By QB365 on 31 Dec, 2022
QB365 provides a detailed and simple solution for every Possible Questions in Class 12 Accountancy Subject - Important 5 Mark English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
12th Standard
Accountancy
Answer all the following Questions.
From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.
Particulars | Opening Rs. |
Closing Rs. |
---|---|---|
Debtors | 60,000 | 55,000 |
Bills receivable | 5,000 | 1,000 |
Creditors | 25,000 | 28,000 |
Bills payable | 2,000 | 3,000 |
Other information | ||
Cash received from debtors | 1,30,000 | |
Discount allowed to customers | 5,500 | |
Cash paid to creditors | 70,000 | |
Discount allowed by suppliers | 3,500 | |
Payments against bill payable | 7,000 | |
Cash received for bills receivable | 14,000 | |
Bills receivable dishonoured | 1,200 | |
Bad debts | 3,500 |
From the following details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31st March, 2018 and a Balance Sheet as on the date.
Particulars | 1.4.2017 Rs. |
31.3.2018 Rs. |
---|---|---|
Stock | 1,00,000 | 50,000 |
Sundry debtors | 2,50,000 | 3,50,000 |
Cash | 25,000 | 40,000 |
Furniture | 10,000 | 10,000 |
Sundry creditors | 1,50,000 | 1,75,000 |
Rs. | Rs. | ||
---|---|---|---|
Drawings | 40,000 | Cash received from debtors | 5,35,000 |
Discount received | 20,000 | Sundry expenses | 30,000 |
Discount allowed | 25,000 | Capital as on 1.4.2017 | 2,35,000 |
Cash paid to creditors | 4,50,000 |
Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on that date.
Receipts | Rs. | Payments | Rs. |
---|---|---|---|
To balance b/d | 32,000 | By Purchases A/c | 56,000 |
To Sales A/c | 1,60,000 | By Creditors A/c | 80,000 |
To Debtors A/c | 1,20,000 | By General expenses A/c | 24,000 |
By Wages A/c | 10,000 | ||
By Balance c/d | 1,42,000 | ||
3,12,000 | 3,12,000 |
Other Information:
Particulars | 1.4.2018 Rs. |
31.3.2019 Rs. |
---|---|---|
Stock of goods | 40,000 | 60,000 |
Debtors | 38,000 | ? |
Creditors | 58,000 | 52,000 |
Machinery | 1,70,000 | 1,70,000 |
Additional information: | Rs |
(i) Credit purchases | 74,000 |
(ii) Credit sales | 1,40,000 |
(iii) Opening capital | 2,22,000 |
(iv) Depreciate machinery by 10% p.a. |
From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31st March, 2019.
Particulars | Rs. | Particulars | Rs. |
---|---|---|---|
Opening cash in hand as on 1.4.2018 | 5,000 | Subscriptions received | 20,000 |
Bank overdraft as on 1.4.2018 | 4,000 | Repairs and renewals | 2,500 |
Printing and stationery | 1,500 | Conveyance paid | 2,750 |
Interest paid | 3,250 | Books purchased | 10,000 |
Sale of investments | 1,000 | Insurance premium paid | 4,000 |
Purchase of refreshments | 1,500 | Sundry receipts | 750 |
Outstanding salary | 2,000 | Government grants received | 6,000 |
Endowment fund receipts | 2,000 | Sale of refreshments | 1,500 |
Lighting charges | 1,300 | Depreciation on buildings | 2,000 |
Cash at bank on 31.03.2019 | 2,000 |
From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31st March, 2017.
