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Title: Accounting Concepts
Description: Basic concept of accounting for Tally and Commerce Students
Description: Basic concept of accounting for Tally and Commerce Students
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Basic Accounting
Basic concept of accounting
Accounting: It is an art of recording, classifying and summarizing in significant manner
and in terms of money, transactions and events which are of financial character and
interpreting the results thereof
...
Or exchange of values between two parties is also known as
“Business Transaction”
...
Sales:
Sales is goods sold by a businessman to his customers
...
Sales Return or Rejection out or Inward Invoice: Sales return means the return of the full or a
part of the goods sold by the customer to the businessman
...
Liabilities: All the amounts payable by a business concern to outsiders are called liabilities
...
Debtors:
Debtor is the person who owes amounts to the businessman
...
Debit:
The receiving aspect of a transaction is called debit or Dr
...
Drawings: Drawings are the amounts withdrawn (taken back) by the businessman from his
business for his personal, private and domestic purpose
...
Receipts: It is a document issued by the receiver of cash to the giver of cash acknowledging
the cash received voucher
...
Ledger:
The book of final entry where accounts lie
...
Trail Balance: It is a statement of all the ledger account balances prepared at the end of
particular period to verify the accuracy of the entries made in books of accounts
...
Profit and loss account: It is prepared to ascertain actual profit or loss of the business
...
It is a statement of assets
and liabilities
...
Principles:
Debit the receiver
Credit the giver
Real Account: These are the accounts of things, materials, assets & properties
...
Ex
...
Principles:
Debit what comes in
Credit what goes out
Nominal account: Nominal account is the account of services received (expenses and Losses)
and services given (income and gain)
Ex
...
Principles:
Debit all expense/losses
Credit all income/ gains
By:-1622
Tally Erp
...
It is
a full fledged accounting software
...
Alt+F3 Company info-Create company
...
Inventory
(stock) management is not involved in it
...
Select Company: We can choose the company which is already created
...
Shut Company: It is used to close the company which is opened
...
Alter:
Quit:
It is used to make alterations in the company creation like name, date,
maintain etc
...
1
...
2
...
3
...
To accept a voucher or master
...
Esc
To remove what has been typed into a field
...
To indicate you do not want to accept a voucher or master
...
By:-1622
Ctrl+Q
It quits the screen without making any changed to it
...
When working within an amount field presses Alt+C to act as a
calculator
...
To delete a master
...
F2
Date
Alt+F2
Change period
Alt+F1
To see detail
F11
Features company
F12
directory
...
Ctrl+V
Voucher mode (Cr
...
Ex
...
Ex
...
Ex
...
Sundry debtors:
The person who is the receiver or customer
Sundry creditors: The person who gives or supplier
...
(Added to the expenditure on the debit side and entered on the liability side
...
(Deducted form the concerned income on the credit side and entered on the liability
side)
Prepaid advance or Expenses or Prepaid expenses
Expenditure paid during current year but not incurred or a part of which relates to the
next year is called expenditure prepaid
...
Dr
...
