Learning Tally in easy steps(Part II)
Recap : We have studied the concept of Debit(Account whose value is increasing because of any transaction) and Credit (Account whose value is decreasing because of any transaction) Today, we are going to understand , what is LIFE CYCLE of a MANUAL ACCOUNTING SYSTEM?? Accounting begins with Transaction, For which we have VOUCHER( defined as a Piece of Paper holding complete details of Transaction ) And we need to perform VOUCHER POSTING ( defined as a process to input voucher details in corresponding Accounting Books) Accounting Books Journal/ Journal Proper ( A Common Book in which you can enter any kind of transaction) Subsidiary Books (Secondary/ Alternate books in which we can post voucher for bifurcated maintenance.) Trial Balance: Process to Check the correctness of amount being entered during Voucher Entry Balance Sheet and Profit & Loss : Final Accounts Statements prepared at End of ...