Education Session

  Accounting principles    accounting principles and concepts Accounting principles are language of businesses which describe the rules and important concept of accounting must be followed there on. Accounting principles and its concepts commonly known as " generally accepted accounting principles" or in simple ‘ GAAP ’ . These are the rules which defines the ground within accounting operates. The accounting principles are major factor on which financial accounting are prepared.   Let’s discuss what are the accounting principles are there:   Separate entity principle or business entity principle This principle simply describes the business is to be considered as a separate or distinct entity from its owner. The work flow and various transaction and event are recorded in business’s books of account and not in owners books. The owners are known as creditors of business to the extent of their capital.   Money measurement principle...

  Practical question of entries in different voucher in tally ERP 9.   Pass the following entries:   Receipt voucher 1.     Mr. jhone Started business with cash of 500000, bank of 150000, machinery of 80000 and building of 10,00000. 2.    Receive cash from jack and co. of 12000 in cash and allowed discount of 100 to him. 3.    Acquire a loan from ss bros. and deposited the same into bank of 80,000. 4.    Receive cash from r.k sons. Of 10000. 5.    Receive a commission and interest of 18540 and 3490 respectively.   Payment voucher 1.    Paid to surya ltd. In cash of 32000. 2.    Payment of wages and salaries made of 54000. 3.    Sum of amount paid to McMahan of 9700 in full settlement of his account of 38070. 4.    Paid electricity bill, rent of 1000 and 15000 respectively 5.    Telephone charges paid of 700. Contra voucher 1.  ...