Receiving aspect
Direct expenses
To Opening stock
To Purchases
To (-)purchase return
To Freight charges
To Cartage and coolie
Giving
Amount
Direct Income
xxx
By Sales
By (-)Sales
xxx
return
xxx
By Closing stock
xxx
xxx
Amount
xxx
xxx
xxx
By:-1622
To
To
To
To
To
Lorry hire
Manufacturing expenses
Wages
Factory rent, fuel power
Gross profit (transfer to
account)
xxx
xxx
xxx
xxx
profit and
loss
xxx
To Profit and loss account: Actual profit and loss of the business
Indirect expenses or payments Amount
Indirect income or receipts
Amount
To Salary
xxx
By Gross profit
xxx
To Postage and Telegram
xxx
By Interest on investment received
xxx
To Telephone charges
xxx
By Interest on deposit received
xxx
To Rent paid
xxx
By Interest on loans received
xxx
To Rate and taxes
xxx
By Discount received
xxx
To Insurance paid
xxx
By Discount received
xxx
To Interest on bank loan
xxx
By Rent received
xxx
To Bank charges
xxx
By Bad debts received
xxx
To Printing and stationery
xxx
By Net loss
xxx
To Discount allowed
xxx
To Advertisement
To Carriage outward (sales)
To Depreciation on assets
To General expenses
To Traveling
To Bad debts
To Net profit
Balance sheet: Actual financial position
Liabilities
Bank loan
Bank overdraft
Bills payable
Sundry creditors
Expenses
outstanding
Capital
(-)drawings
Net profit
Amount
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
Assets
Amount
Cash in hand
xxx
Cash at bank
xxx
Fixed deposit at bank
xxx
Investments
xxx
Bills receivable
xxx
Sundry debtors
Closing stock
Stock of stationery
Furniture
Plant machinery
Land and building
Motor vehicles
Prepaid expenses
Income outstanding
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
By:-1622
Alt+F3 Company Creation
Gateway of tally-Accounting voucher
F4
Contra:
F5
Payment:
F6
Receipt:
F7
F8
Journal:
Sales:
F9
Purchase:
Records funds transfer between cash and bank accounts
...
Cash
Dr
...
Bank
Dr
...
Paid or Give
Dr
...
Cash/bank (in case cheque)
Records all receipts into bank or cash accounts
...
Dr
...
Records all sales
...
Cash/party (incase of credit-party)
Cr
...
Cr
...
Purchase
By:-1622
Journalize the following transactions
1
...
10, 000
...
Deposit into bank Rs
...
Bought office furniture Rs
...
Soled goods for cash Rs
...
Purchased goods form Mr X on credit Rs
...
Soled goods to Mr Y on credit Rs
...
Received cash form Mr
...
2,000
8
...
1,000
9
...
50
10
...
100
11
...
1,000
12
...
500
13
...
800
14
...
1,500
15
...
500
Sl
...
Capital
Capital
Personal
account
Dr
...
Cash
Cash in
Real
hand
Dr
...
Office furniture
Fixed asset
Real
Cr
...
Cash
Cash in
Real
hand
Cr
...
X
Sundry
Personal
creditor
Dr
...
Y
Sundry
Personal
debtors
Cr
...
Y
Principles
Amount
Giver
10,000
Comes in
10,000
Goes out
15,000
Comes in
15,000
Comes in
3,000
Goes out
3,000
Comes in
2,500
Goes out
2,500
Giver
2,000
Comes in
2,000
Receiver
3,000
Goes out
3,000
Giver
2,000
By:-1622
Dr
...
X
Cr
...
commission
Indirect
income
Dr
...
Interest on bank
Indirect
deposit
income
Dr
...
Cash
Cash in
hand
Dr
...
Advertisement
Indirect
expenses
Cr
...
Cash
Cash in
hand
Dr
...
cash
Cash in
hand
Cr
...
salary
Indirect
expense
Cr
...
On 1-4-06 Raman commenced business with cash of Rs
...
He further introduced Land
and Building costing Rs
...
25,000 and furniture and
fixture costing Rs
...
2
...
20,000 and Rs
...
3
...
1, 00,000 into Canara Bank
...
On 6-4-06 Purchased from Cadbury Company
500
5 Stars @ Rs
...
4
200
Cadbury @ Rs
...
7
5
...
20
500
D’Clod @ Rs
...
On 13-4-06 Sold to Pankaj
200
Moov @ Rs
...
50
100
D’Clod @ Rs
...
25
200
Adhensive tape roll @ Rs
...
25
100
Band Aid box @ Rs
...
14
7
...
6
200
5 Star @ Rs
...
25
50
Kit Kat @ Rs
...
On 16-4-06 Paid to Cadbury company Rs
...
On 18-4-06 Received from Pankaj
10
...
11
...
12
...
200
Nike-30Pc-Rs
...
Paid Postage Rs
...
Received commission Rs
...
Paid wages Rs
...
