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KIRAN SALUNKE

Definition Of Accounts :-

The individual record of Person, Firm, Asset, abilities, Expenses or Income is called as Account.

Book Keeping :- Book Keeping means maintaining the record of business transaction in a systematic manner.

Transaction :- An exchange of money or money’s worth between

two parties is called a transaction.

Type of Transaction

1. Cash Transaction 2. Credit Transaction

Objective Of Book Keeping :-

To know the profit or loss of business during a particular period.

To know the capital invested in the business on any particular day.

To know the total assets and liabilities of the business on a particular

date.

To know the total debtors and creditors of the business.

To find out the total incomes and total expenditure of the business.

1. J ournal Book

2. Ledger Book

3. Balancing of each Ledger

4. Reconciliat ion

5. T rial Balance

6. T rading & Profi t & Loss A / c

7. Balance S heet

Procedure of writ ing A ccounts: - >

Manual System

Journal Book :-

It is a book of accounts where the transactions are recorded for the first time.

Date Particulars L/F Dr. amountRs.

Cr. amou

ntRs.

02sept.26

This column is used to write the name of accounts which get Debit and Credit effect.( Narration :- Start with ‘Being’ word)

Manual System

Ledger Book :-Ledger contains accounts of several persons, assets, expenses, incomes, profits, etc. A ledger is a book of accounts where the transactions are transferred from the journal book.

Dr. Ledger a/c Cr.Date Particulars J/F Amt

Rs.Date Particulars J/F Amt

Rs.

Manual System

Trial Balance :-The list or the statement of balances of

ledger accounts on a particular date is known as “Trial Balance.”

Sr.No Particulars L.F. Debit amount

Credit amoun

t

Trial Balance of xyz company

as on 1st April,2002

Manual System

Trading & Profit & Loss A/c :-

It is an account which shows the net Profit / Net Loss of a business for certain period.

Particulars Rs. Particulars Rs.

All Expenses & Losses

Net profit a/cXX

All Income & Gains

Net Loss a/c XX

Trading & Profit & Loss A/C

For the year ended 31st March 2003

Manual System

Balance Sheet :- The Balance Sheet is a statement showing

the financial position of the business as on a particular day.

“Financial Position” means the details of the different assets & liabilities.

Liabilities Assets

Current LiabilitiesReserve & SurplusBank ODUnsecured LoanSundry CreditorsOutstanding

Fixed AssetsInvestmentCurrent Assets Stock Bank A/c Sundry Debtors

Balance Sheet

As on 31st March 2003

Manual System

Types of Accounts

Personal Accounts Impersonal Accounts

Real Accounts Nominal Accounts

Personal A/c :-The type Personal Account includes the

accounts of individuals, banks, partnership firms, companies, etc.

The Principle of Personal Account is as follows :-

DEBIT THE RECEIVER, AND

CREDIT THE GIVER.

She is the Receiver

He is the

giver

Real Account :- The type Real account includes the

account of assets, properties, goods and cash.

The principle of Real Account is as follows :-

DEBIT WHAT COMES IN CREDIT WHAT GOES OUT.

Purchase Transaction :-

Comes in Goes out

Nominal Account :- Nominal account includes the accounts of all

expenses and losses, incomes, and gains.

The principle of Nominal Account is as follows :-

DEBIT ALL EXPENSES AND LOSSESCREDIT ALL INCOMES AND GAINS (PROFITS)

LossProfit

Inventory :-

Available stock at Factory site.

Types of Inventory :-

* Raw Inventory* Processing Inventory* Finished Inventory

Procedure of Inventory Control :SalesSales Order – Delivery Note – Rejection In – Sales Invoice – Sales Voucher – Receipt VoucherPurchase Purchase Order – Receipt Note – Rejection Out – Purchase Invoice – Purchase Voucher – Payment Voucher

Pur chase Voucher

Payment Voucher

S ales Voucher

Receipt Voucher

J ournal Voucher

Contra Voucher

Accountingvouchers

Purchase Voucher :-

Shortcut Key (F9)

Purchase Voucher

Description Records all Credit & Cash purchases

Voucher Entry

Account Amount

Amount

Supplier’s ledger account( Sundry Creditors )

Credit

Purchases ( Purchase A/C)Sales Tax on purchases

Debit

Debit

Payment Voucher

Shortcut Key (F5)

Payment Voucher

Description Records all bank and cash payments

Voucher Entry

Account Amount

Amount

ledger account( Sundry Creditors)

Debit

Bank or cash account, Credit

Sales Voucher

Shortcut Key (F8)

Sales Voucher

Description Records all credit & Cash sales

Voucher Entry

Account Amount

Amount

Buyer’s ledger account( Sundry Debtors )

Debit

Sales ( Sales Accounts)Sales Tax

CreditCredit

Receipt Voucher

Shortcut Key (F6)

Receipt Voucher

Description Records all receipts into bank or cash accounts

Voucher Entry

Account Amount

Amount

Ledger account receiving,(Indirect Incomes)