Particulars | Rs. | Particulars | Rs. |
---|---|---|---|
Opening cash balance as on 1.4.2016 | 3,000 | Receipts from entertainment | 20,000 |
Opening bank balance as on 1.4.2016 | 12,000 | Admission fees received | 1,000 |
Furniture purchased | 11,000 | Municipal taxes | 22,000 |
Sports equipment purchased | 11,000 | Expenses of charity show | 2,000 |
Donation received for pavilion | 8,000 | Billiards table purchased | 15,000 |
Sale of old tennis balls | 1,500 | Construction of new tennis court | 18,000 |
Newspapers bought | 500 | Receipts from charity show | 2,500 |
Travelling expenses | 4,500 | Closing balance of cash in hand | 8,000 |
Compute capital fund of Karur Social Club as on 31.03.2018
Particulars as on 31.03.2018 | Rs. |
---|---|
Furniture | 50,000 |
Buildings | 40,000 |
Subscription outstanding for 2017-18 | 10,000 |
Subscription received in advance for 2018-19 | 5,000 |
Loan borrowed | 10,000 |
Investments | 20,000 |
Cash in hand | 4,000 |
Cash at bank | 6,000 |
A, B, C and D are partners in a firm. There is no partnership deed. How will you deal with the following?
(i) A has contributed maximum capital. He demands interest on capital at 12% per annum.
(ii) B has withdrawn Rs.1,000 per month. Other partners ask B to pay interest on drawings @ 10% per annum to the firm. But, B does not agree to it.
(iii) Loan advanced by C to the firm is Rs. 10,000. He demands interest on loan @ 9% per annum. A and B do not agree with this.
(iv) D demands salary at the rate of Rs. 5,000 per month as he spends full time for the business. B and C do not agree with this.
(v) A demands the profit to be shared in the capital ratio. But, B, C and D do not agree.
Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.
Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
(a) Interest on capital is to be provided @ 6% p.a.
(b) Rizwan is to get salary of Rs. 50,000 per annum.
(c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
(d) Profit-sharing ratio between the two partners is 3:2.
During the year, the firm earned a profit of Rs. 3,00,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.
From the following details, calculate the value of goodwill at 2 years purchase of super profit:
(a) Total assets of a firm are Rs. 5,00,000
(b) The liabilities of the firm are Rs. 2,00,000
(c) Normal rate of return in this class of business is 12.5 %.
(d) Average profit of the firm is Rs. 60,000
From the following information, calculate the value of goodwill under annuity method:
(i) Average profit | Rs. 14,000 |
(ii) Normal Profit | Rs. 4,000 |
(iii) Normal rate of return | 15% |
(iv) Years of purchase of goodwill | 5 |
Present value of Rs. 1 for 5 years at 15% per annum as per the annuity table is 3.352.
Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31st December 2017 is as under:
Liabilities | Rs. | Rs. | Assets | Rs. |
---|---|---|---|---|
Capital accounts: | Furniture | 25,000 | ||
Vetri | 30,000 | Stock | 20,000 | |
Ranjit | 20,000 | 50,000 | Debtors | 10,000 |
Reserve fund | 5,000 | Cash in hand | 35,000 | |
Sundry creditors | 45,000 | Profit and loss A/c (loss) | 10,000 | |
1,00,000 | 1,00,000 |
On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
(i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
(ii) Stock to be depreciated by 10%
(iii) Debtors to be revalued at Rs. 7,500.
(iv) Furniture to be revalued at Rs. 40,000.
(v) There is an outstanding wages of Rs. 4,500 not yet recorded.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.
Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.
Liabilities | Rs. | Rs. | Assets | Rs. |
---|---|---|---|---|
Capital accounts: | Machinery | 60,000 | ||
Ameer | 80,000 | Furniture | 40,000 | |
Raja | 70,000 | 1,50,000 | Debtors | 30,000 |
Reserve fund | 15,000 | Stock | 10,000 | |
Creditors | 35,000 | Prepaid insurance | 40,000 | |
Cash at bank | 20,000 | |||
2,00,000 | 2,00,000 |
Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
Following revaluations are made:
(i) Stock is to be appreciated to Rs. 14,000
(ii) Furniture is to be depreciated by 5%
(iii) Machinery is to be revalued at Rs. 80,000
Prepare the necessary ledger accounts and the balance sheet after the admission.
