PNB RSETI
RURAL SELF EMPLOYMENT TRAINING
INSTITUTE
ASSISTANT BOOK KEEPER
TALLY
TALLY IS A ACCOUNTING SOFTWARE
FOUNDER BHARAT GOENKA S/O SHYAM SUNDER GOENKA
HEADQUATER BANGLORE
FATHER OF ACCOUNTANCY LUCA PACIOLI
COMPANY TALLY SOLUTIONS
TERMS OF ACCOUNTANCY
01 ASSETS 02 LIABILITIES
CURRENT:- liabilities are
FIXED :- For long term use
obligations due within one year
CURRENT :- For short term
NON CURRENT:- liabilities are
use
those due in more than one year.
03 CAPITAL
Amount to start a business 04 EXPENSE
the money spent on goods and
services to operate the business and
produce its products or services.
05 EXPENDITURE
REVENUE :- Estimate
expenditure that does not
affect the assests and liablities
CAPITAL :- Estimate 06 DEBTORS :- Sold on Credit
CREDITORS :- Buy on
expenditure Which affect the
assests and liablities Credit
07 GOODS
Goods include all those things
STOCK OR INVENTORY
Which are purchased for resale
Or which are used for
08 ● RAW METERIAL
● WORK IN PROGRESS
producing the finished
● FINISHED GOODS
products which meant to be
sold
09 VOUCHER
The first document
And is a source of document
10 DRAWING
When a Businessman use a cash
or assets from their buisness
account for their personal use.
11 GOOD WILL
Amount between real value
DISCOUNT
and the demand value of the
product
12 ● TRADE DISCOUNT
● CASH DISCOUNT
GOLDEN RULES
OF
ACCOUNTANCY
PERSONAL ACCOUNT
● DEBIT THE RECEIVER
● CREDIT THE GIVER
This means that when a person or entity receives
something (e.g., cash, goods), their account is debited.
Conversely, when a person or entity gives something,
their account is credited.
REAL ACCOUNT
● DEBIT WHAT COME IN
● CREDIT WHAT GOES OUT
This rule applies to transactions involving assets, both
tangible and intangible. When an asset increases, the
account is debited, and when it decreases, the account
is credited.
NOMINAL ACCOUNT
● DEBIT ALL EXPENSES AND LOSSES
● CREDIT ALL INCOMES AND GAINS
This rule is applied to accounts that track a company's
revenues, expenses, gains, and losses over a specific
period.
JOURNAL
ENTRY
A journal entry is a detailed record of a business
transaction in a company's financial records.
FORMAT FOR JOURNAL ENTRY
DATE PARTICULAR L.F AMOUNT DEBIT AMOUNT CREDIT
DEBIT ACCOUNT XXXX
DATE OF REFERANCE
CREDIT ACCOUNT NUMBER XXXX
TRANSACTION
(NARRATION)
TOTAL AMOUNT XXXX XXXX
GST
GOODS AND SERVICES
TAX
Goods and Services Tax, is an indirect tax imposed
on the supply of goods and services.
SOME IMPORTANT POINTS OF GST
● SUGGESTED BY VIJAY KELKER
● THE TAX CAME INTO EFFECT ON 1 JULY 2017
● ARTICLE 279A OF INDIAN CONSTITUTION PERTAINS TO THE
GOODS AND SERVICES TAX
● GST NUMBER CONTAIN 15 DIGITS
● FIRST 2 DIGIT REPRESENT STATE
FOUR TYPES OF GST
PRIORITY OF
TYPES OF COLLECTING APPLICABLE BENEFITING
TAX CREDIT
GST AUTHORITY TRANSACTIONS AUTHORITY
USE
INTRA-STATE
CGST TRANSACTIONS CENTRAL
CGST CENTRAL GOVERNMENT
IGST TRANSACTIONS WITHIN GOVERNMENT
SINGLE STATE
INTRA-STATE
SGST TRANSACTIONS STATE
SGST STATE GOVERNMENT
IGST TRANSACTIONS WITHIN GOVERNMENT
SINGLE STATE
UNION TERRITORY UTGST WITHIN A UNION UNION TERRITORY
UTGST
GOVERNMENT IGST TERRITORY GOVERNMENT
INTER-STATE
TRANSACTIONS STATE
IGST
TRANSACTIONS GOVERNMENT AND
IGST CENTRAL GOVERNMENT CGST
BETWEEN TWO STATES CENTRAL
SGST
OR A STATE AND A GOVERNMENT
UNION TERRITORY
SPECIAL PURPOSE
SUBSIDIARY BOOKS
These books are used to group
similar transactions together,
making it easier to track and
manage financial activities.
CASH BOOK Records all cash and bank transactions (receipts and payments)
PURCHASES BOOK Records all credit purchases of goods
SALES BOOK Records all credit sales of goods
PURCHASES RETURNS BOOK Records returns of goods previously purchased on credit
SALES RETURNS BOOKS Records returns of goods previously sold on credit
BILLS RECEIVABLES BOOK Records all cash and bank transactions (receipts and payments)
BILLS PAYABLES BOOK Records all credit purchases of goods
JOURNAL PROPER Records all credit sales of goods
