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Step by Step Tally Question practice SBSC Bcom hons. (University of Delhi)
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The company details are as follows i. Name- AAAAA ii. Address: Your Address, Your Phone & Mobile No., Your Email ID iii. Currency Symbol: Rs. Enter the following transactions of the Company in Tally and show various reports All purchase and sales transactions of goods, Payment to creditors, and receipt from debtors are done through State Bank of India Any other payment and receipt is done through Punjab National Bank or cash Balance Sheet as at 31-3-2017 Amount Assets 180000 Land and Buildings 50000 Plant and Machinery 30000 Furniture
Liabilities Capital Reserves Profit and Loss Account Secured loan Debentures Loan from Promoters Provision for tax Bills Payable Sundry Creditors Salaries outstanding Rent outstanding
50000 100000 50000 25000 10000 22460 3500 6000 526960
Amount 130000 50000 30000
Investment Stock Debtors Bills Receivables Punjab National Bank State Bank of India Cash in Hand Prepaid insurance
8000 172980 26200 5000 80000 22000 2000 780 526960
The company deals in the following stocks: Name of the Items
Group
Quantity
Rate (Rs)
Opening Stock Value
Reynolds Parker Pilot Camel
Pen Pen Pen Geometry
100 pcs. 125 pcs. 108 pcs. 400 pcs.
65 100 60 157.5
6500 12500 6480 63000
Classmate
Geometry
100 pcs.
220
22000
Apsara
Geometry
500 pcs.
125
62500
Total
172980
The list of company debtors and creditors is as follows: Debtors Balance Due Creditors Balance payable Pranika 4500 Anmol 2500 Vartika 8900 Harshit 3050 Vansh 5200 Mohit 6750 Rohit 3000 Raghav 4260 Ritik 4600 Siddharth 5900 Total 26200 Total 22460 Record the following transactions that took place during the April to September 2017. S.No. 1
Transaction Purchase from Anmol
Item Reynolds Pen
Quantity 20
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Amount 700
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2 3 4
10
Sale to Vartika Sale to Rohit Paid money to Anmol in full settlement for the transaction at sr. no. 1 above Received from Vartika and Rohit Rs 23500 each in full settlement for their current transaction at sr. no. 2 & 3 above Paid to Mohit Purchase from Harshit Purchase from Mohit Sale to Pranika (Trade discount 10% on list price) Purchased furniture
11
Paid insurance Premium
5
6 7 8 9
12
13
Parker Pen 125 Camel Geometry 100
Parker Pen Reynolds Pen Pilot Pen
24000 25000 680
1000 15 1600 18 2000 100 Pens. List Price Rs. 150/- each 2500 1560
Purchased Land and Building from XY Ltd for Rs. 1,00,000. to pay this the company borrowed from bank a loan of Rs. 40,000 and issued fully paid debenture of Rs. 60,000 to XY Ltd. Sold all the investment 20,000
14
Paid 1. Outstanding Salaries 2000 2. Electricity 1000 3. Telephone 500 4. Current Salaries 5000 5. Rent (including outstanding) =1000+6000 7000 6. Tax of last year 23000 15 Outstanding 1. Total Salaries 5000 2. Total Provision for Tax 24000 3. Total rent outstanding 5000 1. Charge Depreciation for the period 1/4/2017 to 30/9/2017 on furniture @20% p.a. and Machinery @ 10% p.a. You are required to:1. Create a company as per details given above 2. Create appropriate groups and Ledger Accounts. 3. Enter the transactions as given selecting appropriate voucher type. 4. Display the following statements a. Trial Balance as on 30/9/2017 b. Profit and Loss Account as on 30/9/2017 c. Balance Sheet as on 30/9/2017 d. Cash Book e. Ratio Analysis
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First Step: Create Company
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Next Step: Create Opening Balance Sheet. How? Go to Gateway of Tally
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Select Accounts Info Select Ledgers Select Create under Multiple Ledgers
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Type All items when Tally is asking you to select the option Under Group and put all the items here. Note:
1. Do not create Cash and Profit and Loss ledger as it is already prepared by Tally ERP 9.0. 2 Do not enter the amount of Stock, Debtors and Creditors.
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Put the amount of Cash and Profit and Loss account by clicking on Alter under Single Ledger in Ledgers.
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Click on Cash
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Put the cash under Cash in hand Group and put the amount in the opening balance option.
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After accepting it, click on Profit and Loss A/c and put the amount under Opening Balance Option.
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Next Step: Enter Stock items in Tally. How? Go to Gateway of Tally and select Inventory Info
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First of all select Stock Groups Select Create under Single Stock Group
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Type Pen in Name and press enter for moving ahead and finally accept it.
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Type Geometry in Name and press enter for moving ahead and finally accept it.
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Now go back to Inventory info screen and select Unit of Measure option for giving the name of the unit.
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Click on Create and type
No. in symbol and type Number in the formal name and finally accept it.
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Go back to Inventory info and select Stock Items for adding the stock items from the stock table given in the question.
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Click on Create under Multiple Stock Items for entering the items.
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Select All
items when asked to select the option to fill in Under Group and record all the items of the stock table according to its group.
After entering all the items of the stock table, finally Accept it.
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Next Step: Enter Debtors and Creditors from the last table given in the question.
