Education Session

 Definition of accounting  " accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money; transaction and event which are, in of a financial character, and interpreting the result thereof. accounting is a systematic process of identifying, measuring, recording, classifying, summarizing, interpreting and communication of financial information. it ensure the proper use of the following; 1. to find available resources. 2. how the resources to be employed effectively. 3. results of the activity achieved.   Characteristics of accounting   1. identifying financial transaction    identification play an important role of accounting process it determine which accounting transaction and event ae to be recorded in books of accounts. the recording process contains only those transaction which are in financial nature as they bring changes in resources of the business or company. 2. measuring the identified financial transaction       The proces

  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: This lays down

  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.    Paid into bank of 80000. 2.    Amount transferred from pnb bank to sbi bank of 23500. 3.    Deposited amount of 21250 into b

 What is tax collected at source ? Tax collected at source 'meaning'. Tax collected at source also known as 'TCS' is a tax collected at source on some specified goods by the seller (collector) from the buyer (payee) after collections from the buyer then seller would be liable to deposit the same to the government by filling TCS returns. The tax are charged in particular  manner as so prescribed by government on particular goods. It's applicability only bind some specified goods not all goods. Tax collected at source examples: TCS calculation If purchase value of goods is 10000 then for purchasing this good the buyer will have to pay an amount of 10000+x (x being the value of TCS as prescribed by government) to the seller. The seller will be  accountable for deposit the tax collected at source (TCS) at any of the manner which deem to be fit to the government. Classification of seller A seller of particular goods may be of any other in following heads and subject to

Filling of TDS (tax deducted at source) return   “TDS” is a direct tax and a means to collect tax at prescribed rates from the source of income. The amount of tax generated on income must deposited to government in prescribed manner after deducting the tax due. Now days “TDS” online filling being very convenient for depositing tax taken the whole concept of TDS returns. The returns may file to the prescribed website or portal recommended by govt. There are different software which can easily calculate and generates the “TDS” amount in various types of forms. it create e-returns for online filling and These software also liable for making TDS entries for particular during quarter or year.   How to calculate “TDS” payable   For calculating the tax due we can use software having facility to generate “TDS” returns after recording of all the necessary entries related to tax deducted at sources it generates forms 26q, 27Q etc. for calculating “TDS” entries you can prefer this

  What TDS means ? TDS stand for " tax deducted at source " which means tax amount is deductible at source where income is generated. The collection of income is required by way of tax on income, dividends or assets sales. The tax payers are required to pay tax due before paying balance to the payee. TDS (tax deducted at source) TDS is part of direct tax collections by the government from every individual of the country. It collects taxes on prescribed rates from the source of income. TDS returns are filled in different forms prescribed in annual and quarterly returns. The income tax department has specified criteria for collection of TDS.  It has a great importance while conducting tax audits. The tax changed on specified criteria helps to the government to generate higher rate of revenue from people of country. Let us take an example of TDS Assuming the nature of payment is commission and brokerage on which the specified rate is 10%. XY Ltd makes a payment of Rs 60,000 towa

    What is project or job wise accounting ? The project wise Accounting is particularly a specialized form of accounting that occur when handling projects. This includes keeping the record, tracking, financial results and finding out the all the implications has made. It provides financial report that are specifically designed to track the financial progress of the project. When working on projects we need to be careful about ongoing development should be consistently follows. Why is it so important ? The basic need of configuration of projects accounting is to have full specialized control on its profitability and completeness. Adequately, it focuses on all the factors that are specifically effects on projects. By maintaining and using this  accounting enable the management to make closer idea of what is being done. Now, let's see how we can configure project accounting with the help of telly ERP 9 . Practical demo : Step 1: create a new company or select your e