Tally Notes: Basic Accounting
Tally Notes: Basic Accounting
Tally Notes: Basic Accounting
Basic Accounting
Accounting Policies
DISCLOSURE OF ACCOUNTING
POLICY Accounting policies are the speci...
The Export functionality available in Tally.ERP 9 allows the user to export data or report
in any one of the standard available formats. ...
Back up of data can be carried out by executing the following steps: Go to Gateway of
Tally > Press F3: Company Info or Press Alt+F...
Introduction TDS refers to Tax Deducted at Source . The concept of TDS was introduced
in the Income Tax Act, 1961, with the objective ...
Option to Move Tally Groups/Ledgers from one Schedule VI Head To another Schedule
VI Head
Tally.ERP 9 provides users with the option to Move Tally Groups/Ledgers from one
Schedule VI Head To another Schedule VI Head. Go to Ga...
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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.
Business transaction: A business transaction is “The movement of money and money’s worth form one
person to another”. Or exchange of values between two parties is also known as “Business Transaction”.
Purchase Return or Rejection in or Outward Invoice: Purchase return means the return of the full or a
part of goods purchased by the businessman to his suppliers.
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.
Assets: Assets are the things and properties possessed by a businessman not for resale but for the use in
the business.
Liabilities: All the amounts payable by a business concern to outsiders are called liabilities.
Creditor: Creditor is the person to whom amounts are owed by 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Drawings: Drawings are the amounts withdrawn (taken back) by the businessman from his business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. Drawings may be made in the form cash, goods and assets
of the business.
Receipts: It is a document issued by the receiver of cash to the giver of cash acknowledging the
cash received voucher.
Account: Account is a summarized record of all the transactions relating to every person, every
thing or property and every type of service.
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.
Balance Sheet: To ascertain the financial position of the business. It is a statement of assets and
liabilities.
Types of accounts
Personal account: Personal accounts are the accounts of persons, firms, concerns and institutions
which the businessmen deal.
Nominal account: Nominal account is the account of services received (expenses and Losses) and
services given (income and gain)
Ex. Salary, Rent, Wages, Stationery etc.
Accounts Only: To maintain only the financial accounts of the company. Inventory (stock)
management is not involved in it.
Account with Inventory: This is the default option, which allows maintaining both the
financial account of the company as well as the inventory of the company.
Shut Company: It is used to close the company which is opened. Shortcut key - Alt+F1.
Alter: It is used to make alterations in the company creation like name, date, maintain etc.
To accept a form wherever you use the key combination the screen or report will be accepted as
it is on this screen.
F2 Date
Current asset:
It is converted into cash with in a year. Ex. Bills receivable
expenses:
These are the expenses which are directly related to manufacturing of goods.
Ex. Wages, factory rent, heating, lighting etc
ct expense:
These are the expenses which are indirectly related to manufacturing of goods.
Ex. Salary, rent, stationery, advertisement, printing
ciation: Decrease the value of the asset.
Ledger Group
Opening stock Stock in hand
Purchase Purchase account
Purchase return Purchase account
Fright charges Direct expenses
Carriage inwards or Purchases Direct expenses
Cartage and coolie Direct expenses
Octroi Direct expenses
Manufacturing wages Direct expenses
Coal, gas, water Direct expenses
Oil and fuel D
irect expenses
Factory rent, insurance, electricity, lighting and heating Direct expenses
Sales Sales account
Salary Indirect expenses
Postage and telegrams Indirect expenses
Telephone charges Indirect expenses
Rent paid Indirect expenses
Rates and taxes Indirect expenses
Insurance Indirect expenses
Audit fees Indirect expenses
Interest on bank loan Indirect expenses
Interest on loans paid Indirect expenses
Bank charges Indirect expenses
Legal charges Indirect expenses
Printing and stationery Indirect expenses
General expenses Indirect expenses
Sundry expenses Indirect expenses
Discount allowed Indirect expenses
Carriage outwards or sales Indirect expenses
Traveling expenses Indirect expenses
Advertisement Indirect expenses
Bad debts Indirect expenses
Repair renewals Indirect expenses
Motor expenses Indirect expenses
Depreciation on assets Indirect expenses
Interest on investment received Indirect income
Interest on deposit received Indirect income
Interest on loans received Indirect income
Commission received Indirect income
Discount received Indirect income
Rent received Indirect income
Dividend received Indirect income
Bad debts recovered Indirect income
Profit by sale of assets Indirect income
Sundry income Indirect income
Loan from others Loan Liabilities
Bank loan Loan Liabilities
Bank overdraft Bank OD
Bills payable Current Liabilities
Sundry creditors Sundry creditors
Mortgage loans Secured loans
Expense outstanding Current Liabilities
Income received in advance Current Liabilities
Other liabilities Current Liabilities
Capital Capital account
Drawings Capital account
Cash in hand Cash in hand
Cash at bank Bank account
Fixed deposit at bank Deposit
Investments Investments
Bills receivable Current asset
Sundry debtors Sundry debtors
Closing stock Stock in hand
Stock of stationery Current asset
Loose tools Fixed asset
Fixtures and fittings Fixed asset
Furniture Fixed asset
Motor vehicles Fixed asset
Plant and machinery Fixed asset
Land and building Fixed asset
Leasehold property Fixed asset
Patents Fixed asset
Goodwill Fixed asset
Prepaid expenses Current asset
Income outstanding Current assset
Trading account: Buying and selling of goods.
