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Step 2 Passing Routine Entries

In Step 2 of our Accounts and Finance Course,

We we will learn

  • How to pass Expense Entries in real life, and the difference between entries in books and entries in accounting softwares. There is also an assignment for you, with solutions
  • Then, we will learn the difference between Fixed Asset Entry and Expense Entry, and how to pass a Fixed Asset Entry. 
  • We will learn how to pass Sales Entry, including Cash Sales
  • Different types of Loan Entries like EMI Entries (Term Loan Journal Entries), Entries for OD and CC Limit, Entries for Bank Guarantee, Entries for Letter of Credit (LC)
  • How to pass Entries for Fixed Deposit (FD) - including when FD is made, when interest is earned, and when FD is matured
  • Also, if we have given a Loan, how to pass its entries
  • Finally, the chapter ends with Import of Goods Entries. This has different cases like
    • First Goods Imported, then Payment Made

    • First Payment Then Goods Imported

    • Partial Advance Payment

    • Payment Not Made till Balance Sheet Date

    • Partial Payment Made till Balance Sheet Date


Click on a Link of a sub-topic below to get started

Expense Entries

Asset Purchase

Sales Entries

Loan Entries

Fixed Deposit and Interest Entries

Import of Goods Entries