"ACCOUNTING CYCLE Definition:-The Accounting Cycle is the Name Given to the Collective Process of Recording & processAcccounting Events of A Company….Accounting Cycle Concept:-Recording Monetary Transactions In a Systematic MannerAccounting Cycle 6 Steps:-1.Analyse Business Transaction (Money Related Transactions)2.Prepare Journal Entries[Day to Day Transactions Journal Entries prepare ChronologicalOrder]3.posting Ledger Accounts[Separate Set of Accounts]4.Prepare Trading & profit & loss A/c[Income Statement-To Know Net profit or Net loss]5.Trail Balance[ Trial Balance is a Statement prepared by putting all debits on oneside and allcredits on the other-side to check the Arithematical Accuracy of the Ledger Balances..in otherWords in Simple Meaning : Trial Balance is a Connecting link between the Ledger Accountsand Final Accounts.6.Balance Sheet [Financial Position of Busiessman:-how many Assets having how much he haveto pay debt libaities]Note:-Students I prepare Accounts Cycle Concept with Smart Explanation please Check EntairDocment Easily you Answer BelowAccounts Cycle Concept Related Assignment..Assigment [Traial Balance Concept Related]From the Following balances of Mr.SundarPichai[Google Young Ceo] Prepare Trial Balance ason 31-12-2017..ParticularsUSD$ParticulasUSD$Capital1,00,000$ Interest realised 400$Debtors29,000$ Creditors12000$Bills Receivable 9,600$ Commision Received 1,200$Bills Payable 8,000$Drawings 10,000$Insurance 900 $Plant &Machinary25,000$Salaries3,000$ SalariesOut Standing 2,400$Purchases1 ,50,000$ Rent1,600$Advertisements1,100$ Stock50,000$Sales 1,80,000$ Bank Overdraft20,000$Returns outwards 16,000$ Return inward20,000$Carriage6,000$Printing 2,000$Investments 10,400$Cash in hand 10,000$Furniture 11,400$ Solution:-Trial Balance Total Amount:--3,40,000$both debit and Credit items should Be equal..2. Assigment [Ledger Concept]-Journalise the following transactions and post them into Ledger and Extract the balances.2017 March 1Captial brought into the business50,000$2017 March 4Sold Goods to Ajay12,000$2017 March 6Purchases from Sanjay10,000$2017 March 7 Sold Goods to paul for Cash 8,000$2017March 9Bought Goods From John 2,000$2017March 10 paid For Freight500$2017March 12 Cash Received From Richards5,000$2017March 15 Paid Salaries To Reddy 2500$2017March 18Loan Given to Ramarao1,000$2017 March 22 Sales 1500$2017 March 24 Rent 2000$Solutions:-Cash Account :-- Total :-64500$ Balance C/d:- 58,500$Capital Account:-Total :--50,000$ Balance b/d:-- 50,000$Ajay Account :-- Total :-12,000$ Balance b/d-12,000$Sales Account- Total:-21,500$Balance b/d:21500$Purchases Account Total :-12,000$ Balance b/d:-12,000$Sanjay Account:-Total:-10,000$ Balance b/d:-10,000$John Account: Total :-2000$Balance B/d:-2000$Freight Account:-Total :-500$Balance b/d:-500$Richards A/c:- Total :-5000$Balance B/D-5,000$Salaries A/c:-- Total:--2500$Balance b/d:2,500$Ramaro A/c:- Total :--1000$Balance b/d -1000$Rent A/C:-Total:-2,000$ Balance b/d:-2,000$ 3. Assignment [Trading & Income Statement & Balance Sheet Concept]Prepare Trading and the Incomestatement[Profit & Loss Account], Balance SheetofDell Company Pvt Lmtd From The Following Trial Balance as on 31-12-2017Trial balance as on 31-12-2017Particulars Debit Credit (USD$) (USD$)Debtors12,000$Creditors 6,900$Capital30,000$Drawings 2,900$Rent & Taxes 250$Sundry Expenses 670$Purchases 8,640$Sales14,290$Purchase Returns 280$Sales Returns 190$Carriage Inward250$Wages 1,920$Salaries 1,200$Stock(1-1-2017)3,100$Discount180$Bad Debts200$Plant and Machinary2,510$Furniture 1,800$Cash in Hand500$Cash at Bank15,400$--------------- ------------51,710$ 51,710$ -------------- --------------Closing Stock (31-12-2017) – USD $ 4,220Solution:--Gross Profit(Transfer to Profit and Loss A/c) :--4,690$Trading Account Total Amt:-18,320$To Net profit (Transfer to Capital A/c):-2,430$Income Statement Total Amount (profit and