Tally Question

Accounting Question (Tally)

1.4.08 Started business to cash - 1,00000=00.

2.4.08 Purchase furniture Rs- 3300 to cash .

3. 4. 08 Purchase Electric equipment Rs -2350 to cash. 4. 4.08 Purchase good sold to cash Rs- 50,500=00 .

5. 4. 08 Open Bank Account in SBI Hanuman Nagar and deposit cash Rs-5,000=00.

6. 4. 08 Goods sold to cash Rs- 3300=00.

7. 4. 08 Purchase good from Raman Rs- 12500=00. 8. 4. 08 Good sold to shyam to cash Rs - 15,500 =00 . 9. 4. 08 Paid freight Rs-120=00 to cash.

10. 4. 08 Paid Rent to cash Rs- 100=00. 11.4. 08 Paid Electric charge Rs-250=00. 12.4.08 Paid Other Expenses 500= 00. 13.4.08 Paid Mobile Recharge 150=00.

2nd Step

Give a Journal Entry in the Book of Raman & Company and classify all

Ledger Account(Journal Ledger)

2.5.8

Bank Account in central Bank and deposited cash Rs-5,000=00.

3.5.8

Cheque deposited in to Bank Rs-25,000=00.

4.5.8

Purchase Furniture to cash Rs-2,550=00. 5.5.08 Purchase goods tocash Rs- 25,500=00. 6.5.08 Goods sold to cash Rs-20,300=00.

7.5.8

Paid Freight to cash Rs-150=00.

7.5.9

Paid Raman Started Business to cash Rs-75,000 and cheque Rs25,000=00 .

8.5.8 Rent to cash Rs-1,000=00.

9.5.8 Paid mobile recharge cash Rs -150=00.

10.5.08 Paid Other Expenses Rs -210=00.

11.5.08 Purchase Electric Equipment to cash Rs- 3,100 . 12.5.08 Purchase goods From Rohan Rs- 25,300=00. 13.5.08 Goods Sold to dinesh Rs-20,100=00 .

14.5.08 Cash Received From dinesh Rs-20,000=00. 15.5.08 Cash Paid to Rohan Rs- 20,000=00.

In the Books of x & company for the month of June.

(Period -2007-2008)

1.6.8 X Started Business to cash Rs-1,00000=00.

2.6.8

Purchase Furniture/ Fixture Rs- 5,325=00 .

3.6.8 Purchase Electric Equipment Rs-2,525=00.

4.6.8 Purchase goods to cash Rs-3,500=00.

5.6.8 Purchase goods from Raman Rs-20,000=00 Weekly.

6.6.8

Good sold to cash 10,300=00.

7.6.8 Goods sold to Gagan Rs - 6,000=00(Approx) daily . 8.6.8 Cash paid to Raman weekly Bank dues.

9.6.8 Cash Received From Gagan daily Back dues.

10.6.08 Open a Bank Account in central Bank Hanuman Nagar and deposit cash Rs-5,000=00.

11.6.08 Paid Rent to cash Rs-1,000=00.

12.6.08 Paid Electricity charge to cash Rs-250=00. 13.6.08 Paid Othre Expenses to cash Rs-200=00. 14.6.08 Paid Salary to cash Rs-1,200=00.

15.6.08 Paid General Expenses to cash Rs- 150=00.

Fundamental of Accounts

Accounting is created by double Entry System . Created by LUCAS PACIOLI in year 1494.

Advantage:- All Transaction two Aspect. Debit ___________________________ Cradit

Debitom Craditom

France Language France Language

Debitor’s Creditor’s

• What is Debit?

Ans:- Increase in all Assets ,Expenses and Losses and Decrease in all capital Liability & gain is called debit .

*What is Credit?

Ans:- Increase in all capital liability & gain and decrease in all Assets Expenses and Losses is called credit.

Assets.

Long time Returning value goods is called Assets. There are three types of Assets.

(i) Fixed Assets:- Depreciable Assets is called Fixed Assets.

Ex:- Furniture & Fixture , Losse & Tools, Electronic & Electric, Goods, Any types of vehicles , etc.

(ii) Current Assets:- Flaxuting Assets is called current Assets.

Ex:- Sundry debitor’s , stock in hand, Loan & Liability, deposit(Fixed deposite), cash-at bank, cash-in hand .

(iii)

Fictitious Assets:- Fixed value Assets/ not depreciable Assets is called Fictitious Assets .

Ex:- Gold ,Silver, Stone, and Land etc.

*Expences:- Any Types of Expences, There are three types of expenses:-

(i) Direct Expenses:-

After purchase Related Expenses before godown is called direct expenses.

Ex:- Freight, wages, labour charge,carriage in ward, trasporation, etc.

(i) Indirect Expenses:-

Any types of office management releted expenses is called indirect expences.

Ex:- Rent, salary, telephone & mobile expenses, electricity charge, other expenses, general expenses, news paper, and periodicals, travalling & etc.

Income:-(i) Direct

income:-Purchase related income is called direct income. = Cash discount, Trade discount.

