List of Tally Ledgers Groups List pdf: (Tally ledger under which head). check the complete list of tally ledgers created under the group list of Tally ERP 9 AND Earlier tally versions. tally ledger under group list in Hindi, Ledgers are a very important part of Journal Entries in Tally. Here we provide a list of common ledgers created … Read more
Various Types of Vouchers In Accounting, Be it vouching or passing an entry or maintaining regular books of accounts, the knowledge of vouchers & its types is very important. You must know what a voucher is & what are the various types of vouchers. So, let us have a look on the same. Accounting Voucher: … Read more
Accounting Concept: Accounting concepts are defined as basic assumptions on the basis of which financial statements of a business entity are prepared. They are used as a foundation for formulating various methods and procedures for recording and presenting business transactions. The important accounting concepts are given below: Accounting Concept (i) Business Entity Concept: Entity concept states … Read more
Typse of accounts: There are 3 types of Accounts i.e Personal account, Real Account, Nominal Account. The term “account” is always used in accounting / Book keeping to denote a specific record which stores all the debit and credit aspects related to that. Types of Accounts Meaning of Account : In accounting, the transactions that occurred … Read more
Download Accounting Heads for Tally we are providing a list of all accounting Heads for tally with descriptions. You can find all details of these accounting heads. Accounting Heads are very important for the tally. We always classified many expenses in heads and done accounting by using these Heads. This is my first article on Tally … Read more
Maintaining Books of Accounts by Small Business Owners, Check Complete Requirement of Maintenance of Books of Accounts, also check Requirement to Maintain Books And Audit, What books of accounts are required to be maintained by “persons?”, Where the books of accounts should be kept. in this article you may check complete details regarding Maintaining Books of … Read more
Deferred Revenue Expenditure: Deferred revenue expenditure is that expenditure for which payment has been made or a liability incurred but which is carried forward on the presumption that it will be of benefit over a subsequent period or periods. In short, it refers to that expenditure that is, for the time being, deferred from being charged … Read more
Fundamentals of Accounting: Every individual performs some kind of economic activity. A salaried person gets salary and spends to buy provisions and clothing, for children’s education, construction of house, etc. A sports club formed by a group of individuals, a business run by an individual or a group of individuals, a local authority like Calcutta … Read more
Difference between Book Keeping and Accounting with Meaning: Book-keeping is an activity concerned with the recording of financial data relating to business operations in a significant and orderly manner. It covers procedural aspects of accounting work and embraces the record-keeping function. Obviously, book-keeping procedures are governed by the end product, the financial statements. The term ‘financial … Read more
Capital expenditure is that expenditure which results in acquisition of an asset or which results in an increase in the earning capacity of a business. The benefit of such expenditure lasts for a long period of time. As we have already discussed, capital expenditure contributes to the revenue earning capacity of a business over more … Read more
Journal: A journal is often referred to as Book of Prime Entry or the book of original entry. In this book transactions are recorded in their chronological order. The process of recording transaction in a journal is called as ‘Journalisation’. The entry made in this book is called a ‘journal entry’. Journal is the book of … Read more
What is Book Keeping and a comparison with Accounting. Find Everything related to Book Keeping, Here we are providing complete details for What is Book – Keeping and a comparison with Accounting like – activities involved in Book keeping, Book keeping ensures etc. Recently we provide complete details for What is Debit and credit explained … Read more
Accounting standard 28 Impairment of Assets: The objective of AS 28 is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. The asset is described as impaired if its carrying amount exceeds the amount to be recovered through use or sale of … Read more
Journal – Meaning: Process and Types of Journal Entries. Journal is the first stage of recording business transactions. It is called as “Book of original entry” After receiving the source documents related to business transactions entries are recorded in the journal, which is called Journalizing the transactions. Journal provides base for whole Accounting process by … Read more
General Journal: This is also known as Journal Proper or General Journal. It is used for making the original record of such transactions for which no special journal has been kept in the business. All transactions are first recorded in the journal as and when they occur; the record is chronological; otherwise it would be difficult to … Read more
