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Some More Thumb Rules for Accounts

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In our last lesson we have learn purpose of starting this blog

In my last article , We have seen a bit of basic Thumb Rules for accounting. Here are a few more Thumb rules for accounts which are for ever, every where.

In Accounts, there are 3 (Three and only Three ) Master or Parent Account Head

1. Individual Accounts
2. Goods/Assets Accounts
3. Profit/Loss or Income/Expenses Accounts

Please remember these are the basic Parent under which all other account head or individual ledger or even account group falls

Let we go in a lengthly understanding

1. INDIVIDUAL ACCOUNTS

All accounts representing to any individual, firm, organization, company, whether naturally or have existence due to law are falls under this master head

–For E.g. Mahesh (a proprietor/ Partner/director of a firm is knowing as an individual accounts
— Bank e.g. ICICI bank, HDFC bank or any bank, or such organisation firms are falls under this account.
— Creditors of debtors / employees falls under this account

2. Goods/ Assets Accounts

In accounts the articles which are dealing by a particular firm is always known as ” GOODS” for that particular firm while other assets which are necessary or associate the firm to deal in business is known as assets

For. e.g. Table, chair, etc. furniture are called goods for a furniture trading of manufacturing company . however the same will be treated as assets for a cement manufacturer or trading company or any other company.

Cash, Bank Balances, stock, movable, non movable assets, assets like goodwill, trade mark etc. are always falls under the Goods/ Assets Accounts

3. PROFIT/LOSS OR INCOME/EXPENSES ACCOUNT

Any gain, profit or loss damages etc are falls under this accounts.
for e.g. damage by fire or profit on sale of assets, loss of money by whatever way etc.

The purpose of these classification is very important cause entire accounting entries depends on the class to which a particular transaction belongs.

In my next article I will explain the BASIC ACCOUNTING ENTRY RULES FOR ALL THESE 3 MAIN ACCOUNT HEAD

Once you properly understood these 3 Basic accounts and the basic rules of entry for all these 3 account head then you have did 25% of accounts knowledge completed and rest will be very easy.

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About the Author

Mahendra is founder and CEO of the I Vision Infotech, Authorised Tally Sales and Service Partner and helping Tally users to learn Tally and accounting free through this site

Leave a Reply 13 comments

sari_negi123 - 8 years ago Reply

good

Dr.S.Ramesh - 8 years ago Reply

Is this blog functional , I am very much interested in knowing some basics in Tally.

Mahen - 8 years ago Reply

Dear Sir,
Thanks for your interest. due to my busiest work schedule, i do not find enough time to update the blog. but i will try to do so whenever it is possible.
Best Regards,
Mahendra

karamjot - 7 years ago Reply

man gr8 job…ur info helped me alot in completing ma project..
peace
tc
thanx again

santosh - 7 years ago Reply

I know the basics of accounting but cannot start working on tally 7.2. Please help in getting started.

Santosh, Chandigarh

sushil sakpal - 6 years ago Reply

Thank you for your suport, realy thank for you teaching Tally online

Mahendra Rana - 6 years ago Reply

Thanks sushil for your feedback

SHRADHA - 6 years ago Reply

I know the basics of accounting but cannot start working on tally 9.
Please help in getting started.

Neha - 5 years ago Reply

please help me in learning tally.9 as i have recently joined my dad’s company and there is no one under accounts in the company right now i have to manage everything if u can teach me how to start and teach me to write payment voucher and everything it would be really helpful.You are doing a great job by teaching people like us.
thanks

Mahendra Rana - 5 years ago Reply

Hello Neha,
If you have licensed software of Tally.erp 9 than we will help to some extent.

ROHIT SHARMA - 5 years ago Reply

please help me in learning tally.9 as i have recently joined my dad’s company and there is no one under accounts in the company right now i have to manage everything if u can teach me how to start and teach me to write payment voucher and everything it would be really helpful.You are doing a great job by teaching people like us.
thanks

SANJAY P SAKPAL - 5 years ago Reply

Sir ur g8 u r real social worker for professionals , learners etc. Thanks for doing a good job.

MARICHEL GALLERO - 3 years ago Reply

Hi there.

It’s great that i found this blog.
I am very interested for learning a tally erp9.
Kindly please help me: what is the difference between payment voucher and contra voucher?
I am looking forward from hearing you soon.

Best Regards,
Marichel

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