• Yesterday , I found an email in my contact box in which science student wants to know basics of Accounting due to need of his job . I think , like him there are large number of students who are science graduates but due to the need of job , they have to learn basics of accounting so , that they can do their work better in company .

So , I am providing some tips for learning basics of accounting special for science students .

Ist tip
I specially suggest to science students that they should learn rules of double entries after this you can understand better accounting. There are just three rules which need 10+1 to M.Com and C.A .

Ist rule is relating to personal accounts :

( Personal accounts are those accounts which represent debtors , creditors , lenders , borrowers , businessman, and artificial persons like company, bank, trust and charitable societies . )

Debit = All the persons who receive something from our business. It means , If Mrs. james purchased goods from us then , she becomes the receiver so we will write

Mrs. James Account Debit .

Credit = All the persons who give something to our business. It means , If Mrs. james sold goods to us then , she becomes the giver so we will write
Mrs. James Account Credit .

So rules is

a)All personal accounts who receive something from our business = Debit

b)All personal accounts who gives something to our business = Credit

2nd rule is relating to Real accounts :

( Real accounts are those accounts which are relating to assets and liabilities . )

a)Debit = Anything which comes in business will debit , It means If we sold some medicine , cash comes in business so cash account will debit .

b)Credit = Anything which goes out of our business will credit , It means If we purchased good , cash goes out of our business will credit .

3rd rule is relating to nominal accounts

(Nominal accounts are those accounts which are relating to expenses and losses and incomes . )

a) Debit = All expenses and losses account will debit

b) Credit = All incomes account will credit

2nd tip

After learning double entry system , you should use also practical . Above three rules have two - two sub parts . It means total 6 rules over all . One of important features of these rules that these rules apply in mixed base . Science student know the word mixture better because , they have some practise in math and in science when they dilute acids by mixing some water but here mixing of rules is something different . It means that in any transaction's journal entry can apply Ist's a part rule for debit side and 3rd's b part rule for credit side . This mixture is fully dependent on the nature of transaction .

I am specially make one example for you.

Suppose Shri Krishan Chemical company has purchased medicines of Rs. 10000 at trade discount of 10% from Shri Ram Chemical Company on credit and after this Shri Krishan Chemical company pays the payment of all purchases to Shri Ram Chemical Co. after 10 days and got 10% cash discount . After two days 2 days Shri Krishan Chemical Company sold all above goods to Shri Sohan Chemical Co. at 5% trade discount on credit . Shri Krishan Chemical Company got payment of his sold product after 10 days at 5% cash discount . Pass the journal entry in the books of Shri Krishan Chemical Co.
Journal entries in the books of Shri Krishan Chemical Company

1) Journal entry for purchasing on credit

Purchase account Debit 9000
( Purchase account is real account and it apply 2's a rule )
Shri Ram Chemical Co. Credit 9000
( this is personal account and on it apply 1's b rule )
2nd Journal entry for payment

Shri Ram Chemical Co. Debit 9000

( this is personal account and on it apply 1's a rule )

Cash Account Credit 8100
( this account is real account and it apply 2's b rule )
Discount Received Account Credit 900
( this account is nominal account and it apply 3's b rule )
3nd Journal entry for selling
Shri Sohan Chemical Co. Debit 9500

( this is personal account and on it apply 1's a rule )
Sale Account Credit 9500
4nd Journal entry for receipt

Cash Account Debit 9025
( This is real account and on it apply 2'a rule )
Discount Allowed Account Debit 475
( This is nominal account and apply rule 3's a rule)

Shri Sohan Chemical Co. Credit 9500
( This is personal account and apply rule 1'b rule )
Special notes
Trade discount is not recorded in books of company , only cash discount we record in the books of company .
Just like above , it is the duty of science students to do practice to record other transactions , if they want to become perfect in basic accounting .
Read also

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