BASIC COMMERCE

  REAL ACCOUNT + Debit what comes into business.  + Credit what goes out from the business.  PERSONAL ACCOUNT + Debit the receiver.  + Credit the giver.  NOMINAL ACCOUNT + Debit the expense or loss of the business.  + Credit the income or gain of the business.  

After ascertaining the gross profit the businessman will be interested to know the net result of business (I.e, net profit or net loss), at the end of the accounting period. Profit and loss account is prepared for this purpose. 

 Trading means mere buying and selling of goods. Trading account is prepared to know the trading result during an accounting period. The trading result may be either gross profit or gross loss. It is the difference between sales and cost of good sold. If the sales exceed the cost of good solds, the difference is gross profit. On the other hand, if the cost of good sold exceeds the sales, the difference is gross loss. 

  A computerised accounting system is  an accounting information system that processes the financial transactions and events as  per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements. ... First, it has to work under a set of well-defined concepts called accounting principles.

Tally is an ERP accounting software package used for recording day to day business data of a company. For example each every accounting works done through computer. And Tally many versions of software are available...The latest version of Tally is Tally ERP 9.