Prabu, Ragu and Siva are partners sharing profits and losses in the ratio of 3:2:1. Prabu retires from partnership on 1st April 2017. The following adjustments are to be made:
(i) Increase the value of building by Rs. 12,000
(ii) Reduce the value of furniture by Rs. 8,500
(iii) A provision would also be made for outstanding salary for Rs. 6,500.
Give journal entries and prepare revaluation account.
John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
Raja retired on 31st March, 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs. 3,000
(iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
Pass necessary journal entries and prepare revaluation account.
Raghu, Ravi and Ramesh are partners in a firm sharing profits and losses in the ratio of 2 : 3 : 1. Their balance sheet as on 31st March, 2019 was as follows:
Liabilities | Rs. | Rs. | Asset | Rs. | Rs. |
---|---|---|---|---|---|
Capital accounts: | Buildings | 60,000 | |||
Raghu | 30,000 | Machinery | 70,000 | ||
Ravi | 40,000 | Stock | 20,000 | ||
Ramesh | 20,000 | 90,000 | |||
Reserve fund | 36,000 | Debtors | 18,000 | ||
Sundry creditors | 33,000 | Less Provision for bad debts | 1,000 | ||
1,76,000 | 1,76,000 |
Ramesh retires on 31.3.2019 subject to the following conditions:
(i) Goodwill of the firm is valued at Rs. 24,000
(ii) Machinery to be depreciated by 10%
(iii) Buildings to be appreciated by 20%
(iv) Stock to be appreciated by Rs. 2,000
(v) Provision for bad debts to be raised by Rs. 1,000
(vi) Final amount due to Ramesh is not paid immediately
Prepare the necessary ledger accounts and show the balance sheet of the firm after retirement.
Khan Ltd. issued 50,000 shares of Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.
Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
Applicants for 60,000 shares - Full
Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
Applicants for 5,000 shares - Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.
From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31st March 2016 and 31st March 2017.
Particulars | 31st March 2016 | 31st March 2017 |
---|---|---|
RS. | Rs. | |
I EQUITY AND LIABILITIES | ||
1. Shareholders’ fund | ||
a) Share capital | 2,00,000 | 2,50,000 |
b) Reserves and surplus | 50,000 | 50,000 |
2. Non-current liabilities | ||
Long-term borrowings | 30,000 | 60,000 |
3. Current liabilities | ||
Trade payables | 20,000 | 60,000 |
Total | 3,00,000 | 4,20,000 |
II ASSETS | ||
1. Non-current assets | ||
a) Fixed assets | 1,00,000 | 1,50,000 |
b) Non - current investments | 50,000 | 75,000 |
2. Current assets | ||
Inventories | 75,000 | 1,50,000 |
Cash and cash equivalents | 75,000 | 45,000 |
Total | 3,00,000 | 4,20,000 |
From the following particulars of Neithal Ltd, calculate trend percentages.
Particulars | Rs.in lakhs | ||
---|---|---|---|
2015-16 | 2016-17 | 2017-18 | |
Revenue from operations | 150 | 135 | 90 |
Other income | 25 | 5 | 15 |
Expenses | 125 | 75 | 50 |
Income tax | 40% | 40% | 40% |
Calculate operating profit ratio under the following cases.
Case 1: Revenue from operations Rs. 8,00,000, Operating profit Rs. 2,00,000.
Case 2: Revenue from operations Rs. 20,00,000, Operating cost Rs. 14,00,000.
Case 3: Revenue from operations Rs. 10,00,000, Gross profit 25% on revenue from operations, Operating expenses Rs. 1,00,000.
From the following statement of profit and loss of Dericston Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio
Particulars | Rs. |
---|---|
I. Revenue from operations | 24,00,000 |
II. Other Income: | |
Income from investment | 70,000 |
III. Total revenues (I+II) | 24,70,000 |
IV. Expenses: | |
Purchases of Stock-in-trade | 18,80,000 |
Changes in inventories | - 80,000 |
Employee benefits expense | 2,90,000 |
Other expenses | 1,10,000 |
Provision for tax | 30,000 |
Total expenses | 22,30,000 |
V. Profit for the year | 2,40,000 |
Write a brief note on accounting vouchers.
