Advantages of Double Entry System: 1. * The Basic object of the bookkeeping is Systematic records of financial transaction 2. * Book keeping is collecting and recording of financial transactions 3. * Financial statement has give the facilitationg management control and communicating financial information to the users 4. * HRA manager does not maintain books of accounts because it cannot be measured in money terms 5. * Double entry system is a scientific system of recording the business transactions. 6. * In this system contain both profit or loss, assets and liabilities 7. * All transactions are recorded in the Journal 8. * Journal by posting to the appropriate ledger accounts 9. * And preparing Trial...
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Cost Types
Type of Cost in Economics 1.Fixed Cost 2.Variable Cost 3. Semi-Variable Cost 4.Total Cost 5.Average Cost 6.Opportunity Cost 7.Explicit Cost 8. Implicit Cost 9. Sunk Cost 10.Marginal Costs 11.Replacement costs 12. Real Cost 13. Money Cost 14. Production Costs 15. Selling Costs
Purchase Entry for Inter State and Intra State Supply from a composite dealer
For Inter State and Intra State Supply from a composite dealer Purchase A/c Dr. To Creditor/Bank A/c (Being inward supply made from a person under Composition Scheme)
Purchase Journal Entries GST with Cess
Purchase Journal Entries GST with Cess a. For Intra State Supply from a registered person Purchase/Expense A/c Dr. SGST A/c Dr. CGST A/c Dr. Cess A/c Dr. To Creditor/Bank A/c (Being intra state purchase made) b. For Inter State Supply from a registered person ...
How to pass journal for GST purchase
1. If purchase Goods from Other State (inter state) AB company (Hyderabad) has purchased Goods from XZ company (Chennai) Rs1,00,000 with GST of 18%. Purchase A/c Dr 1,00,000 IGST A/c Dr 18,000 To XZ Company A/c 1,18,000 (Being Goods purchased from Other state) 2. GST Local Inward Supplies (Within state) ABC company has purchased Goods from local X company each @ Rs.1,00,000 with GST of 18%. Purchase A/c Dr 1,00,000 SGST A/c Dr 9,000 CGST A/c Dr...
Zero Value entry in Tally ERP-9 and Tally Prime
Using Zero Valued Entries in Tally ERP-9 Zero Valued entries where a voucher entry is made without any values, It is used for given as Free Samples or Replacement of Stock, Zero Valued entries are allowed in Sales and Purchase vouchers. Enabling Zero Value entry in Tally ERP-9 Step-1 F11: Feature: F1:Accounting Features/ F2: Inventory Feature s. Allow Zero valued entries: Yes Step-2 Then go to Purchase Or Sales Voucher Entry (F8/F9) Step-3 if Item-1 is purchased/Sales 1000 items, then 100 Item-1 is free. Even if the values are not mentioned, the quantities of Item-1 will be reduced from the stocks. Enabling Zero Value entry in Tally Prime Step-1 Gateway of Tally -> Alter-> Voucher Type --> Select Purchase or Sales Voucher ->Allowed Zero Valued Transaction -> Yes...
Ledger
Ledger Accounts Ledger account is a summary of all the transactions relating to journal entries. It shows their net effect in a given period in various accounts. Ledger is known as principal book of accounts. The ledger accounts are prepared based on journal entries passed. The financial statements can be prepared from the ledger balances It can be prepared for ascertaining net profit or loss and the financial position. Normally one page or one sheet may be provided for one account. Where computerized accounting is followed, once the transactions are recorded in the journal, ledger accounts are automatically prepared.
Royalty
Royalty Expenses is Direct or Indirect Expenses Royalties paid on a production basis, then the royalty is considered a direct expense and However, if the royalty is paid on a sales basis, Indirect Expenses Journal Entry for Royalties paid Royalties a/c Dr To Cash Being Royalties paid) This Entry Realated Video Shortly
Cash and Credit Sales with Discount related
Journal Entry For Cash Sales Cash A/c Dr To Sales a/c (Being Cash Sales) Journal Entry for Credit Sales Sundry Debtors a/c Dr To Sales A/c (Being Credit Sales) Journal Entry for Discount with Cash Sales Cash A/c Dr Discount A/c Dr To Sales A/c (Being Cash Sales with discount) Journal Entry for Discount with Credit Sales Sundry Debtors a/c Dr Discount A/c Dr To Sales A/c (Being Credit Sales with discount) This Entry Realated Video