Accounts for tally Part-2



ACCOUNTING

It is an art of recording,classifying and summarising the financial natured transactions and events in such a way. So as to get the meaningful information in future.

VARIOUS TERMS COMMONLY USED IN ACCOUNTING 

  1. CAPITAL: It refers to the amount invested by the proprietor into the business
  2. DRAWINGS :  Amount kept by the proprietor for the personal purpose or any amount withdrawn by the proprietor from the business for personal use 
  3. GOODS : The commodity in which we deal on regular basis. The types are :
  • Purchase A/c
  • Sales A/c
  • Purchase return A/c
  • Sales return A/c

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