slowly see data data when data arises beta when there is a due relationship when you sold on credit sold on credit but obvious sold on credit means data data means you sold so you must receive something receivable what is called as receivable so that party that party is a dater for you dat and J creditor when you purchase or expenses on credit payable payable yes no not confusing better it's very simple you sold something you received something okay then Bena he settles his account now that data when he pays you he becomes he becomes Giver you collected money now you collected money from him so he's a giver for you and beta when you pay him creditor so he receives it so opposite party becomes receiver receiver to data code debit balance and when he pay credit when creditor has a credit balance when he receives he has a debit balance opposite balance so dater becomes giver and creditor becomes receiver so what is the rule debit the receiver debit the receiver credit The Giver debit the receiver credit The Giver so due rule debit the dater what is the rule debit the Dater and credit the Creditor better please repeat this rule minimum five times if you are you want to improve your accounts repeat receiving giving so dat giver and creditor receiver receiver okayer settle account receiver opposite effect opposite effect so data becomes given where Creator becomes receiver it simple this is the basic first rule whenever you open personal account you open that party account party party means opposite party in sankit s books student account in student books sankit s account okay in your books demart account in demart account your account demand books your if it is on sold basis udari if there is no credit transaction there is no data creditor if there is no credit transaction suppose if you visited any hotel and you paid them cash so why they will open your account they will simply pass entry cash account debit to sales they won't open your account when you will open the opposite party account when you purchase or sell something if you purchase or sell something okay easy very simple second rule second rule of the day so personal account over then better real account real account now see when real account is open it is related to assets assets normally it is related to assets personal account is related to asset plus liability asset dater liability creditor pay it is related to assets davit what comes in plant and Machinery comes in furniture comes in and when you sell it goes out so debit what comes in credit what goes out real account is very simple debit what comes in credit what goes out debit what comes in credit what goes out debit what comes in credit what goes out is very simple so recall these rules today today is very first day just telling you rules and in next session we will apply this rules once you clear with the rules you will apply it in the next session okay day next session on Wednesday we will apply this rules rules minimum 10 times yes beta wait for five minutes over we are at the end students say you are doing CA course you should sit for on one place for minimum 130 without any break and all then we are CS students I will develop your confidence over the period nominal nominal is related to expense and incomes either expense or income what is expense debit all expense and losses so losses is not out of pocket this is out of pocket expense means salary rent which you are paying okay losses is not out of pocket we incurred losses so depreciation example of loss now what is depreciation better Science Background student don't worry I will explain it in the next session so depreciation is a loss salary is expenses so difference between expense and losses is very clear expense means which you paid out of your pocket and losses means which is not paid out of pocket but you incur that provision for doubtful debes is a loss okay and credit all incomes and gains better in modern approach we already so know expense means debit income means credit traditional approach also gives the same answer but traditional approach gives you personal and real they are not bifurcating in asset and liability they bifurcate it in personal and real they don't B forget personal uh sorry asset liability and capital okay modern approach talks about asset liability and capital nominal is same in both okay expense debit and income credit okay nominal account is same either modern approach or uh traditional approach okay only the word is nominal here there is expense and income but there is also expense debit income credit but in traditional approach instead of asset liability Capital we have personal and real personal account debit the data create the Creditor debit the reer credit The Giver real account debit what comes in credit what goes out nominal account debit all expenses and losses credit all incomes and gains modern approach asset debit liability credit Capital Credit expense debit income credit this is how you should learn these golden rules of accounts today I'm very slow I just want to tell you about these rules of accounts once you got the clarity and hold over these golden rules you can solve any journal entry you can pass any joural entry without any hesitation once you got grip over these entries okay so entries know we will sit up to 130 if you want to become CA you have to sacrifice okay I recorded gurum manra series till 11:45 and morning session 6:00 see this is the commitment for your course you are a student you do not have any other you know commitment me like okay don't worry and please tell to yourself yes I can see it I will I'm going to pass I want to become C in the first exam this is your routine and if you see we are not going to give up these things okay we are Fighters we will do it at the they vat kohi why is Virat kohi because S Sub out India Pakistan mat and how he survived and how he won the match confidence and that's why I'm not say we are not and if you sacrifice today you are going to win this race okay gurra yes yes yes first one modern approach asset debit liability credit expense debit income credit Capital Credit asset debit liability credit expense debit income credit Capital Credit asset debit liability credit expense debit income credit Capital Credit asset debit expense debit liability credit income credit Capital Credit okay got the concept yes sir we can recall it and today we'll revise it we will do all entries and we'll come back on the next session yes next one personal account due relationship debit the dater credit the Creditor debit the receiver credit The Giver dater becomes Giver creditor becomes receiver debit the dator credit the Creditor debit the receiver credit The Giver dater becomes Giver creditor becomes receiver debit the dater credit the Creditor debit the receiver credit The Giver dater becomes Giver creditor becomes receiver please repeat this sentence minimum 10 to 15 times dater debit the dator credit the Creditor debit the receiver credit The Giver dater becomes Giver credor becomes receiver yes now it's your turn real account debit what comes in credit what goes out debit what comes in credit what goes out debit what comes in credit what goes out nominal account debit all expenses and losses credit all incomes and gains debit all expenses and losses credit all incomes and gains debit all expenses and losses credit all incomes and gains debit all expenses and losses CR all incomes and gains so here we have finished with the first session I hope you you enjoyed the session sir are the sessions are uh sufficient yes definitely suppose if I think extra revision will be required I will take extra sessions don't worry and next session I hopea lecture and I'm expecting in next session you will recall these entries you will recall these rules and in next session I'm going to tell you how to apply this rules of accounts thank you bye-bye best St luck you for your first step and I will be with you for throughout your ca journal entry don't worry regularis and follow next session will be at 2:00 it is given in the schedule now we are going to meet on Wednesday till that take care byebye and good day thank you P or we know we know over