The whole text has been completely revised and updated incorporating more than 200 new problems set in the most recent professional / university examinations, as illustrations and exercises. The text has been revised, wherever necessary, in the light of the current provisions of the law and practice. While revising the book the suggestions made by our enlightened readers have been taken care of for improvement / correction and we thank our readers for their very valuable suggestions and opinions. The accounting concepts in present edition is written in very simple language. Accounting Practice Explained with Illustrations, Step by Step. A number of Typical Questions and problems for Self-Practice.