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Questions:

Generic 5

2 x 5 = 10

The following Balance Sheet has been prepared from the books of White on 1.4.2018.

Liabilities	Rs	Assets	Rs
Capital	4,52,000	Building	2,00,000
Sundry Creditors (Babu A/c)	48,000	Furniture	2,000
		Stock	40,000
		Sundry Debtors Venkat	1,00,00
		Cash in hand	30,000
		Cash at bank	1,10,000
	5,00,000		5,00,000

During the year the following transaction took place
(a)  Wages paid by Cash Rs. 4,000
(b)  Rent paid by check Rs. 1,000
(c)  Cash purchases made for Rs. 6,000
(d)  Goods purchased on credit from Mathi Rs. 3,000
(e)  Goods sold on Credit to Kala Rs. 50,000
(f)   Payment made to Mathi by cheque Rs. 10,000 ,
(g) Cash received from Venkat Rs. 60,000
(h) Cash Sales made for Rs. 12,000
(i)  Depreciate Building @ 10% ,
(j)  Closing Stock on 31.03.2019 Rs. 30,000
You are-required to prepare trading and profit for the year ended 31.03.2019 and a balance sheet as on that using Tally.

Record the following transaction in Tally.
(a)  Kumar Commenced a business with a capital of Rs. 5,00,000
(b)  Opened with SBI and deposited Rs. 80,000
(c)   Purchased furniture by paying cash Rs. 20,000-
( d)  Goods purchased credit from Kalpana for Rs. 60,000
(e)  Cash Sales for Rs. 20,000
(f)   Goods purchased from Ramu for Rs. 7,000 paid by cheque
(g)  Goods sold to Venu on credit for Rs. 80,000
(h)  Money withdrawn from bank for office use Rs. 35,000
(i)  Part payment of Rs. 40,000 made by Kalpana by cheque
(j)  Arun made part payment of Rs. 20,000 by cash.
(k) Salaries paid to staff through ECS Rs. 45,000
(l) Carriage on purchase of Rs. 8,000 paid by cash
(m) Purchased computers from Maria Ltd. On Credit Rs. 50,000
Analysis of Transactions - Passing Journal Entries, identification of Voucher Type and Group.

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Answers Key:

Generic 5

2 x 5 = 10

Following steps are to be followed to enter the transactions in Tally-ERP 9
1. To create Company
Company Info > Create Company
Type the Name as White and keep all other fields as they are and choose "Yes" to accept.
2.To maintain accounts only.
Gateway of Tally > F11 Accounting Features > General > Maintain accounts only: Yes > Accept: Yes.
3. To Create ledger accounts with opening balances.
Gateway of Tally > Masters > Account Info > Ledgers > ·Single Ledger > Create
Note: Cash account need not be created as it is a default ledger. Only the opening balance has to be recorded by altering the cash account.
To record the opening balance of Cash
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter
After creating the ledgers and recording the opening balances of Ledger accounts the balance sheet of Pearl is shown as in the following figure.

Creation of	Name	Under	Opening Balance	Accept
White's Capital A/c	White's Capital A/c	Capital Account	4,52,000	Yes
Babu A/c	Babu A/c	Sundry Creditors	48,000	Yes
(Sundry Creditors)
Building A/c	Building A/c	Fixed assets	20,000	Yes
Furniture A/c	Furniture A/c	Fixed assets	20,000	Yes
Opening Stock	Opening Stock	Stock-in-hand	40,000	Yes
Venkat A/c	Venkat A/c	Sundry Debtors A/c	1,00,000	Yes
(Sundry Debtor)
Cash-in-hand	Cash	Cash-in-hand	30,000	Yes
Cash at bank	Bank	Bank Account	1,10,000	Yes

To record the opening balance of Cash
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter After creating the ledgers and recording the opening balances of Ledger accounts the balance sheet of calculate is shown as in the following figure.
4. To create ledger accounts for transaction

Creation of	Name	Under	Accept
Wages A/c	Wages A/c	Direct Expenses	Yes
Rent A/c	Rent A/c	Indirect Expenses	Yes
Purchases A/c	Purchases A/c	Purchases Account	Yes
Babu A/c	Babu A/c	Sundry Creditors	Yes
Sales A/c	Sales A/c	Sales Account	Yes
Venkat A/c	Venkat A/c	Sundry Debtors A/c	Yes
Depreciation A/c	Depreciation A/c	Indirect Expenses	Yes