Explain any five applications of computerised accounting system.
The following balance sheet has been prepared from the books of Pearl on 1-4-2018.
Liabilities | Rs. | Assets | Rs. |
---|---|---|---|
Capital | 2,26,000 | Buildings | 1,00,000 |
Sundry creditors: | Furniture | 10,000 | |
Maya A/c | 24,000 | Stock | 20,000 |
Sundry debtors | |||
Peter | 50,000 | ||
Cash in hand | 15,000 | ||
Cash at bank | 55,000 | ||
2,50,000 | 2,50,000 |
During the year the following transactions took place.
(a) Wages paid by cash Rs. 2,000
(b) Salaries paid by cheque Rs. 5,000
(c) Cash purchases made for Rs. 3,000
(d) Good purchased on credit from Yazhini Rs. 15,000
(e) Goods sold on credit to Jothi Rs. 25,000
(f) Payment made to Yazhini through NEFT Rs. 5,000
(g) Cash received from Peter Rs. 30,000
(h) Cash sales made for Rs. 6,000
(i) Depreciate buildings at 10%
(j) Closing stock on 31.03.2019 Rs. 15,000
You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date 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.
Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31st March, 2019.
Particulars | Sharmila Ltd | Sangeetha Ltd |
---|---|---|
Rs. | Rs. | |
I EQUITY AND LIABILITIES | ||
Shareholders’ funds | 5,00,000 | 11,00,000 |
Non-current liabilities | 4,00,00 | 7,00,000 |
Current liabilities | 1,00,000 | 2,00,000 |
Total | 10,00,000 | 20,00,000 |
II ASSETS | ||
Non-current assets | 6,50,000 | 18,00,000 |
Current assets | 3,50,000 | 2,00,000 |
Total | 10,00,000 | 20,00,000 |
From the following data relating to the purchase of a firm, prepare trend percentages and Trend Ratios.
Year | Purchase ('00,000) |
2000 | 1,672 |
2006 | 1,789 |
2007 | 1,873 |
2008 | 1,923 |
2009 | 2,123 |
2010 | 1,463 |
From the following information, calculate trend percentages . for Mullai Ltd.
Particulars | Rs. in lakhs | ||
---|---|---|---|
2015- 16 | 2016- 17 | 2017 - 18 | |
Revenue from operations | 100 | 120 | 160 |
Other income | 20 | 24 | 20 |
Expenses | 20 | 14 | 40 |
Income tax | 30% | 30% | 30% |
Answers
Particulars | Rs | Particulars | Rs |
---|---|---|---|
To Balance b/d | 5,000 | By Cash A/c | 14,000 |
To Debtors A/c | 11,200 | By Debtors A/c | 1,200 |
(Bills received - balancing figure ) |
(bills receivable dishonoured) By Balance c/d |
1,000 | |
16,200 | 16,200 |
Particulars | Rs | Particulars | Rs |
---|---|---|---|
To Balance b/d | 60,000 | By Cash A/c (received) | 1,30,000 |
To Bills receivable A/c (dishonoured) | 1,200 | By Discount allowed A/c | 5,500 |
To Sales A/c (credit) | 1,44,000 | By Bad debts A/c | 3,500 |
(balancing figure) | By Bills receivable A/c | 11,200 | |
(bills received) By Balance c/d |
55,000 | ||
2,05,200 | 2,05,200 |
Particulars | Rs | Particulars | Rs |
To Cash A/c (bills paid) | 7,000 | By Balance b/d | 2,000 |
To Balance c/d | 3,000 | By Sundry creditors A/c (bills accepted – balancing figure) |
|
8,000 | |||
10,000 | 10,000 |
Particulars | Rs | Particulars | Rs |
---|---|---|---|
To Cash A/c (paid ) | 70,000 | By Balance b/d | 25,000 |
To Discount received A/c | 3,500 | By Purchases A/c (credit) | 84,500 |
To Bills payable A/c (bills accepted) | 8,000 | (balancing figure) | |
To balance c/d | 28,000 | ||
1,09,500 | 1,09,500 |
