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The case study covers the issues encountered by Rupesh Tingal (Rupesh), a B Tech graduate who launched a sole proprietorship business of Office Stationery and Equipment with INR450,000 in capital and an INR700,000 bank loan. Later, his close friend, Santosh, joined his business and contributed an equal amount. At the end of the first month of operations, Rupesh decided to do a transactional analysis of the business transactions that had been recorded that month. However, another friend, Harshit Prasanna (Harshit), who holds an M.Com. degree, advised him to keep a professional book of accounts for his joint business. Harshit's suggestions confused Rupesh. His first dilemma was about the type of business he was running, and the second was about which accounting approach he should employ - the accounting equation method or the traditional accounting method. He wondered if both strategies would produce the same financial performance and position. This case can assist learners understand numerous accounting ideas and approaches. It can also help them to prepare various books of account and conduct transactions analysis.