![]() Some of these concepts are briefly described in the following sections. ![]() A number of principles, concepts and conventions are developed to ensure that accounting information is presented accurately and consistently. The Assets and liabilities are taken to Balance sheet and the Income and Expenses accounts are posted to Profit and Loss Account.ġ.1.2 Golden Rules of AccountingReal Accounts Debit Credit What Comes in What Goes out Personal Accounts The Receiver The Giver Nominal Accounts Expenses and Losses Incomes and Gainsġ.1.3 Accounting Principles, Concepts and ConventionsThe Accounting Principles, concepts and conventions form the basis for how business transactions are recorded. Assets Liabilities Income Expenses The above classification is the basis for generating various financial statements viz., Balance Sheet, Profit & Loss A/c and other MIS reports. For example, Salary Account Dividend Account Sales Accounts can be broadly classified under the following four groups. Suppliers Customers Lenders Nominal accounts Nominal Accounts are Accounts which relate to incomes and expenses and gains and losses of a business concern. For example, Land Building Goodwill Purchases Cash Personal Accounts Personal Accounts are Accounts which relate to persons. Real accounts include tangible and intangible accounts. Real Accounts Real Accounts are Accounts relating to properties and assets, which are owned by the business concern. ![]() Financial statements will be useful to the following parties: Suppliers Customers Employees Banks Suppliers of equipments, buildings and other assets Lenders Ownersġ.1.1 Types of AccountsThere are basically three types of Accounts maintained for transactions : Real Accounts Personal Accounts Nominal Accounts It also updates with new features of (Goods & Services Tax) GST.Lesson ObjectivesOn completion of this lesson, you will be able to understand Principles and concepts of Accounting Double Entry System of Accounting Financial Statementsġ.1 IntroductionAccounting is a process of identifying, recording, summarising and reporting economic information to decision makers in the form of financial statements. Tally ERP 9 package is offering maximum features for small to large business industries. This version has maximum features such as TDS, FBT, Payroll, E-TDS filling, etc. This version was released due to bugs and errors. It was added with new features of Point of Sale (POS) and Payroll. It was developed with a new data structure. It was added with new features of the Statutory complimentary version and VAT rules as par state wise. It supports printing and implementing with VAT (Value Added Tax). ![]() Tally 6.3 was the third version of Tally. ![]() Tally 5.4 was the second version of Tally. Tally 4.5 was the first version of Tally. #Tally erp 9 tutorial pdf for beginners software#Tally is an ERP accounting software package that is used to record day to day transactions, to view the Balanced Sheet and Profit and Loss Acoount – Yearly/Quarterly/Monthly/Daily. #Tally erp 9 tutorial pdf for beginners how to#What is Tally? Where is Tally used? How to Pass Entries in Tally? How to see Reports in Tally.ERP 9? Get all answers to these questions. Tally.ERP 9 Tutorial provides basic and advanced concepts of Tally. Tally Tutorial is designed for beginners and professionals. ![]()
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