Particulars | Rs | Particulars | Rs. |
---|---|---|---|
To Balance b/d | 2,50,000 | By Cash A/c (received) | 5,35,000 |
To Sales A/c (credit) (balancing figure) | 6,60,000 | By Discount allowed A/c | 25,000 |
By Balance c/d | 3,50,000 | ||
9,10,000 | 9,10,000 |
Particulars | Rs | Particulars | Rs |
---|---|---|---|
To Cash A/c (paid) | 4,50,000 | By Balance b/d | 1,50,000 |
To Discount received A/c | 20,000 | By Purchases A/c (credit) | 4,95,000 |
To Balance c/d | 1,75,000 | (balancing figure) | |
6,45,000 | 6,45,000 |
In the books of Abdul
Particulars | Rs | Particulars | Rs. |
---|---|---|---|
To Opening stock | 1,00,000 | By Sales | 6,60,000 |
To Purchases | 4,95,000 | By Closing stock | 50,000 |
To Gross profit c/d | 1,15,000 | ||
7,10,000 | 7,10,000 | ||
To Discount allowed | 25,000 | By Gross profit b/d | 1,15,000 |
To Sundry expenses | 30,000 | By Discount received | 20,000 |
To Net profit (transferred to capital account) | 80,000 | ||
1,35,000 | 1,35,000 |
Liabilities | Rs. | Rs. | Assets | Rs. |
---|---|---|---|---|
Sundry creditors | 1,75,000 | Cash | 40,000 | |
Capital | 2,35,000 | Furniture | 10,000 | |
Add: Net profit | 80,000 | Stock | 50,000 | |
3,15,000 | Debtors | 3,50,000 | ||
Less: Drawings | 40,000 | 2,75,000 | ||
4,50,000 | 4,50,000 |
Particulars | Rs. | Particulars | Rs. |
---|---|---|---|
To Balance b/d | 38,000 | By Cash A/c (received) | 1,20,000 |
To Sales A/c (credit) | 1,40,000 | By Balance c/d (balancing figure) | 58,000 |
1,78,000 | 1,78,000 | ||
To Balance b/d | 58,000 |
Particulars | Rs. | Particulars | Rs. | ||
---|---|---|---|---|---|
To Opening stock | 40,000 | By Sales | |||
To Purchases | Cash | 1,60,000 | |||
Cash | 56,000 | Credit | 1,40,000 | 3,00,000 | |
Credit | 74,000 | 1,30,000 | By Closing stock | 60,000 | |
To Wages | 10,000 | ||||
To Gross profit c/d | 1,80,000 | ||||
3,60,000 | 3,60,000 | ||||
To General expenses | 24,000 | By Gross profit b/d | 1,80,000 | ||
To Depreciation on machinery | 17,000 | ||||
To Net profit transferred to capital a/c | 1,39,000 | ||||
1,80,000 | 1,80,000 |
Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
---|---|---|---|---|---|
Capital | 2,22,000 | Cash | 1,42,000 | ||
Add: Net profit | 1,39,000 | 3,61,000 | Stock of goods | 60,000 | |
Creditors | 52,000 | Debtors | 58,000 | ||
Machinery | 1,70,000 | ||||
Less: Depreciation | 17,000 | 1,53,000 | |||
4,13,000 | 4,13,000 |
Receipts | Rs. | Payments | Rs. |
---|---|---|---|
To Balance b/d | By Balance b/d | ||
Cash in hand | 5,000 | Bank overdraft | 4,000 |
To Sale of investments | 1,000 | By Printing and stationery | 1,500 |
To Endowment fund receipts | 2,000 | By Interest paid | 3,250 |
To Subscriptions received | 20,000 | By Purchase of refreshments | 1,500 |
To Sundry receipts | 750 | By Lighting charges | 1,300 |
To Government grants received | 6,000 | By Repairs and renewals | 2,500 |
To Sale of refreshments | 1,500 | By Conveyance paid | 2,750 |
By Books purchased | 10,000 | ||
By Insurance premium paid | 4,000 | ||
By Balance c/d | |||
Cash at bank | 2,000 | ||
Cash in hand | 3,450 | ||
36,250 | 36,250 |
Note: As outstanding salary and depreciation are non-cash items, both are to be excluded inreceipts and payments account.