lossTotal Amount):-4930$Balance Sheet Total:-36,430$ Accounting Cycle Concept:-Definition:-The Accounting Cycle is the Name Given to the Collective Process of Recording & processAcccounting Events of A Company….Accounting Cycle Concept:-Recording Monetary Transactions In a Systematic MannerAccounting Cycle 6 Steps:-1.Analyse Business Transaction (Money Related Transactions)2.Prepare Journal Entries[Day to Day Transactions Journal Entries prepare ChronologicalOrder]3.posting Ledger Accounts[Separate Set of Accounts]4.Prepare Trading & profit & loss A/c[Income Statement-To Know Net profit or Net loss]5.Trail Balance[ Trial Balance is a Statement prepared by putting all debits on oneside and allcredits on the other-side to check the Arithematical Accuracy of the Ledger Balances..in otherWords in Simple Meaning : Trial Balance is a Connecting link between the Ledger Accountsand Final Accounts.6.Balance Sheet [Financial Position of Busiessman:-how many Assets having how much he haveto pay debt libaities]EXPLANATION:-1.Analayse Business Transaction:Real World Scenario:--Students In our Daily Life runs with Money.. With out money we cant live..Daily we Visit Super Market to Buy Home products purpose …Here buying and Selling Concept Exist In Super Market…Horlicks is the Famous kids liking foodproduct When we Interest To purchase Horlicks200 gms packet 100$ …Here Money Required to Purchase Horlicks Packet 200 gms 100$ when we go for Counter. Once we given Cash100$to super marketCounterCashier to Prepare Computerised Invoice Means Bill…Here Business Transactions Exist inMoney Related…Buying The Horlicks 200 gms 100$ to Give Cash 100$ to SupermarketCounterCashier to Prepare on spotGenerate Computerised Bill. Given to you… Business Transaction Analysisation:Real Account Golden Accounts Principle AppledDebit what Comes in[Horlicks 200 gms 100$]Credit What Goes out[cash]Customer End Product to Give Cash100$ regarding Horlicks 200gms100$ Packet purpose given Super Market Counter for invoicebill purpose…Business Transaction AnalysationHere Customer hand Cash Goes ouT. And Horlicks 200gms 100$ to receive Food. Producthere Horlicks 200 gms 100$ should be treated in Debited basis in Business Transaction cashCounter Receive Cash 100$to prepare Horlicks 200gms 100$Generate Computerised InvoiceBil to customer…SuperMarketCash Counter End Horlicks 200 Gms 100$ productHere Cashshould be treated in business Transaciton Credit basis..Entry:-Horlicks 200 gms@100$ A/c DrTo Cash(Being Customer Horlicks 200 Gms @ 100$Purchased Through Cash)----------------**********---------------------2.Prepare Journal Entries[Day to Day Transactions Journal Entries prepare ChronologicalOrder]Explanation:-Transaction :-Event(Money Related Transaction To Anaylise and To Prepare Journal Entries)Journal Entries:--Journal Entries Prepared In Chronological Order to prepare journal Entries Day to Business TransactionsEX:--Now a Youngster NeededLaptops one of the youngsters John to Visit Apple Store To Purchase laptop..To Approach Apple Store Sales Man to provide Laptop Details salesmanSaid AppleNote Cost is 25000$ its latest Product and having Latest Feature in 2017..johnInterested to Purchase Apple Note 25000$ john take laptop and Given to Laptop in AppleIstore Cash Counter..John to givencash 25000$ to Apple istore counter Cashier to prepare Invoice bill given to john and to taken invoice bill…Applenote take way by john..Explanation:-John to visit Apple store to purchase Apple Notepadto Approach Given cash to Apple storeCashier from Apple store Counter…Cash Should goes out John end..so cash should be treatedAs treated…Apple store counter to Receive Cash from John and provide a invoice GivenApplenote to john.Apple store Counter End AppleNote Goes out it should be treateddebit..Cash received from john so cash should be credit basis.. 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