Question
I want to know about practically maintaining the accounting records. My Dad is an accountant, and I always read in books - first, all transactions
I want to know about practically maintaining the accounting records.
My Dad is an accountant, and I always read in books - first, all transactions are entered in day books and then into the ledger and then the financial statements.
but when we come to computer accounting software, let's take tally , When using tally
1) do we need to maintain physical day books(like cash or?
2) If no, then what is proof of cash sales.
3) In a private company where the owner is CEO and wife and son are directors. In this situation, is there any limit of withdrawal.
3) in my father's company, he made a cash register where credit daily sales is also recorded while recording in tally. Is that necessary?
4) Do accounting softwares have the feature to keep books of primarybentries/day books i.e purchase day books , cashbook , petty cashbook etc.
5) We know all the non routine transactions come in journal , so please explanin which type of transation and also give examples
6) I know Working capital is used in day to day trading Operations but can't give my self Example , so provide some example
7) how managing the business affairs legally avoid tax
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