5. To Enter transactions through Vouchers
Gateway of Tally Transactions > Accounting Vouchers
Example: Wages of Rs. 4,000 paid by Cash
F5: Payment Voucher
Account: Cash
Particulars: Wages A/c
Amount: Rs. 4,000
Narration: Wages paid by cash
Accept: Yes
In the similar way record the other transactions. Use Payment Voucher for rent paid and payment to Babu. Use Purchase Voucher for credit Purchase from Babu and Cash Purchases.
Use Sales Voucher for Credit Sales to Venkat and Cash Sales
Use Receipt Voucher for Cash received from Venkat
Use Journal Voucher for depreciation
To record Closing Stock
Since maintain accounts only is set to "Yes" and integrate accounts and inventory is set to 'No' under accounting features. Stock has to be recorded manually. Hence, the close stock has to be recorded by altering the stock account and while entering the date of closing stock. The date of opening stock has to be entered. The following procedure is to be followed.
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter > Stock > Closing Balance > Date (Opening date) > Amount > Accept: Yes
To view reports
(i) To view Profit and Loss Account
F10: A/c Reports > Profit & Loss A/c > Alt + F1 (detailed)
(or)
Gateway of Tally > Reports > Profit & Loss A/c > Alt + F1 (detailed)
(ii) To view Balance sheet
F10: A/c Reports > Balance Sheet > Alt + F1 (detailed)
(or)
Gateway of Tally > Reports > Balance Sheet > Alt + F1 (detailed)

SI.No	Particulars		Debit	Credit	Voucher Type	Group
a.	Cash Account A/c	Dr	5,00,000		Receipt	Cash in hand
	To Kumar's Capital A/c			5,00,000	Voucher	Capital Account
b.	State Bank of India A/c	Dr	80,000		Contra	Bank Account
	To Cash A/c			80,000	Voucher	Cash in hand
c.	Furniture A/c	Dr	20,000		Payment	Fixed assets
	To Cash A/c			20,000	Voucher	Cash in hand
d.	Purchases A/c	Dr	60,000		Purchase	Purchase account
	To Kalpana A/c			60,000	Voucher	Sundry creditors
e.	Cash A/c	Dr	20,000		Sales	Cash in hand
	To Sales			20,000	Voucher	Sales Account
f.	Purchase A/c	Dr	7,000		Purchase	Purchase Account
	To Barik A/c			7,000	Voucher	Cash in hand
g.	Venu A/c	Dr	80,000		Sales	Sundry Debtors
	To Sales A/c			80,000	Voucher	Sales Account
h.	Cash A/c	Dr	35,000		Contra	Cash in Hand
	To Bank			35,000	Voucher	Bank Account
i.	Kalpana A/c	Dr	40;000		Payment	Sundry Creditors
	To Bank A/c			40,000	Voucher	Bank Account
j.	Salaries A/c	Dr	45,000		Payment	Indirect Expenses
	To Bank A/c			45,000	Voucher	Bank account
k.	Carriage A/c	Dr	8,000		Payment	Direct Expense
	To Cash A/c			8,000	Voucher	Cash in hand
l.	To Cash A/c	Dr.	50,000		Purchase	Fixed assets
	To puter A/c			50,000	Voucher	Sundry creditors

