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 balance

            *    And prepare the Final Accounts

 

 

Comments

Post a Comment

Popular posts from this blog

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...
Read more

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              ...
Read more

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  
Read more