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Friday, 19 October 2012

Lets learn accounting!! Chapter 7 (Final Accounts)


Okay guys this is gonna be easy and simple. In chapter 7, there's only 2 things that you need to know, income statement and balance sheet. You guys may know these as 'penyata pendapatan' and 'kunci kira-kira'. So in income statement there's sales, purchases, revenues and expenses. You need these to find net profit. In trial balance there's asset, liabilities and owners equity to show the financial position of a business. It means that;

 (asset = liabilities + owners equity)

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