How To Golden Rules of Accounting In Tally

Complete information about Basic Accounting

Golden Rules of Accounting – There are mainly three types of accounts or accounts in accounting –

• Personal Account
• Real Account
• Nominal Account

Personal Account

Personal Account which is known as Personal Account in Hindi, this type of account is related to any person and this account has a monopoly is called Personal Account, such as – Ram A/c, Ramesh A/c, Laxmi A /c.

Golden Rules of Personal account

• Receiver (Receiver) – Debit (Dr.)
• Giver (Giver) – Credit (Cr.)

Example – Ramesh gave 100 rupees to Mohan.

In this example transaction is taking place between Ramesh and Mohan and both are individuals and he alone is entitled to the account, thus it will come under the category of personal account. In the above example Mohan is the giver and Ramesh is the giver, thus its voucher entry will be as follows –

Voucher entry in Tally / journal entry in accounting

• Mohan A/c Dr. – 100
• Ramesh A/c Cr. – 100

Real Account –

Real Account which is known as Real Account in Hindi, it is related to the property of the business, it is called Real Account, such as – Purchase A/c, Sales A/c, Fixed Assets A/c.

Types of Real Account

• Tangible accounts. (tangible account)
• Intangible accounts. (intangible account)

Tangible accounts. (tangible account)

Tangible account which we know in Hindi as Tangible account, these accounts which can be touched or seen from the business property is known as Tangible account. for example – Building A/c, Cash A/c, Goods A/c etc.

Intangible accounts. (intangible account)

Tangible account, which we know in Hindi as intangible account, these accounts from the property of the business which cannot be touched or seen are known as intangible account. For example – Goodwill, Patent, Copyright, Trademark etc.

Golden Rules of Real Account

• Whats Come in (Dr.) – Debit (Dr.)
• Whats Goes in – Credit (Cr.)

Example – Lakhan traders bought a computer system worth Rs 15000 from Mr. Trisha Computer. Lakhan Traders

In this example computer system is being purchased from Mr. Trisha Computer. In the above example, we are receiving computer system which is a tangible asset and cash is going to or tangible asset, so its voucher entry will be as follows –

Voucher entry in Tally / journal entry in accounting

• Computer System A/c Dr. – 15000
• Cash A/c Cr. – 15000

Nominal Account –

Nominal Account, which is known as Income-Expenditure Account in Hindi, in this type of account is related to any income-expenditure account, is called Nominal Account, such as Rent A/c, commission received A/c, salary A/ c, wages A/c, conveyance A/c, etc.

Golden Rules of Nominal Account

• All Expenses & Losses – Debit (Dr.)
• All Income & Gains (All Income & Gains) – Credit (Cr.)

Example – 1000 rupees of electricity bill were given.

In this example electricity bill payment transaction is taking place and an Electricity Bill account which is Expenses which is Nominal account, similarly cash account is Real account. Thus its voucher entry will be as follows –

Voucher entry in Tally / journal entry in accounting

• Electricity Bill A/c Dr. – 1000
• cash A/c Cr. – 1000

Golden Rules of Accounting – Tally ERP 9 Notes

	Personal Accout	Real Account	Nominal Account
Debit	Receiver	Whats Come In	All Expenses & Loss
Credit	Giver	Whats Goes Out	All Income & Gains

Copy the following transactions in the book of Shri Ram Computers (Journal Entry) – Golden Rules of Accounting
2015

(1) Cash Money Rs 18,000 and Printer – 12 Nos, Printer at Rate-10,000, Monitor – 12 Nos, Rate – 4500, CPU – 12 Nos, Rate – 8000, Keyboard – 12 Nos, Rate- 250, Mouse – 12 nos., Rate – 190, but started business with nos.

(2) Bought 10 pieces of color printer, but the price of the color – 8000 rupees.

(3) Sold a color printer to Ramesh for 10000.

(4) A color printer sold for 10000.

(5) Rs 10000 was received from Ramesh.

(6) Bought black and white 10 printer from HP company at 7500 per piece.

(7) made payment to HP Company.

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