Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Information Systems For Accounting Students

Authors: Martin Quinn

1st Edition

0273773526, 9780273773528

More Books

Students also viewed these Accounting questions

Question

OUTCOME 4 Explain how labour relations differ around the world.

Answered: 1 week ago