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    Taxcellent is one of the leading and most trusted ca services agencies that offer you complete Bookkeeping and Accounting Services in Delhi India at very nominal charges, if you have any queries and questions speak out to our expert: +918882323267

    Bookkeeping and Accounting mean the recording of financial transactions and are part of the process of accounting in business and other organisations. It involves preparing source documents for all transactions, operations, and other events of a business.

    It is essentially a record-keeping function done to assist in the process of accounting. It is a key component in forming the financial statements of the organization at the end of the financial year. Book-keeping also concerns itself with the classification of financial transactions and events. Such classification of transactions is essential to maintain proper financial accounts. It also involves preparing source documents for the financial transactions and other business operations being carried out.

    The accounting period that a business entity chooses for its business becomes part of its bookkeeping system and is used to open and close the financial books. The accounting period affects all aspects of the company’s finances, including taxes and analysis of your financial history.

    The most common method of book-keeping are the double-entry system and the single-entry system. But even methods other than these, which involve the process of recording financial transactions in any manner are acceptable book-keeping systems or processes.

    Principles of Book keeping & Accounting Service

    All the transactions are to be recorded and organized systematically and under bookkeeping principles. The following are the bookkeeping principle:

    • Revenue principle
    • Expense principle
    • Matching principle
    • Cost principle
    • Objectivity principle

    Objectives of Book-keeping

    • The main objective of book-keeping is to keep a complete and accurate record of all the financial transactions in a systematic, orderly and logical manner. This ensures that the financial effects of these transactions are reflected in the books of accounts
    • Then the second main objective is to ascertain the overall effect of all recorded transactions on the final statement of the company. It will also help the business to ascertain the final accounts of the company, namely the Profit and Loss Account and the Balance sheet.

    Need for Book-keeping

    • Book-keeping is required so that records can be maintained to show the financial position of each and every head/account of income and expenditure. Through book-keeping, detailed information about each expense or income could be obtained.
    • Bookkeeping helps to keep track of receipts, payments. Sales, purchases and record of every other transaction made from the business.
    • Also, the maintenance of books of accounts and financial statements is also a legal requirement in certain cases. In case of companies or banks or insurance companies, there are respective acts that require such firms to keep and maintain financial records. Therefore, book-keeping becomes mandatory in these cases.

    Activities of Book-keeping

    Book-keeping comprises of a lot of functions and activities bundled together. Some such activities are as under:

    • Recording all the financial transactions entered into by the business during the financial year.
    • Posting debit and credits entries
    • Producing and organizing all source documents such as invoices, vouchers
    • Maintaining and balancing current accounts, historical accounts and general ledgers.
    • Completing Payroll

    Taxcellent helps you in managing bookkeeping and ca services very effectively.

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