HOW? Go back to Accounts Info and select Ledgers.
Now select Create from Multiple Ledgers for entering the debtors and creditors.
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Select All items when asked to put which item in Under Group and put the Debtors and Creditors according to their group
Finally Accept it after entering all the items of the Debtors and Creditors from the table.
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Go back to Gateway of Tally and Select Balance Sheet option to see the opening balance sheet.
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Press (Alt +F1) or select Detailed to see the full balance sheet.
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Now we will put the journal entries in the tally.
How? Go back to Gateway of Tally and select Accounting Vouchers from Transactions heading.
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1
Purchase from Anmol
Reynolds Pen
20
700
Press (F9) or click on Purchase for entering the purchase entry. Do not enter anything in Supplier invoice no and Date.
9
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Enter Party A/c Name (Anmol) and create a purchase ledger by pressing (Alt + C) in the purchase ledger option.
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Enter the name of the item (Reynold) and accept it.
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2
Sale to Vartika
Parker Pen
125
24000
Press F8 or click on Sales voucher for recording the sales transaction. Skip reference no and add party’s name (Vartika) and create Sales ledger by pressing (Alt+c) in the Sales Ledger option.
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Put the quantity and amount in the option and accept it after entering the details.
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3
Sale to Rohit
Camel Geometry 100
25000
Enter the details under Sales voucher.
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4
Paid money to Anmol in full settlement for the transaction at sr. no. 1 above
Press F5 or click on Payment voucher and enter name of Party to who the payment has been made (Anmol) and enter the amount (700).
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680
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After entering the amount the next option will appear of bill wise detail. Select On Account option in Bill wise detail and if it is not working then select New Ref.
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After pressing enter in the Cr option, Press (Alt + C) for creating the discount received ledger.
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Put SBI in the credit side and accept it.
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5
Received from Vartika and Rohit Rs 23500 each in full settlement for their current transaction at sr. no. 2 & 3 above
Press F6 or click Receipt for entering the Receipt entry. Note: In this entry, Cr will be given in the particulars so be aware and put the name of the party from whom the amount has been received.
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Now press (Alt +C) to create Discount allowed ledger first.
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Now press (Alt + C) for creating the Discount Received Ledger for entering the discount received entry.
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Enter the amount and accept it.
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Same entry for Rohit also.
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6
Paid to Mohit
1000
Click on Payment option or press F5 for recording the payment transaction.
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7
Purchase from Harshit
Parker Pen
15
1600
Press F9 or click Purchase for entering the purchase transaction.
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8
Purchase from Mohit
Reynolds Pen
18
2000
Press F9 or click Purchase for entering the purchase transaction.
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9
Sale to Pranika (Trade discount 10% on list price)
Press F8 or click Sales for entering the purchase transaction. Press F11 or Click Features and now click F2
Pilot Pen
100 Pens. List Price Rs. 150/- each
Note:- How to enable Trade discount option?
and change the option (Use separate discount column in invoices) from No to Yes.
Now record the entry and accept it.
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10
Purchased furniture
2500
Press F5 or click on Payment option for entering the transaction.
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11
Paid insurance Premium
1560
Click on Payment or press F5 for entering the transaction. Create Insurance premium Ledger first by pressing (Alt+C).
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Now record the entry and accept it.
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12
Purchased Land and Building from XY Ltd for Rs. 1,00,000. to pay this the company borrowed from bank a loan of Rs. 40,000 and issued fully paid debenture of Rs. 60,000 to XY Ltd.
Click on Journal or press F7 for recording this transaction. After entering land and building amount in the debit side, create Bank Loan ledger in the credit side entry by pressing (Alt + C).
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After entering the amount, accept it.
Note: XY ltd ledger can be created, but account will be credited by Debentures a/c.
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13
Sold all the investment
Click Receipt or Press F6 for recording the transaction.
20,000 Note:- In this entry, Cr will be given in the particulars so be aware and put the name of the party from whom the amount has been received.
Enter the amount of investment in the credit side (8000) and create Profit on sale of investment ledger in the 2nd entry. (Note- Change dr to Cr in the starting)
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Record the entry and accept it.
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Paid 2. 3. 4. 5. 6.
1. Outstanding Salaries Electricity Telephone Current Salaries Rent (including outstanding) =1000+6000 Tax of last year
2000 1000 500 5000 7000 23000
Click on Payment or press F5 for recording the transaction and if any ledger is still not there then create it by pressing (Alt +C).
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Telephone Ledger creation
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Salary ledger creation
Rent ledger creation
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Tax ledger creation
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Finally credit it with Punjab National Bank and accept it.
15
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1. Total Salaries
5000
Click Journal or F7for entering the transaction.
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1. Total Provision for Tax
24000
Voucher entry for charging tax from provision for tax.
Making entry for provison for tax of this year.
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15
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1. Total rent outstanding
5000
Charge depreciation on furniture (20%) & plant and machinery (10%) for 6 months.
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Create Depreciation on Furniture ledger first by pressing (Alt +C).
Charge depreciation for 6 months for both the furnitures.
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Now create Depreciation on Machinery ledger first for recording depreciation entry.
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Charge depreciation and accept it.
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After entering all the transactions, go to Gateway of tally to see the balance sheet.
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Profit and loss Account
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Thank You
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