Tally (Malaya)

·  

Tally

·        The is a business accounting software.

·        It is a language of business accounting with the help of this software we can learn, entity, and find out necessary decision making information.

·        To make a business accounting need a software is called as tally.

·        Version of Tally: - 5.4,7.2, ERP Gold Version,9.0

      Features of Tally:

·        It is a user friendly software helpful for business accounting and it fulfil every accept of the business.

·        It uses open database connectivity (ODBC) to communicate their information with the other program or software.

·        It is multi lingual. It supports various fonts and language of computer except odia.

·        It allows to published their report on the world wide web or we can directly email the report.

·        It has a VAT- (Value Added Tax) compliant.

·        It is highly secure against the data tempering and very powerful audit facility.

·        It has high range of book keeping facility means it allow to store high range of data.

     Business:

·        It is a set of instruction which gives result that is profit or loss by investing some amount of money or by purchasing, selling or by manufacturing.

Definition of business in terms of accounting:

·        It is the set of component data gathering, storing the business data and process them and find out the decision making oriented information.

Types of accounting:

o   Solo-proprietorship

o   Partnership

o   Limited company (1960 RBI Act)

                   I.            Solo-proprietorship:

·        It is the form of business in which a single person can handle the total business.

·        A single person carry the whole business and it is the responsible for any result that is profit or loss shop.

                 II.            Partnership:

·        It is the relation between the person who have agree to some rule and invest their money start the business.

·        The two person responsible for carrying the business and its result that is profit or loss.

·        The profit or loss divide among the two person as per their agreement rule.

              III.            Limited company:

·        It is an artificial person created by some law and common seal.

·        1960 RBI act state that a group of member can start a single business.

·        The company is the ownership group of member.

·        It is two types

(a)private limed(PVT.LTD)

(b)public limited(PUB.LTD)

(a) Private limed(PVT.LTD):

·        It is based on the product.

     (b) Public limited(PUB.LTD):

·        It is depends on the public.

Business Organization:

The business organization are categories as per their operation carried by them.

                                i.            Trading organization

                              ii.            Manufacturing organization

a.     Purchasing department (purchase raw materials)

b.     Storing department (receive the purchasing raw materials)

c.      Good issue note

                           iii.            Service organization

                            iv.            Finance organization

1)     Trading organization:

The main function of the trading organization is purchase and sell the goods commodities of special type or different varieties and selling the good commodities in market price or selling in to plan.

2)     Manufacturing organization:

·        In manufacturing organization, the company are manufacture a product where they are in a specialized.

·        The main function of manufacturing organization is to first purchase a raw material by purchasing department of the company.

·        Then the purchased raw materials are store in a go down by storing department.

·        Then the manufacturing department issue the require raw materials for manufacturing a product from storing department.

·        After manufacturing a new product then the company sells such product in the market directly itself or appoint a middle man for marketing and selling in a fixed rate.

3)     Service organization:

·        The main function of the service organization is to provide support service and help to the trading and manufacturing organization.

·        The main aim of the service organization is to provide mobilization and marketability of product.

·        When a company introduce a new product in the market they have to first find out the marketability of such product in the market.

·        The service organization specialized in market survey.

·        It also provides fund if required and arranged appropriate personal for finance.

4)     Finance organization:

·        It is the live blood of the business.

·        By smooth and easily running of the business the money is necessarily required.

·        The main function of the finance organization is to provide finance to the trading and manufacturing organization.

·        It lent money in a short term basis as well as the long term basis and charge appropriate interest for use of money and this interest is the profit of finance organization.

·        Some example of finance organization commercial bank, finance institution, etc.

Accounting:

·        It is the art of recording (storing) classifying and summering the business transaction in a significant manner. And it terms of money interpreting the result thereof.

            Example: Debit(dr)                     Credit(cr)
                                     (-ve)                             (+ve)

·        Summering the business transaction means find out the debit and credit of such transaction.

Concept of accounting:

                                i.            Separate entity concept:

·        separate entity concept means the business and owner are distinct, because the business its self is a process where we invest the money and get the result profit or loss. And the owner of the business drive the business process.

                              ii.            Money measurement concept:

·        Record only those business transaction in the account book which is expressed in term of money.

                           iii.            Cost concept:

·        Cost concept means record the business transaction at their cost price not the market price.

                            iv.            Dual aspect concept:

·        Every business transaction has dual effect one is debit and other is credit.

·        If an increase the asset, then it will be corresponding equal amount of decrease in other asset or increase in liabilities.

·        If debit of a business transaction, then there will be corresponding equal amount of credit.

·        Example-1: Purchase furniture at 40,000 rupees by cash.

                Dr-cash         Cr-Furniture

·        Example-2: purchase furniture at 40,000 rupees by credit (liabilities(loan))

                             v.            Matching concept:

·        The matching concept means the cost is match against the revenue (income).

·        The business organization is income during financial year (1^st April of current year to 31 march of next year) is match against the all the expenditure of that period.

·        Example:

·        Cost of goods-20,000/-

·        Transpotation-1000/-

·        Labor charge-500/-

Total expenditure -21,500/-

o   Selling price-25,000/-

o   Profit-3500/--------------(Surplus amount)

o   Selling price-18,000/-

o   Loss-3000/---------------(Deficit amount)

§  Excess the cost or selling price over the

Expenditure=Surplus amount

§  Excess of expenditure over the selling price =Deficit amount.

Going concern concept:

It is assume that the business has to be continue for a long period of time and it will get profit or loss and the depreciation change on fixed asset basic on their aspect life.

Example:

Motor cycle-50,000/-

Depreciation rate-2% per year

50,000*2/100=1000------------1 year

49,000*2/100=980---------------2 year

Tally

·        The is a business accounting software.

