When you want to make voucher entries in tally
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To enter voucher entries in Tally, you must first create ledgers as two are automatically created while you must generate the rest. The document then explains how to create additional ledgers by listing various account names under relevant groups like capital, debtors, creditors, expenses, incomes, assets and liabilities. It also notes the two automatic ledgers are cash and profit/loss and how to enter an opening balance for cash.
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ii. Describe various roles and activities that accountants perform.
iii. What type of duties does a controller perform?
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i) Accountant:
Accountant is a person who has the the kwoledge of Accounting.
He records business transactions on behalf of an organization,
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(ii)Examples of various functions performed by accountant
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furniture either the cash balance will be reduced or a liability to the supplier will arise. This has
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We may define the Double Entry System as the system which recognises and records both the
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In single line it is impossible to explain/understand, you need to understand the total concept
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Assets = Liabilities + Capital
or
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decreases
on the left-hand side.
When two sides are put together in T form, the left-hand side is called the ‘debit side’ and the
right hand side is ‘credit side’. When in an account a record is made on the debit or left-hand
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side is to credit it.
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(i) When there is an increase in the amount of an asset, its account is debited; the account will
be credited if there is a reduction in the amount of the asset concerned : Suppose a firm
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The document discusses the operating cycle and accounting process for merchandising businesses that purchase inventory for resale, including how to record sales, cash receipts, accounts receivable, sales returns, and cash/sales discounts. It introduces the merchandise inventory, sales, and sales returns and allowances accounts, and explains how to maintain an accounts receivable subsidiary ledger to track customer accounts.
The cashbook.pdf
Most sales are made on credit, we looked at credit transactions in previous chapters. When sales are made on credit there is a risk of default, some debtors do not pay back. When a debt goes bad (not recovered) that bad debt is treated as a normal business expense, it therefore reduces profit.
The debtor may fail to pay the whole amount or part of the debt.
Double entry is:
Debit Profit and Loss account
Credit Debtors account
Finance for non finance people ppt
This document provides an overview of finance concepts for non-finance professionals. It discusses the purpose of understanding finances in business and how money flows in and out. Key points include:
1) Money comes into a business from owners' capital, profits retained, borrowing, and credit terms. It goes out to buy assets, inventory, and expenses before sales. Remaining money stays in the business.
2) Cash flow and profit forecasts are important planning tools to ensure sufficient cash flow. Cash flow considers the timing of payments and receipts which can differ from accounting profits.
3) The accounting equation balances assets with liabilities and equity. The balance sheet provides a snapshot of what a business owns and owes at a point
Bm Unit 3.3 Working Capital
IB Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
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A C C O U N T I N G F O R N O N C O M M E R C E S T U D E N T S
A C C O U N T I N G F O R N O N C O M M E R C E S T U D E N T S
B A S I C S O F A C C O U N T I N G & B O O K K E E P I N G
B A S I C S O F A C C O U N T I N G & B O O K K E E P I N G
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When you want to make voucher entries in tally
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