(ii) Indirect

Managements, bank gift job work,etc. releted income is called indirect income.

Ex:- Commission, Gift, Bank Intrest etc.

Losss

Loss of fire, loss of gift, loss by brakage, loss by likage, loss by dimage, loss by expiry, loss by train ,loss by transport etc.

Capital

First time money invested by owner against started new business is called capital.

Liability

Payment dues business is called liability.

(i) Current liability:-

Sundry craditor’s, provision, duties and taxes,

(ii) Loan liability :-

Bank overdraft, secured loan, unsecured loan,

Gain:-

Income of source.

What is Account?

Accont is an art of recording, classifying and summarising of all transaction in the terms of money in specific period.

There are three types of account

(1) Personal Account (2) Impersonal Account

(i) Personal Account:-

Persons releted account is called personal account.

There are three types of personal account.

(i)

Natural person:-

General person, owner,proprietor partner, director,managing director etc.

(ii) Artificial person:-

Bank ,company, industries, firm, trust, school, college, Ngo , hospital. (ii)

Reprasantative person:-

Drawings, prepaid, dustanding, received in advance,& advance.

(2) Impersonal Account:-

Other than person,

There are two types of impersonal account (1)Real

Account:-# Trangible Account:-# Intrangible All Assets Good will

(2) Nominal Account:-

All expenses, losses , income and gain ,

GOLDEN RULE:-

(i)Personal Account:- “Debit the receiver and credit the giver”. (ii) Real Account:- “Debit what comes in and credit what goes .

Nominal Account:- “ debit all expenses & losses and credit all incomes & gain”

Ledger:-

Ledger is two classification of all account head. Ledger is monthly creation ,one time one ledger creation.

C/d = Carried Down , B/d = Brought Down

Cash, Capital, Freight, Electric Equipment,Bank, Sales, Raman, Shyam, Furniture, Rent, Electric Charge, Other Expenses, Mobile Recharge etc.

Group of Account

Total Name of group 28 type , primary group- 15th_{, secondary group- 13}th_{, secondary group is} merge in primary group.

Use of first nine primary group- only for balance sheet. Use of Last six primary group only for profit & loss Account. Name of group& balances:

(use in balance sheet)

(1.) Capital Account________________ Cr (i) Reserve & surplus

(2.) Current Liability _________________ Cr Duties & Taxes, provisions, sundry creditor’s ,

(3.) Loan Liability ___________________Cr Secured Loan, Bank overdraft/ Bank occ A/c Unsecured Loan,

(4.) Current Assets __________________ Dr

Sundry Debitor’s ,stock in hand, Loan & Advances, Deposits, Bank Account/ cash at Bank) , Cash A/c / cash in hand,) ,

(5.) Fixed Assets ____________________ Dr (6.) Investment ______________________ Dr (7.) Miscellaneous Expenses ___________ Dr (Company act 1956) (8.) Branch & Divisions ________________ Cr (9.) Suspence Account _________________ Cr

#Use in profit & Loss Account

(10.) Purchase Account,(11.) Sales Account, (12.) Direct Expenses, (13.) Direct Income, (14.) Indirect Expences, (15.) Indirect Income.

Final Account

What types of Account?

(i) Trading Account (ii) Non Trading Account.

Final Account Trading

Business= Sale & Purchase Profit & Loss A/c = Balance sheet

• Profit & Loss A/c

• Manufacturing A/c

• Trading A/c

• Profit & Loss Account

Date

Particular L.F Amount Date Particular L.F Amount

1

st

_{To 1}

st

_By

30

th

_{To Balance c/d}

xxx 30

th

By Balance c/d

xxx

(- ) (- )

=

=

•

Format:-

In the books of (company Name)

Profit & Loss Account for the Year Enting --- Dr Cr

particular Amount Particular Amount

To opening stock To purchase xxx Return det ward --- Loss purchase return Direct Expenses Gross profit (-) (Balance c/d ) Gross loss (Balance b/d ) To indirect expenses To Net profi Xxx Xxx Xxx xxx By Sales xxx Return in ward --- (Loss sales return)--- By direct income By dirrag goods By closing stock By gross loss (-) By gross profit (Balance b/d ) By indirect income By Net loss Xxx Xxx Xxx xxx Xxx Xxx xxx Xxx xxx xxx Balance sheet

In the books of ( -company name--- ) As on (--date---)

Capital & Liability Amount Rs Assets& properties Rs Amount

Capital xxx Net loss ---

Less

Add Net profit xxx Loss drawing ---

Current Liability Loan Liability Branch & division Suspense Account xxx xxx xxx xxx xxx Fixed Assets Loss deprecitation Investment Miscellancous Expenses --- Current Assets xxx xxx xxx xxx Tally

•

Tally is a computerised Accounting System. It is based on double entry system. Advantage

•

Starting from Tally version . Tally 4.0 Dos mode

,, 4.5 ,, Account only

,, 5.0 Windows Based

,, 5.4 ,, Account only:-Account with in Inventory/ Inventory only

,, 6.0 ,, Multiuser(Internet Facility) ,, 6.3 ,, Internet+Tax Facility ,, 6.8 ,, Gold/ Silver ,, 7.2 ,, VAT/ TDS

,, 8.1 ,, VAT/ TDS/ Servics Tax ,, 9.0 ,, VAT/ TDS/ Servics Tax /,Easy

To use option display.