Credit

Bank or Cash account Debit

Contra Voucher

Shortcut Key (F4)

Contra Voucher

Description Records funds transfer between cash and bank accounts

Voucher Entry

Account Amount

Amount

E.g. Bank-Bank Account(Bank Accounts)

Credit

E.g. Petty Cash (Cash-in-hand)

Debit

Journal Voucher

Shortcut Key (F7)

Journal Voucher

Description Records all adjustments between ledger accounts

Voucher Entry

Account Amount

Amount

E.g. Advertising( Indirect Expenses )

Debit

E.g. Office Costs( Indirect Expenses )

Credit

Rej ct ions I n

Delivery N ote

Rej ect ions O ut

Receipt N ote

Physical S tock

S tock J ournal

Inventory Vouchers

Delivery Note

Description

Records Delivery stock

Details recorded

Ref., ledger a/c, supplier’s name & Address, order details, name of stock item, stock Godown, Qty, Rate, Amount.

Delivery Note

Shortcut Key (Alt+F8)

Rejections In

Shortcut Key (Ctrl+F6)

Rejections In (Sales Returns)

Description

Records rejected stock details received from customers

Details recorded

Ref., ledger a/c, supplier’s name & Address, order details, name of stock item, stock Godown, Qty, Rate, Amount.

Receipt Note :- Shortcut Key (Alt+F9)

Rejections Out :-Shortcut Key (Alt+F6)

Receipt Note

Description

Records receipt of new stock from suppliers

Details recorded

Ref., ledger a/c, supplier’s name & Address, order details, name of stock item, stock Godown, Qty, Rate, Amount.

Rejections Out (Purchase Returns)

Description

Records rejected stock details returned to suppliers

Details recorded

Ref., ledger a/c, supplier’s name & Address, order details, name of stock item, stock Godown, Qty, Rate, Amount.

Physical Stock :-Shortcut Key (Alt+F10)

Stock Journal :-Shortcut Key(Alt+F7)

Physical Stock Voucher

Description

Records the physical stock count as the new stock balance

Details recorded

Name of stock item, Godown, Qty.

Stock Journal Voucher

Description

Essentially records the transfer of stock from one Godown to another

Details recorded

Names of from and to Godowns, name of stock item, Qty, Rate, Amount, Narration

Debit N ote Voucher

Credit N ote Voucher

Rever sing J ournals

Memo Voucher

O ptional Voucher

Post- dated Voucher

Accountingvouchers

Debit Note Voucher :-

Shortcut Key (Ctrl + F9)

Debit Note Voucher

Description Records Debit note entry for purchase returns or overcharging by a supplier

Voucher Entry

Account Amount

Amount

Supplier’s a/c Debit

Purchases Returns Credit

Credit Note Voucher :-

Shortcut Key ( Ctrl+F8)

Credit Note Voucher

Description Records Credit note entry for sales returns or customer overcharging

Voucher Entry

Account Amount

Amount

Sales Returns Debit

Customer A/c Credit

Reversing Journal Voucher :- Shortcut Key (F10)

Reversing Journal Voucher

Description Records the voucher entries in a Reversing Journal Register, without affecting the ledger accounts and financial statements

Voucher Entry

Account Amount

Amount

ledger account Debit

ledger account Credit

Reversing Journals are used for the purpose of Scenario Management reporting. Detailed explanation is available on in Volume Two.

This is a non-accounting voucher and the entries made using it will not affect your accounts. That is, Tally does not post these entries to ledgers but stores them in a separate “Memo Register”.

Memo Voucher

Description Records the voucher entries in a Memo Register, without affecting the ledger accounts and financial statements

Voucher Entry

Account Amount

Amount

ledger account Debit

ledger account Credit

Memo Voucher :-Shortcut Key(F10)

Optional Voucher :- This is another non-accounting

voucher. However, it differs from the Memo voucher in two respects :Firstly, it is not a voucher type, all other voucher types can be marked ‘Optional’ during voucher entry.Secondly, you have the option to bring this voucher into your accounts Temporarily and see its effect on financial reports.

Optional VoucherOptional Voucher

Description Records the voucher entries temporarily, to help visualise the effect on reports, without affectiong the ledger

Voucher Entry

Account Amount

Amount

ledger account Debit

ledger account Credit

Sales Order

Purchase Order

Inventory Voucher

Sales Order :-Shortcut Key(Alt+F4)

Sales Order

Description

Records Placing an order of new stock to Customers

Details recorded

Ref., ledger a/c, supplier’s name & Address, order details, name of stock item, stock Godown, Qty, Rate, Amount.

Purchase Order :-Shortcut Key (Alt+F4)

Purchase Order

Description

Records Placing an order of new stock to suppliers

Details recorded

Ref., ledger a/c, supplier’s name & Address, order details, name of stock item, stock Godown, Qty, Rate, Amount.