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
Inventory information
To View
Gateway of tally-Display-Day book-Alt+F2 (change period) Alt+F1 (to see detail) or
Gateway of tally-Stock summary
1. On 1-4-06 Raman commenced business with cash of Rs. 25,00,000. He further introduced
Land and Building costing Rs. 30,000, Plant and Machinery costing Rs. 25,000 and furniture
and fixture costing Rs. 36,000.
2. On 2-4-06 Purchased Vehicle and Patents Rs. 20,000 and Rs. 15,000.
5 Stars
Kitkat Chocolate
Cadbury
Dairy milk
Moov
D’Clod
Adhensive tape rolls Medicines
Band Aid box
Boric Acid powder
Lee T-Shirts
Nike
Pan America Formal Shirts
Peter England
Arrow
Ex-Calibar Cotton Pants
Journalize the following Transactions using the debit and credit
given by the American accounts
Ledger Group
Capital Capital Account
Cash Cash in hand
Bank Bank account
Purchase Purchase account
Sales Sales account
A Sundry creditor
B Sundry debtor
C Sundry creditor
D Sundry debtor
Salary Indirect expenses
Drawings Capital account
Rent Indirect expenses
Rakesh and company
Ledger Group
Capital Capital account
Bank Bank account
Purchase Purchase account
Anil Sundry Creditor
Chandan Sundry Creditor
Harish Sundry Creditor
Purchase return Purchase account
Naveen Sundry Creditor
Sales Sales account
Guptha Sundry debetor
Commission Indirect expenses
Wages Direct expenses
Drawings Capital account
Manju Sundry Creditor
Anand Sundry Creditor
Ledger Group
Capital Capital account
Furniture Fixed asset
Machinery Fixed asset
Purchase Purchase account
Anil Sundry Creditor
Sales Sales account
Rajesh Sundry debtor
Arun Sundry creditor
Ramesh Sundry debtor
Salary Indirect expenses
Printing Indirect expenses
Wages Direct expenses
Rent Indirect expenses
Commission Indirect expenses
Ganesh Sundry creditor
Trade discount Indirect expenses
Memorandum book
Particulars
1. Commenced business with cash Rs. 10,000.
2. Purchased goods for cash Rs.3,000.
3. Opened a bank account with Rs.2,000.
4. Purchased stationary Rs.1,00.
5. Purchased furniture Rs.1,000.
6. Sold goods to A Rs.2,000.
7. Purchased goods from B Rs.2,000.
8. Sold goods for cash Rs.1,000.
9. Paid for postage Rs.20.
10. Took loan from C Rs.1,500.
11. Paid rent Rs.300.
12. Withdraw from bank Rs.800.
13. Received from A on account Rs.500.
14. Paid commission by cheque Rs.200.
Ledger Group
Capital Capital account
Purchase Purchase account
Bank Bank account
Purchase Purchase account
Stationary Indirect expenses
Furniture Fixed asset
Sales Sales account
A Sundry debtor
B Sundry Creditor
Potage Indirect expenses
C Sundry Creditor
Rent Indirect expenses
Commission Indirect expenses
Roa and company
Particulars Rs.
Ledger Group
Capital Capital account
Purchase Purchase account
Postage Indirect expenses
Rajkamal Sundry Creditor
Sales Sales account
Rahim Sundry Creditor
Suresh Sundry Debtor
Nayak Sundry Debtor
Purchase returns Purchase account
Salary Indirect expenses
Drawings Capital account
Stationary Indirect expenses
Rent Indirect expenses
Commission Indirect income
541 comments:
1.
Well, P;z send me more transactions for practice in this E-mail ID:
[email protected]
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prabha mehra16 September 2012 at 00:39
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thanks.......
anyway send me more than this.
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Pawan Soni12 April 2013 at 06:55
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Thanks Sir.............................
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I got more from this basic tips of accountancy. thank you tally
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thanks for this notes... if u don't mind can u plz provide me some more note on tally, my
mail id is [email protected]
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Thank you very much sir, it is very helpful please can you send me more transactions for
practice in this E-mail ID: [email protected]
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18.
Anonymous21 June 2013 at 22:07
Really useful content. if you provide me reg payroll and tds it will be very useful please
send me to mail: [email protected].
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thnaks a lot sir u r very noble and kind and this is very important topic shared by u thanks
again sir my id is :[email protected] wil u sand me this and other advance tips fro
vat and payroll thas kind of u
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Thank you a lot sir . . i wish you all the best for your life . .
