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Tally is known as an accounting software for small and medium businesses. Today here you are going to learn Tally.
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Accounting in English
Accounting is the process of understanding, recording, summarizing and reporting the financial information of the business to facilitate decision making in the form of financial statements.
Advantages of Accounting
The following are the advantages of accounting –
1) By accounting, we can understand that we have made profit or loss in a particular period.
2) We can understand the financial position of the business
- How much property is there in business.
- How much loan is there in business.
- How much capital is in business.
3) In addition, we can understand the reasons for the profit or loss of the business by keeping the account.
With the above-mentioned advantages, we can easily understand that accounting is the soul of business.
Definition In Accounting in English
While learning accounting, we have to use some words regularly. So first we understand the meaning of these words –
1) Goods:- Goods are bought and sold regularly and primarily in business. For example – A grocery shop has soap, oil etc. Profits depend on the purchase and sale of goods.
2) Assets :- Assets are valuable things, which are necessary for the business and are the assets of the business. For example- Building, Vehicle, Machinery, Furniture.
3) Liabilities :- Liabilities are given by others to the business. For example – loan taken from bank, purchase of goods on credit.
4) Capital :- Capital is the investment made by the owner of the business. This capital is in the form of cash, goods or assets. Since this capital is invested by the owner of the business, then this capital is also a liability according to the business.
5) Debtor:- From which business has to take a fixed amount is called Debtor.
6) Creditor :- Those who have to give a certain amount to our business are called creditors.
7) Business Transaction :- is a financial event which is related to business and which has an impact on the financial position of the company. For example – purchase of goods, salary, selling of goods on credit.
8) Cash Transaction :- The transactions which are done in cash are called cash transactions.
9) Credit Transaction :- The transactions which are done on credit are called credit transactions.
10) Account:- Account is a statement of a transaction that affects any assets, liabilities, income or expenses.
11) Ledger:- Ledger is a book in which all the accounts of personal, real or nominal, whose entry is in the journal or subsidiary book.
Types of Accounts
1) Personal Accounts:- Accounts of all individuals, societies, trusts, banks and companies are personal accounts. For example – Rahul A/c, Gayatri Sales A/c, Subodh Traders A/c, Bank of Maharashtra A/c.
2) Real Accounts:- Real Account includes all Assets and Goods Account. Eg – Cash A/c, Furniture a/c, Building A/c.
3) Nominal Accounts:- All income and expenses related to the business are covered under Nominal Account. Eg – Salary A/c, Rent A/c, Commission A/c, Advertisement A/c, Light Bill A/c.
While doing a transaction, we have to decide on the debit or credit side. It has the following rules –
Personal Accounts:- Debit: The Receiver or Debtor Credit: The Giver or Creditor
Real Accounts: Debit : What comes in Credit : What goes out
Nominal Accounts: Debit : All Expenses & Losses Credit: All Incomes & Gains
Double Entry System of Book Keeping
Each transaction affects the business in two ways. For example,
a) Goods bought in cash – In this transaction, the goods are coming into the business but cash is going out of the business at the same time.
b) Goods sold on credit to Datta Traders – In this transaction the goods are going out of business and at the same time Datta Traders becomes the debtor of our business.
According to the double entry system – while recording all such business transactions in the account, it has two aspects Debit aspect (receiving) and the Credit aspect (giving).