Double entry book-keeping is a generally accepted system. This system was first described by an Italian Luca Pacioli in 1494. He however, not the inventor of this system and there is substantial evidence that the system was in use long before Pacioli described it.
A book on Aritmetica Geometrica, Proportion at Proportionality (Review of Arithmetic and Geometric Proportion) by Pacioli is considered as the first authentic book on double entry book keeping.
IMPORTANT ABBREVIATIONS USED IN ACCOUNTING
L.F. = Ledger Folio
J.F. = Journal Folio
c/f = Carried Forward
b/f = Balance Forward
c/d = Carried Down
b/d = Brought Down
I.N. = Invoice Number
V.N. = Voucher Number
Dr. = Debit (debere)
Cr. = Credit (credere)
Amt. = Amount
D.N.No. = Debit Note Number
C.N. No. = Credit Note Number
Rs. = Rupee
GOODS: (i) Stock: [Finished Goods/Raw Materials/Semi-Finished Goods/Work-in-Progress] (a) Opening Stock (b) Closing Stock (ii) Purchases (iii) Purchases Return or Return Outward or Return (Cr.) (iv) Sales (v) Sales Return or Return Inward or Return (Dr.) CARRIAGE: (i) Carriage Inward or Carriage on Purchases (ii) Carriage Outward or Carriage on Sales CREDIT SALES MADE TO: Debtors or Sundry Debtors or Customers or Book Debts or Sales Ledger Balances CREDIT PURCHASES MADE BY: Creditors or Sundry Creditors or Suppliers or Purchases Ledger Balances | |
: Basic-I){kind=link}