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(KG Computer Center)

The document outlines the basic principles of accounting, including nominal, personal, and real accounts, along with examples of each type. It also provides information about Tally Solutions Pvt. Ltd., its software usage, and details about PAN and GST numbers. Additionally, it describes transactions for a company named Akash Traders, including purchases, sales, expenses, and capital additions.

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7 views6 pages

(KG Computer Center)

The document outlines the basic principles of accounting, including nominal, personal, and real accounts, along with examples of each type. It also provides information about Tally Solutions Pvt. Ltd., its software usage, and details about PAN and GST numbers. Additionally, it describes transactions for a company named Akash Traders, including purchases, sales, expenses, and capital additions.

Uploaded by

sujoymate8
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Tally Prime (KG Computer

center)
 Company > New > Akash Traders

 Next Options > Accounts, Inventory & Taxation


GOLDEN RULES OF ACCOUNTING:

NOMINAL ACCOUNTS: A nominal account is a general ledger containing the transactions of


a business, namely – expenses, incomes, profits and losses. It contains all the transactions
that occur in one fiscal year. Furthermore, it resets to zero and starts afresh when the next
fiscal year begins.

Examples of nominal accounts are Commission Received, Salary Account, Rent Account and
Interest Account., DISCOUNT RECEIVED, DISCOUNT ALLOWED, DISCOUNT RECEIVED

PERSONAL ACCOUNT:

You can think of a personal account as a general ledger that relates to people, associations
and companies.

Example : I) Debtors - The person to whom we sold our products or who will pay me amount
that called debtors.

II) Creditors - The person who sold us there products. Or to whome we are bound to pay
amount.

III) Capital Account - Capital means a fund by which we starts our business or the funds
available for a company.

REAL ACCOUNTS:

Like the other two, a real account is also a general ledger, but it contains transactions
related to the liabilities and assets of a company. The assets, in this case, can be further
subdivided into tangible and intangible assets.

Tangible assets include land, buildings, machinery, furniture, etc. Alternatively, intangible
assets include goodwill, patents, copyrights etc.

Unlike a nominal account, a real account does not close when a financial year completes.
Rather, it is carried forward to the following year. In addition, a real account also appears in
the company’s balance sheet. EXAMPLE - CASH ACCOUNT, BANK ACCOUNT, ANY ASSETS
LIKE FURNITURE, MOTOR CAR, PLANT & MACHINERY ETC.

Tally Solutions Pvt. Ltd. is an Indian multinational technology company, that provides
enterprise resource planning software. It is headquartered in Bangalore, Karnataka. The
company reports that its software is used by more than 7 million customers.

PAN (Permanent Account Number) is a ten-digit unique alphanumeric number issued by


the Income Tax Department. PAN is issued in the form of a laminated plastic card
(commonly known as PAN card). Out of the first five characters, the first three characters
represent the alphabetic series running from AAA to ZZZ.
GST NUMBER FORMAT The first 2 digits of the 15 digit GSTIN represents the state code. The
next 10 digits are the PAN of the person or the business entity. The thirteenth digit is based
on the number of registrations done by the firm within a state under the same PAN.

VERY IMPORTANT

FROM WHOM WE HAVE PURCHASED SOME THING THEN THE LEDGER WILL BE UNDER
SUNDRY CREDITORS

TO WHOM WE HAVE SOLD SOME THING THEN THE LEDGER WILL BE SUNDRY DEBTORS

Company Name: Akash Traders

3. Decided to purchase electrical goods from Rajesh Enterprise (our


Wholesaler/Stockist/Manufacturer - under Sundry Creditors) with initial balance of
Rs.75,000/-

4. Transact with Raghu Das (our Customer - under Sundry Debitors) for Rs.12,000/-

5. Mobile Recharge of Rs.599/- (under Indirect Expenses)

Bank Entry for Rajesh Enterprise


Decided to purchase electrical goods from Rajesh Enterprise (our
Wholesaler/Stockist/Manufacturer - under Sundry Creditors) with initial
balance of Rs.75,000/-

Transact with Raghu Das (our Customer - under Sundry Debtors) for Rs.12,000/-
Mobile Recharge of Rs.599/- (under Indirect Expenses)

Company Name: Akash Traders

6. Paid Rs.8,500/- for Office Rent (under Direct Expenses)

7. Additional Fund Added of Rs.1,00,000/- into business (under Capital A/c)

8. Took Loan from bank for business expansion of Rs. 2,00,000/- (under Loan Liability)

 Paid Rs.8,500/- for Office Rent (under Direct Expenses)


 Additional Fund Added of Rs.1,00,000/- into business (under Capital A/c)

 Took Loan from bank for business expansion of Rs. 2,00,000/- (under Loan Liability)

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