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Accounting Practice

A working double-entry simulator — post a transaction and watch it flow through the journal, ledger, party sub-ledgers, GST/TDS/TCS ledgers, trial balance, P&L and balance sheet.

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0Transactions logged
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0Ledger accounts in use
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0Parties tracked
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₹0Net profit / loss

The cycle

1Transaction— something of value changes hands
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2Journal entry— recorded as debits and credits
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3Ledger & sub-ledgers— posted by account, and by party where relevant
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4Trial balance— every ledger balance, listed and totalled
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5Profit & loss account— revenue less expenses for the period
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6Balance sheet— what the business owns, owes, and is worth

Add a transaction

Choose a transaction type — party name, GST split, or TDS/TCS fields appear only when that type needs them.

Journal

No entries yet. Post a transaction above, or load the sample set.

Ledger

Ledger accounts will appear once you post an entry.

Party-wise ledgers — debtors & creditors

Every entry tagged with a customer or supplier name is also tracked here, so the control account can be reconciled to individual parties.

No party-wise transactions yet — try "Goods sold on credit" or "Goods purchased on credit".

Tax ledgers — GST, TDS & TCS

Output and input GST, TDS and TCS accumulate here automatically from your entries. Settling posts a simplified clearing entry (self-head set-off, balance paid from bank) — it does not model full cross-head ITC utilisation rules.

No GST, TDS or TCS activity yet.

Trial balance

Nothing to balance yet.

Profit & loss account

No revenue or expense posted yet.

Balance sheet

The balance sheet builds up as entries come in.

Important accounting principles

Going Concern
Accounts are prepared assuming the business will continue operating for the foreseeable future, not be wound up.
Accrual
Income and expenses are recorded when earned or incurred, not when cash actually changes hands.
Consistency
Once an accounting method is chosen (e.g. a depreciation method), it's applied the same way period after period.
Prudence (Conservatism)
Anticipate losses, but don't recognise gains until they're realised — when in doubt, understate rather than overstate.
Materiality
Only information significant enough to influence a user's decisions needs separate disclosure.
Matching
Expenses are recognised in the same period as the revenue they helped generate.
Full Disclosure
Financial statements should disclose all information relevant to a user's understanding.
Money Measurement
Only transactions and events measurable in monetary terms are recorded.
Business Entity
The business is accounted for separately from its owner(s) — the owner's personal transactions stay out of the books.
Dual Aspect
Every transaction has two sides — a debit and a credit of equal value. This is the basis of double-entry bookkeeping.

Accounting terms dictionary

Sample accounting questions for practice

Quick links

  • Learn the theory first ›
  • GST & ITC calculators ›
  • TDS calculator ›
  • Depreciation (SLM/WDV) ›
  • GST forms & filing guide ›
  • Manufacturing cost sheet ›

Accounting tip

"Post every transaction as both a debit and a credit before you touch the ledger — the trial balance is only a check, not where errors get caught first."

— AccountsSkill