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Parshu Ram Chalise14 August 2013 at 00:48
Thank you sir for providing tally notes.....if u don't mind i want to get more information
about Payroll plz send me my e-mail addrs. [email protected]
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SAMBIT KUMAR Dang15 November 2013 at 07:11
Can you send me the practice set for Payroll and about taxation
My mail ID is [email protected]
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thank u so much
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RAMERO 6 TA
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NICE NOTE
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thank u so mach
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Good
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plz give some example of journal entry ( suppose we purchase goods on cash)
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Really amazing blog, I’d love to discover some extra information. www.free-credit-
report.net
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i lik notes
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Well, P;z send me more transactions for practice in this E-mail ID:[email protected]
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thak you sooooooo much its easy to leron to tally accounting theory
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thanks
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59.
basic notes are very usefull as become an tally employe please send more information i
am doing software company as an accounting sir i want more information can u provided
me an my email . my email id is [email protected]
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I have got some thing but not clear can you make it clear
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Thank you so much for sharing such an useful info. If possible, can you please send me
some more information to my email id. My email id is [email protected]
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very useful to me sir, can u send more advanced steps such as tds, service tax and income
tax to my mail id [email protected]
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thank u so much
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nice
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thanks
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helpful notes
very easy to understand difficulties of tally
thank you
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I Agree
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75.
thanks for note sir , can available note for loan transaction pls..
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it's very good to us. It can reflux our mind and concentrates to the accounting formal. and
also tally it's to good to our knowledge to worked on that link ................
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more the updated posts at same here. www.creditrepair.com
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place could you make it payroll information it very impotent component in tally
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good notes
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Good Notes
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Anonymous20 March 2014 at 01:47
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if cash is drawn from bank for personal use, then in which journal the entry is to be made
in tally? and what will be the entry?
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Excellent notes
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Hello Sir
Very Useful and easy method to understand Plz Send The Vat,Cst,Excise Duty Notes
Also With Practicals
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From this I learnt lot of terms in account which I am not surely learn in my college days.
Thanks a lot...
Can you improve the same in payroll.. please...
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thanks a lot this information is very helpfull olz send more rule n regulation related with
tax n service tax plzzzz on this email add. [email protected]
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103.
hello sir i must say that, its awesome information ................... for all ....... sir but tell us
how to account manage of the construction company............????? this is my email add...
([email protected])..... plzzzzzzzzzzzzzzzzzzzzzzzzzz sir i m waiting for your
reply... thanks a lot....???
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very good knowldege share better than this way .........fredz if u have more ideal
knowledge or data pls forward this Email id: [email protected]
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thanks sir.........................................
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thank u
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thanks sir
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Thank you for sharing valuable information. Nice post. I am very impressed to read this
post. The whole blog is very nice I found some information here Thanks..Also visit my
site Contractor Accounting Intouch Accountants aims to provide an affordable, timely,
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Very much informative and can understand very easily. Thanks a lot.
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Anonymous24 August 2014 at 23:19
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Thanks for sharing this with us, I completely agree with you....
Call for Inquiry at any time or Free Demo..
Mobile: +91-9799950666 /555/444
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very usefull
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thank you sir , very use full our life& very nise
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thank you sir , very use full our life& very nise
Tally.ERP 9 - Auditors' Edition is a strong enabler for you to grow your practice under
the BAP Programme.
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woooooooooowwwwwwwww
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thank you
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Hi, Really very useful content. Thanks so much and more further information. Tally
Training
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Manish Choudhary1 December 2014 at 11:01
Accounting Notes
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thanks so much it is very nice use full and Really i need this
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Sakthivel Sakthi30 January 2015 at 03:20
thanks....
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145.
thanks so much it is very nice use full and Really i need this, please provide more
accounting Notes I Needed.
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146.
Thanks sir it's very useful in my work & knowledge from Bangalore
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thank u
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148.
Helpful work for people like me who are just beginning to step into the world of Tally
Accounting. So i would be additionaly helped if you could kindly e-mail all the tally
beginners notes in [email protected]
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149.
bhauso lohar23 February 2015 at 04:05
Many Many thanks for this notes because its most important for every student... ,and i
request to you please provide any more notes of accounting..
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150.
basic notes are very usefull as become an tally employe please send more information i
am doing mobile communication company as an accounting sir i want more information
can u provided me an my email [email protected]
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151.
thank u sir
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152.
thanks....i want more note on tally like how to maintain company's book n all...so i would
be more thankful if you could send in this email ID:- [email protected]
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thanks for this notes because its most important for every student..........thanks
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thanks for this notes because its most important for every student..........thanks
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Anonymous18 May 2015 at 23:01
thank u so much this type of qualitative notes is not given us in tally class also
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thanks sir
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Tally Training1 October 2015 at 01:59
This is really useful to every one who are interested to learn Tally ERP 9. Great Help to
all and me
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thanq
better use every one
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nice notes
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Thanks a lot..
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very good
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Great! Thanks for sharing the information. That is very helpful for increasing my
knowledge in this filed.
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Hiiiii.
Good notes & information.
lot of thanks ......................
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sir can I get the notes of tally of receipt and payment and ledger will you plz mail the
notes [email protected]
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184.
this is good notes sir. please add some vat and tds tenter example
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