Why does balance sheet always tally?

Asked by Last Modified  

Follow 1
Answer

Please enter your answer

Whatsapp me to contact www.mathdecode.com

The major reason that a balance sheet balances is the accounting principle of double entry.
Comments

I'm B.COM. and M.B.A. Graduate

A balance sheet should always be balanced. This is because, balance sheet follow basic accounting principle: Assets = Liabilities+Capital. Any transaction made will have equal and opposite effect on both sides of the equation.
Comments

Related Questions

What is the best thing about tally accounting software?
It's mostly use and simplest software
Hema
0 0
5
Does any training or cerification is required to learn Tally Software?
No. There is no such requirement. You can directly apply for tally.
Bhavesh
How many type of account in tally?
Tally has 3 main account types: 1. Personal 2. Real 3. Nominal
Ms
0 0
5
What are the most interesting and unknown facts of Tally, an accounting software?
Because it supports several languages, Tally ERP 9 is known as multilingual tally software. Other languages may be used to read reports and maintain accounts. Up to 99,999 companies can have accounts that...
Abraham
0 0
5
what is the difference between Tally ERP 9 and Tally 7.2?
Tally ERP 9 is advanced version compared to Tally 7.2. There are more features in Tally ERP 9 than that of in Tally 7.2.
Anjali

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Error Code 2013
Error Code 2013: Invalid or incorrect Tally.NET ID or password This error occurs when you enter an incorrect or invalid Tally.NET ID, administrator e-mail ID, site administrator e-mail ID, or password. Solution You...

Basics of Accounting for Tally ERP 9.0 users
Finance Study of accounts, investments or treasury management. More over finance comes as synonym to Accounts or accounts related field but Finance in itself is a universal terminology that comprises...
V

Vaibhav R.

0 0
0

How to create company In Tally
Create Company in Tally first step Press enter in open Tally Software Second step work in education mode Third step Company info screen ...

GST - GOODS & SERVICE TAX
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods &...

Recommended Articles

Information technology consultancy or Information technology consulting is a specialized field in which one can set their focus on providing advisory services to business firms on finding ways to use innovations in information technology to further their business and meet the objectives of the business. Not only does...

Read full article >

Whether it was the Internet Era of 90s or the Big Data Era of today, Information Technology (IT) has given birth to several lucrative career options for many. Though there will not be a “significant" increase in demand for IT professionals in 2014 as compared to 2013, a “steady” demand for IT professionals is rest assured...

Read full article >

Applications engineering is a hot trend in the current IT market.  An applications engineer is responsible for designing and application of technology products relating to various aspects of computing. To accomplish this, he/she has to work collaboratively with the company’s manufacturing, marketing, sales, and customer...

Read full article >

Microsoft Excel is an electronic spreadsheet tool which is commonly used for financial and statistical data processing. It has been developed by Microsoft and forms a major component of the widely used Microsoft Office. From individual users to the top IT companies, Excel is used worldwide. Excel is one of the most important...

Read full article >

Looking for Tally Software classes?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you