Shortcut key

Enter:- Finished all option. Back space:- Back one step option.

Up/down(Arrow Key) :- Select any option. Page up :- Back one step voucher screen. Page down:- After one step voucher screen. F1:- Select company .

Alt+ F1:- Shut company/ Detail display . F2:- Change date .

Alt+ F2:- Change period .

Alt+F3:- Company information screen/Create. Ctrl+M :- Activate gateway of tally

Ctrl+N :- Activate calculator Ctrl+R :- Repeat last ledger name Alt+P :- Print any screen

ALT+C:- Direct create any voucher mode Ctrl+A :- Save any data

Alt+D:- Delete any selected ledger / voucher Entry .

Voucher key

F4 :- Contra voucher_ use only bank deposit related entry.

F5 :- Payment vouche____ use only cash/bank payment related entry. F6 :- Receipt voucher ____ use only cash / cheque received related entry . F7 :- Journal voucher _____ use only adjustment related entry .

F8 :- Sales voucher ______ use only cash / credit sales related entry .

F9 :- Purchase voucher _____ use only cash / credit purchase related entry

Work on Tally

Account only

(i)

Company creation

(ii) View group detail (iii) Group creation (iv) Ledger creation (v) Satting (F1 & F12)

(vi) Voucher key

(vii)

Display = Trail Balance (viii) Profit & Loss Account (ix) Balance Sheet etc.

Open Tally

Double click left mouse button on the desktop Tally 7.2 0r, Right click = open on the Tally 7.2 Icon

0r, Select Tally Icon on the desktop screen and press enter key. 0r, To open Tally screen.

Closing Tally

Press “Q” and again press enter key, 0r “y” key. Or, Select Quit and press “y”, or Enter key.

Or, Press ESC key and again press “y”, or Enter key .

Tally Screen

Tally solution screen 12-April- 2007 Multiuser uvy 10:45:37 sunday Help/web

Quit ?

Yes/ No

Gateway of Tally Ctrl+ M F1 Current period Current date

1.4.08 to31.3.08 1.4.08

List of select company

Name of company Last voucher name

Gate way of Tally F2 Master, Account Info. Inventory Info. Import of data. Accounting Accounting voucher Inventory voucher Report

Profit & Loss Account Balance Sheet

Stock Summary Ration Analysis Display

Multi Account Printing

F3 F4 F5 F6 F7 F8 F9 F10Button bar F11 F12 ODBC Ctrl+ N Calculator bar Create Company

Press Alt+F3 = To open company Info. Select create company (press enter key)

Input company detail and accept”y” ,or (press enter key) Use enter key to next potion.

Company Info. Select company Shut Company Create Company Alter Back Ground Restore

View group detail

 Gateway of tally = select Account Info.(press enter key)

 Select =group detail (press enter key) Gateway of Tally  Select “ single group display” (press ente key)



Open list of group subgroup name (press enter key)



To open selected group detail .



View details of group = press ESC Key.



Group Creation

•

Gateway of Tally = select Account Info.(press enter key)

• Select group (press enter key )

• Select single group “create” (press enter key)

Create Company Ctrl+m X Location c:/ Tally / Data

Name:- ABC & Company (press enter key) Alias:- --- Mailing Name:- ABC & Company (press enter key) Address:- --- State:- ---B--- Pin Code:- --- E. Mail:- ---

Use VAT TIN:- --- VAT TIN:- --- Income Tax Number:- --- Use of currency:- Rs

Main tain :- Account only

Accout only Inventory Financial years from:- 1.4.2008

Book bigning form:- 1.4.2008

Use of Tally vault password (press enter key) Use of security ? No

Base currency detail Use of currency: Rs

Format name:- Rupees

Use Number of decimal places ? 2 Use symbol in Amount ? No Amount saffixed in symbol; yes Use Amount in million ? No

Space between Amount & symbol ? yes

Company Info. Group Ledger Voucher Type Quit Group Single group Create Display Alter Multiple group Create Display Alter Quit

Accept ?

Yes / No

• Open group creation screen = Input group detail and accept “y” or, enter key.

Group creation x

Name:- Purchase (presenter key) (Alias) :-

Under :- Purchase Account

Use group behave, like subgroup ? No

Group Altering

• Gateway of tally =select account info. (press enter key)

• Select group (press enter key )

• Select single group alter (press enter key )

•

Open list of group = select group name (press enter key)

•

Open group altering screen = modify any detail and accept “y” or, enter key

Group Altering x

Name:- Purchase (press enter key) (Alias) :-

Under:-Purchase Account

Use group behave like subgroup? No

Accept

Yes / No

Accept ?