Tally ERP 9 Course | Chapter - 2 Basic                           Accounting Terms Part 1

 1) Business Transaction :- The term “Business Transaction”

means a financial transaction or event entered into by the parties and recorded in the books of accounts. It is a financial event, which can be expressed in terms of money and brings change in the financial position of an enterprise. There are two types of Transaction. a) Cash Transaction :- When the amount is transacted immediately on entering in to a transaction, it is a Cash Transaction. b) Credit Transaction :- When the amount is not transacted immediately and promise to pay later, it is a Credit Transaction. 2) Account :- Account is a summarized record of transactions relating to a particular head at one place. 3) Capital :- Capital is the amount invested by the proprietor or partner in the business. It may be in the form of money or assets having money value. It is a liability of the business towards the proprietor or partner. 4) Drawings :- it is the amount withdrawn or goods taken by the proprietor for his personal use. Goods so taken by the proprietor are valued at purchase cost. Drawings reduce the investment (or capital) of the owners .5) Liabilities :- liabilities mean the amount owed (payable) by the business to outsiders and to the proprietors. i) There are two types of liabilities. a) Current Liabilities (short term liabilities) :- These are those liabilities which are payable within a year. Example of current liabilities are creditors , bills payable , short term loans , etc. b) Non – Current Liabilities (Long term liabilities) :- Long term liabilities are those liabilities which are payable after a longer period, (more than a year). Examples of long term liabilities are long term loans , debentures, equity shares etc ============================================================================================================================================================================================================================================================================================================================================================================================ tally tutorial tally erp 9 tally erp tally accounting tally course tally erp 9 gst tally classes near me tally erp 9 online course tally online course in hindi tally erp 9 free tally certificate course free online tally course with gst with certificate tally erp 9 cost tally erp 9 full course tally accounting course tally course near me tally course online tally erp 9 tutorial tally erp 9 latest version tally computer course learn tally online tally erp 9 course computer tally tally certificate tally classes tally course in hindi tally erp 9 in hindi tally gst course tally tutorial pdf learn tally erp 9 online tally course with gst tally erp 9 gst price tally erp 9.0 tally erp 9 price for ca tally erp 9 tutorial pdf tally online classes tally with gst course tally full course free tally course tally erp 9 gst tutorial pdf tally erp 9 for pc tally erp with gst tally erp 9 online tally erp 9 for android tally course online free

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