Pcs
Formal Name-Number Pieces
Gateway of Tally-Inventory Info-Stock Group-Create
Chocolate, Medicines, Cotton Pants, Jeans Pants, Formal Shirts, T-Shirts
Gateway of Tally-Inventory Info-Stock Item-Create
5 Stars
Kitkat
Cadbury
Dairy milk
Moov
D’Clod
Adhensive tape rolls
Band Aid box
Boric Acid powder
Chocolate
Medicines
Lee
Nike
T-Shirts
Pan America
Peter England
Formal Shirts
Tiger
Ruff and Tuff
Jeans Pants
Arrow
Ex-Calibar
Cotton Pants
By:-1622
Journalize the following Transactions using the debit and credit
given by the American accounts
1
...
Deposited into bank
3
...
Sold goods for cash
5
...
Sold goods to B on credit
7
...
Paid A on account
9
...
Took loan from C
11
...
Paid salary
13
...
Rent paid to E
10,000
5,000
3,000
2,500
4,000
4,500
3,000
2,000
2,500
5,000
4,000
1,000
200
1,000
Ledger
Group
Capital
Capital Account
Cash
Cash in hand
Bank
Bank account
Purchase
Purchase account
Sales
Sales account
A
B
Sundry creditor
Sundry debtor
C
Sundry creditor
D
Sundry debtor
Salary
Indirect expenses
Drawings
Capital account
Rent
Indirect expenses
By:-1622
1
...
3
...
5
...
7
...
9
...
11
...
13
...
15
...
17
...
2,000, Bank Rs
...
Issued cheque for goods purchased Rs
...
Bought goods for cash Rs
...
Bought furniture from Anil for cash Rs
...
Bought goods from harish Rs
...
Bought goods from chandan on credit Rs
...
Returned damaged goods to Chandan Rs
...
Bought goods from Naveen and paid by
cheque immediately Rs
...
Sold goods to Guptha Rs
...
Received a cheque from Guptha Rs
...
Paid commission Rs
...
Paid wages by cheque Rs
...
Draw cheque for personal use Rs
...
Draw cash for personal use from bank Rs
...
Receive a cheque from Manju Rs
...
Borrow loan from Anands Rs
...
Paid Anands Loan with interest Rs
...
Ledger
Capital
Bank
Purchase
Anil
Chandan
Harish
Purchase return
Naveen
Sales
Guptha
Commission
Wages
Drawings
Manju
Anand
Group
Capital account
Bank account
Purchase account
Sundry Creditor
Sundry Creditor
Sundry Creditor
Purchase account
Sundry Creditor
Sales account
Sundry debetor
Indirect expenses
Direct expenses
Capital account
Sundry Creditor
Sundry Creditor
By:-1622
Haridas and company
1
...
10,000,furniture Rs
...
5,000
...
Bought goods from Anil on credit Rs
...
5,000
...
Sold goods to Rajesh on credit Rs
...
3,000
...
Bought goods from Arun Subject to trade discount of 2% of Rs
...
5
...
4,000
...
Paid salary Rs
...
150 and wages rs
...
7
...
500, commission Rs
...
8
...
1,000
...
Commenced business with cash Rs
...
2
...
3,000
...
Opened a bank account with Rs
...
4
...
1,00
...
Purchased furniture Rs
...
6
...
2,000
...
Purchased goods from B Rs
...
8
...
1,000
...
Paid for postage Rs
...
10
...
1,500
...
Paid rent Rs
...
12
...
800
...
Received from A on account Rs
...
14
...
200
...
Bought goods for cash
2
...
Paid for postage
4
...
Sold goods for cash
6
...
Sold goods to Suresh
8
...
Purchased goods for cash
10
...
Paid cash to Rahim
12
...
Suresh returned goods
14
...
Sold goods for cash
16
...
Paid for stationery
18
...
Received commission
Ledger
Capital
Purchase
Postage
Rajkamal
Sales
Rahim
Suresh
Nayak
Purchase returns
Salary
Drawings
Stationary
Rent
Commission
Rs
Title: Accounting Concepts
Description: Basic concept of accounting for Tally and Commerce Students
Description: Basic concept of accounting for Tally and Commerce Students