·        It is a language of business accounting with the help of this software we can learn, entity, and find out necessary decision making information.

·        To make a business accounting need a software is called as tally.

·        Version of Tally: - 5.4,7.2, ERP Gold Version,9.0

Features of Tally:

·        It is a user friendly software helpful for business accounting and it fulfil every accept of the business.

·        It uses open database connectivity (ODBC) to communicate their information with the other program or software.

·        It is multi lingual. It supports various fonts and language of computer except odia.

·        It allows to published their report on the world wide web or we can directly email the report.

·        It has a VAT- (Value Added Tax) compliant.

·        It is highly secure against the data tempering and very powerful audit facility.

·        It has high range of book keeping facility means it allow to store high range of data.

     Business:

·        It is a set of instruction which gives result that is profit or loss by investing some amount of money or by purchasing, selling or by manufacturing.

Definition of business in terms of accounting:

·        It is the set of component data gathering, storing the business data and process them and find out the decision making oriented information.

Types of accounting:

o   Solo-proprietorship

o   Partnership

o   Limited company (1960 RBI Act)

                   I.            Solo-proprietorship:

·        It is the form of business in which a single person can handle the total business.

·        A single person carry the whole business and it is the responsible for any result that is profit or loss shop.

                 II.            Partnership:

·        It is the relation between the person who have agree to some rule and invest their money start the business.

·        The two person responsible for carrying the business and its result that is profit or loss.

·        The profit or loss divide among the two person as per their agreement rule.

              III.            Limited company:

·        It is an artificial person created by some law and common seal.

·        1960 RBI act state that a group of member can start a single business.

·        The company is the ownership group of member.

·        It is two types

(a)private limed(PVT.LTD)

(b)public limited(PUB.LTD)

(a) Private limed(PVT.LTD):

·        It is based on the product.

     (b) Public limited(PUB.LTD):

·        It is depends on the public.

Business Organization:

The business organization are categories as per their operation carried by them.

                                i.            Trading organization

                              ii.            Manufacturing organization

a.     Purchasing department (purchase raw materials)

b.     Storing department (receive the purchasing raw materials)

c.      Good issue note

                           iii.            Service organization

                            iv.            Finance organization

1)     Trading organization:

The main function of the trading organization is purchase and sell the goods commodities of special type or different varieties and selling the good commodities in market price or selling in to plan.

2)     Manufacturing organization:

·        In manufacturing organization, the company are manufacture a product where they are in a specialized.

·        The main function of manufacturing organization is to first purchase a raw material by purchasing department of the company.

·        Then the purchased raw materials are store in a go down by storing department.

·        Then the manufacturing department issue the require raw materials for manufacturing a product from storing department.

·        After manufacturing a new product then the company sells such product in the market directly itself or appoint a middle man for marketing and selling in a fixed rate.

3)     Service organization:

·        The main function of the service organization is to provide support service and help to the trading and manufacturing organization.

·        The main aim of the service organization is to provide mobilization and marketability of product.

·        When a company introduce a new product in the market they have to first find out the marketability of such product in the market.

·        The service organization specialized in market survey.

·        It also provides fund if required and arranged appropriate personal for finance.

4)     Finance organization:

·        It is the live blood of the business.

·        By smooth and easily running of the business the money is necessarily required.

·        The main function of the finance organization is to provide finance to the trading and manufacturing organization.

·        It lent money in a short term basis as well as the long term basis and charge appropriate interest for use of money and this interest is the profit of finance organization.

·        Some example of finance organization commercial bank, finance institution, etc.

Accounting:

·        It is the art of recording (storing) classifying and summering the business transaction in a significant manner. And it terms of money interpreting the result thereof.

            Example: Debit(dr)                     Credit(cr)
                                     (-ve)                             (+ve)

·        Summering the business transaction means find out the debit and credit of such transaction.

Concept of accounting:

                                i.            Separate entity concept:

·        separate entity concept means the business and owner are distinct, because the business its self is a process where we invest the money and get the result profit or loss. And the owner of the business drive the business process.

                              ii.            Money measurement concept:

·        Record only those business transaction in the account book which is expressed in term of money.

                           iii.            Cost concept:

·        Cost concept means record the business transaction at their cost price not the market price.

                            iv.            Dual aspect concept:

·        Every business transaction has dual effect one is debit and other is credit.

·        If an increase the asset, then it will be corresponding equal amount of decrease in other asset or increase in liabilities.

·        If debit of a business transaction, then there will be corresponding equal amount of credit.

·        Example-1: Purchase furniture at 40,000 rupees by cash.

                Dr-cash         Cr-Furniture

·        Example-2: purchase furniture at 40,000 rupees by credit (liabilities(loan))

                             v.            Matching concept:

·        The matching concept means the cost is match against the revenue (income).

·        The business organization is income during financial year (1^st April of current year to 31 march of next year) is match against the all the expenditure of that period.

·        Example:

·        Cost of goods-20,000/-

·        Transpotation-1000/-

·        Labor charge-500/-

Total expenditure -21,500/-

o   Selling price-25,000/-

o   Profit-3500/--------------(Surplus amount)

o   Selling price-18,000/-

o   Loss-3000/---------------(Deficit amount)

§  Excess the cost or selling price over the

Expenditure=Surplus amount

§  Excess of expenditure over the selling price =Deficit amount.

Going concern concept:

It is assume that the business has to be continue for a long period of time and it will get profit or loss and the depreciation change on fixed asset basic on their aspect life.

Example:

Motor cycle-50,000/-

Depreciation rate-2% per year

50,000*2/100=1000------------1 year

49,000*2/100=980---------------2 year