ACCOUNTS | PERSONAL ACCOUNT | IMPERSONAL ACCOUNT

Classification of accounts
ACCOUNTS

It is a way or method to maintain the all business daily transactions as a record for maintaining its all balance in which include company expanses and income, profit and loss, purchase and sales, etc. That is knows as account.

Types of accounts:

Personal Account:

These account are those account in which the transaction shall be maintained in between two person to company, one person one bank or one company one company.

Rules:

Cr. - Credit Account

Dr. - Debit Account.

Debit the receiver always Dr.

Credit the given always Cr.

Examples:

Ram sold goods to Mohan.

Mohan a/c Dr.
Ram a/c Cr.

Mohan purchase goods from Ram.

Mohan a/c Dr.
Ram a/c Cr.

Mohan purchase furniture from Ram.

Mohan a/c Dr.
Ram a/c Cr.

Mohan sold goods to Mohan.

Mohan a/c Dr.
Ram a/c Cr.

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Impersonal Account:

These are two type:

Real account
Nominal account

Real account: These account are those account which have to maintain as the transaction in which we can know that what comes in and what goes out in supplier to customer.

Rules:

What comes in always Dr.

What goes out always Cr.

Purchase always Dr. side.

Sales always Cr. side.

Examples:

Ram sold to Mohan goods for cash.

Cash a/c Dr.
Sale a/c Cr.

Mohan purchase furniture from Ram to cash.

By furniture a/c Dr.
To cash a/c Cr.

Purchase goods for cash.

Purchase a/c Dr.
Cash a/c Cr.

Comments

Tally & Tally.ERP9

TALLY T ally is a complete accounting package. It is used to maintain the all transaction as an account. In tally we can maintain all daily transactions as a sales account and purchase account. By the help of Tally we can create many accounts. In which include income & expenses account, profit & loss account, trading & non-trading account. We can also create trial balance or balance sheet. VERSION OF TALLY: 1. Tally 4.5 2. Tally 5.4 3. Tally 6.3 4. Tally 7.2 5. Tally 8.1 6. Tally 9.0 7. Tally ERP9 TYPE OF MODE: 1. Educational mode. 2. Professional mode. TYPE OF TALLY: 1. Tally Silver (Single user) 2. Tally Gold (Multi user) MASTER KEY: 1. Enter Ke...

PURCHASE RETURN | SALES RETURN | DEPRECIATION | APPRECIATION

Purchase Return: These transaction are those transaction in which customer have to return any purchase items or assets to supplier. Sales Return: These transaction are those transaction in which the customer have to sales return to supplier. full-width Depreciation: These amount are those amount which have to reduce according to the value of fixed assets. Appreciation: These amount are those amount which value have to increase of the fixed assets according to time period. Like: loan and building.

INCOME | CREDITOR | DEBTOR

INCOME These income are those income which have to receive for selling goods and services. Type of income: Direct Income These income are those income which have to receive to supplier for direct selling to cash. For example Sales for cash Assets for cash Service for cash, etc. Indirect Income These income are those income which have to receive indirectly. For example Discount receive Interest receive Commission Bonus Gift, etc. full-width Creditor: A person who takes the cash and gives the goods. Debtor: A person who gives the cash and receive the goods.

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