Following steps are to be followed to enter the transaction in Tally ERP 9.
To create company
Company Info > Create Company
Type the Name as Kumar and keep all other fields as they are and choose "Yes, to accept.
To maintain accounts only
Gateway of Tally > F 11 Accounting Features > General > Maintain accounts only: Yes Accept > Yes
To Create ledger accounts
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Create
(i) To Create Kumar's Capital A/c
Name: Kumar's Capital Al/c
Under: Capital Account
Accept: Yes
(ii) To Create State Bank Oflndia A/c
Name: State Bank of India A/c
Under: Basic Accounts
Accept: Yes
(iii) To Create Furniture A/c
Name: Furniture A/c
Under: Fixed Assets
Accept: Yes
(iv) To Create Purchases A/c
Name: Purchases A/c
Under: Purchase
Accept: Yes
(v) To Create Kalpana A/c
Name: Kalpana A/c
Under: Sundry creditors
Accept: Yes
(vi) To Create Sales A/c
Name: Sales A/c
Under: Sales Accounts
Accept: Yes
(vii) To Create Venu A/c
Name: Venu A/c
Under: Sundry Debtors A/c
Accept: Yes
(viii) To create Salaries A/c
Name: Salaries A/c
Under: Indirect Expenses
Accept: Yes
(ix) To create Carriage A/c
Name: Carriage A/c
Under: Direct Expenses
Accept: yes
(x) To Create Computer A/c
Name: Computer
Under: Assets
Accept: Yes
(xi) To create Maria Ltd. A/c
Name: Maria Ltd. A/c
Under: Sundry creditors
Accept: Yes
To enter transactions through vouchers
Gateway of Tally > Transactions > Accounting Vouchers
(i) Kumar commenced a business with a Capital of Rs. 5,00,000
F6: Receipt Voucher
Accounts: Cash
Particulars: Kumar's Capital A/c (Choose from List of Ledgers Accounts)
Enter the amount of Capital Rs. 5,00,000
Narration: Capital Introduced
Accept: Yes
(ii) An account was opened with State Bank of India & deposited Rs. 80,000
F4: Contra Voucher
Account: State Bank of India
Particulars: Cash
Amount: Rs. 80,000
Narration: Opened bank account in SBI
Accept: Yes
(iii) Purchased Furniture by paying cash Rs. 20,000
FS: Payment Voucher
Account: Cash
Particulars: Furniture A/c
Amount: Rs. 20,000
Narration: Furniture bought,by Cash
Accept: Yes
(iv) Goods purchased on credit from Kalpana for Rs. 60,000
F9: Purchase Voucher
Party's A/ c. Name: Kalpana A/c
Particulars: Purchase A/c
Amount: Rs. 60,000
Narration: Goods purchased in credit from Kalpana
Accept: Yes
(v) Cash Sales Made for for Rs. 20,000
F8: Sales Voucher
Account: Cash
Particulars: Sales A/c
Amount: Rs. 20,000
Narration: Cash Sales Made
Accept: Yes
(vi) Goods Purchase from Arun for Rs. 7,000 and money deposited in CDM
F9: Purchase Voucher
Account: Cash
Particulars: Purchase A/c Amount: Rs. 7,000
Narration: Cash Purchase .Made Accept:Yes
(vii) Goods sold to Venu on credit for Rs. 80,000
F8: Sales Voucher
Party A/c Name: Venu A/ c
Amount: Rs. 80,000
Narration: Goods sold on credit to Venu
Accept: Yes
(viii) Money withdrawn from bank for office use Rs. 35,000 F4: Contra Voucher
Account: Cash
Particulars: State Bank of India A/ c
Amount: Rs. 35,000
Narration: Cash withdrawn from bank
Accept: Yes
(ix) (000) Part payment of Rs. 40,000 made to Kalpana by cheque FS: Payment Voucher
Account: State Bank of India .
Particulars: Kalpana A/c
Amount: Rs. 40,000
Narration: Payment made to Kalpana by cheque A
Accept: Yes
(x) Salaries Paid to Staff th-rough ECS Rs. 45,000
FS: Payment Voucher
Account: State Bank of India
Particulars: Salaries A/ c
Amount: Rs. 45,000
Narration: Salaries paid through ECS,
Accept: Yes
(xi) Carriage of Rs. 8,000 paid by cash
FS: Payment voucher
Amount: Cash
Particulars: Carriage Ale
Amount: Rs. 8,000
Narration: Carriage paid by cash
Accept: Yes
(xii) Purchased Computer from Maria Ltd. on credit Rs. 50,000 F7: Journal Voucher
Particulars: Computer
Amount: 44,000
Maria Ltd
Amount: 50,000
Narration: Computer bought on credit from Maria ltd
Accept: Yes
To view reports:
(i) To view Trial Balance
Gateway of Tally > Reports > Display > Trial Balance > Alt+ F1 (detailed)
To view profit and loss Account
F 10: A/c Reports > Profit & Loss A/c > Alt + F1 ( detailed)
(or)
Gateway of Tally > Reports > Profit & Loss A/c Alt+ F1 (detailed)
(iii) To view Balance sheet
F 10: A/c Reports > Balance sheet > Alt + F1 ( detailed)
Gate of Tally > Reports > Balance Sheet > Alt + F1 ( detailed)
(iv) To view Ratio Analysis
F10: A/c Reports > Ratio Analysis (or)
Gateway of Tally > Reports > Ratio Analysis
(v) To view Day book
FlO: A/c Reports > Day Book> Alt+ F1 (detailed)
(or)
Gateway of Tally > Reports > Display > Day Books > Alt + F1 ( detailed)