In my previous article: Accounting cycle, I discussed Step 1: Identification and recording of transaction and other events- Journal.

Here, I shall discuss about:

1. Posting to the ledger

2. Proving periodic arithmetical accuracy into ‘Trial balance’.

Step 2: Classified posting into ‘general ledger’

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Gold has become one of the significant asset classes in anyone’s portfolio due to its capability to grow along with inflation and defend the portfolio from volatility produced by major financial crisis. Gold, not being correlated along with financial markets normally shares an inverse relation with the U.S. dollar. That [...]

Accounting Cycle: In the accounting process, the accounting activities rotate in a similar way or follows the same procedure in each year .The sequence or process is maintained by the accounting activities can be entailed as ‘accounting cycle’.

Step in account cycle:

The following [...]

The list below contains the transactions for the Joan Miller advertising agency during the month of January, 2003:

January 1: Joan Miller invested $10,000 in her own advertising agency.

January 2: Rented an office, paying two months rent in advance $800.

January 3: Hired a secretary and [...]

Conventionally Indians buy gold on all the thinkable occasions, be it Dhanteras, anniversaries, marriage in the family, or receipt of annual bonus. We normally buy gold in physical form, be in the form of coins or bars or jewellery. One can either buy gold in physical form or in electronic [...]