ACCOUNTING It is an art of recording,classifying and summarising the financial natured transactions and events in such a way. So as to get the meaningful information in future. VARIOUS TERMS COMMONLY USED IN ACCOUNTING CAPITAL: It refers to the amount invested by the proprietor into the business DRAWINGS : Amount kept by the proprietor for the personal purpose or any amount withdrawn by the proprietor from the business for personal use GOODS : The commodity in which we deal on regular basis. The types are : Purchase A/c Sales A/c Purchase return A/c Sales return A/c
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