Subsidiary Books: Introduction and Advantages of Subsidiary Books. In a Business, most of the transactions generally relate to receipts and payments of cash, sale of goods and their purchase. It is convenient to keep a separate register for each such class of transactions one for receipts and payments of cash, one for purchase of goods … Read more
LedLedger Accounts – Principal Book of Accounts: All journals are posted into ledger chronologically and in a classified manner Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. It is a set of accounts. It contains all accounts of the business enterprise … Read more
The loss suffered by a company on the sale of fixed assets, The loss suffered by the business in the ordinary course of business is called revenue loss. Capital and Revenue Losses: Revenue losses are the losses which arise during the normal course of business whereas capital losses are those which occur when selling fixed … Read more
Contingent Assets and Contingent Liabilities: A contingent asset is a potential asset associated with a contingent gain. Unlike contingent liabilities and contingent losses, contingent assets and contingent gains are not recorded in accounts, even when they are probable and the amount can be estimated. and A contingent liability is defined as a liability which may arise depending on the outcome of a specific event. It is a possible obligation which may or may … Read more
How to Finalize Balance Sheet & Analysis of Balance Sheet. A balance sheet is a summary of a business’s finical health on any given day. It shows a company’s assets, liabilities, and equity accounts. In this article, you can find some basic details for How to Finalize the Balance Sheet and Analysis of the Balance Sheet. If you like … Read more
Types of Cash Book: Cash book is the book in which all transactions concerning cash receipts and cash payments are recorded. Cash Book is in the form of an account. It serves the purpose of Cash Account also. On the debit side, all cash receipts are recorded while on the credit side, all cash payments … Read more
Steps to Locate Errors: Even if there is only a very small difference in the trial balance, the errors leading to it must be located and rectified. A small difference may be the result of a number of errors. The following steps will be useful in locating errors: Whenever there is a difference in the trial … Read more
Fund flow statement also called as statement of “source and application of funds” which provides insight into the movement of funds and useful to understand the changes in the structure of assets, liabilities and equity capital And to analyze the flow of funds. If you like this article then please like us on Facebook so … Read more
Cash Basis Vs Accrual Basis of Accounting, We all have heard about the cash basis & accrual basis of Accounting, but here we will do a detailed analysis of these two forms of Accounting. We will study about what these two forms of Accounting are, what are the differences between them & when & where are … Read more
Accounting for Rectification of Errors , To err is human! So, it is obvious that while we are doing the accounting of an entity, we can make mistakes. But more important is to analyze & correct the mistakes. So here, we are providing the basics of Accounting for Rectification of Errors. Here, we will have a … Read more
What Is Debit Note and Credit Note: here we are providing complete details for Debit Note and Credit Note. In this article you can find all details related to Debit Note and Credit Note like Meaning or definition of debit note, when we issued debit note. Definition or meaning of Credit Note, When a credit … Read more
Fairness and Accounting Fairness: Some words, frequently used in accountancy, do not connote its etymological or philosophical meaning. This paper tries to find the gap between the philosophical meanings and its usage in accountancy which serves as the cornerstone to build the core of the subject. The philosophical concept of the three words: fairness, justice and … Read more
Ind AS 7 Statement of Cash Flows – Ind AS 7 prescribes principles and guidance on preparation and presentation of cash flows of an entity from operating, investing and financing activities for a reporting period. The objective of Ind AS 7 is to provide information about the historical changes in cash and cash equivalents of … Read more
Accounting Principles : Accounting is a language of the business. Financial statements prepared by the accountant communicate financial information to the various stakeholders for decision-making purpose. Therefore, it is important that financial statements prepared by different organizations should be prepared on uniform basis. Also there should be consistency over a period of time in the … Read more
Accounting Equation: The accounting equation that is the foundation of double entry accounting. The accounting equation displays that all assets are either financed by borrowing money or paying with the money of the company’s shareholders. Thus, the accounting equation is: Assets = Liabilities + Shareholder Equity. All business transactions are recorded as having a dual aspect. At any point of time, a firm … Read more