In the books of Vellore Recreation Club
Receipts | Rs. | Rs. | Payments | Rs. |
---|---|---|---|---|
To Balance b/d | By Furniture purchased | 11,000 | ||
Cash in hand | 3,000 | By Sports equipment | ||
Cash at bank | 12,000 | 15,000 | purchased | 11,000 |
To Donation received for pavilion | 8,000 | By Newspapers bought | 500 | |
To Sale of old tennis balls | 1,500 | By Travelling expenses | 4,500 | |
To Receipts from entertainment | 20,000 | By Municipal taxes | 22,000 | |
To Admission fees | 1,000 | By Expenses of charity show | 2,000 | |
To Receipts from charity show | 2,500 | By Billiards table purchased | 15,000 | |
To Balance c/d | 44,000 | By Construction of new | ||
(Bank overdraft) | tennis court | 18,000 | ||
By Balance c/d | ||||
Cash in hand | 8,000 | |||
92,000 | 92,000 |
Liabilities | Rs. | Assets | Rs. |
---|---|---|---|
Capital fund | 1,15,000 | Buildings | 40,000 |
(Balancing figure) | Furniture | 50,000 | |
Loan borrowed | 10,000 | Investments | 20,000 |
Subscription received in advance | 5,000 | Subscription outstanding | 10,000 |
Cash at bank | 6,000 | ||
Cash in hand | 4,000 | ||
1,30,000 | 1,30,000 |
Since there is no partnership deed, provisions of the Indian Partnership Act, 1932 will apply.
(i) No interest on capital is payable to any partner. Therefore, A is not entitled to interest on capital.
(ii) No interest is chargeable on drawings made by the partner. Therefore, B need not pay interest on drawings.
(iii) Interest on loan is payable at 6% per annum. Therefore C is to get interest at 6% per annum on Rs. 10,000.
(iv) No remuneration is payable to any partner. Hence, D is not entitled to salary.
(v) Profits should be distributed equally.
Date | Particulars | L.E. | Dr. Rs. |
Cr. Rs |
|
---|---|---|---|---|---|
2018 | Interest on capital A/c | Dr. | 1,500 | ||
Dec. 31 | To Arulappan’s capital A/c | 1,000 | |||
To Nallasamy’s capital A/c (Interest on capital @ 5% provided) |
500 | ||||
" | Profit and loss appropriation A/c | Dr. | 1,500 | ||
To Interest on capital A/c (Interest on capital account closed) |
1,500 | ||||
' | Arulappan’s capital A/c | Dr. | 200 | ||
Nallasamy’s capital A/c | Dr. | 300 | |||
To Interest on drawings A/c (Interest on drawings charged) |
500 | ||||
" | Interest on drawings A/c | Dr. | 500 | ||
To Profit and loss appropriation A/c (Interest on drawings account closed) |
500 | ||||
" | Profit and loss appropriation A/c Dr. | 17,000 | |||
To Arulappan’s capital A/c | 13,600 | ||||
To Nallasamy’s capital A/c (Profit transferred) |
3,400 |
Particulars | Rs. | Rs. | Particulars | Rs. |
---|---|---|---|---|
To Interest on capital | By Profit and loss A/c | 18,000 | ||
Arulappan | 1,000 | By Interest on drawings A/c | ||
Nallasamy | 500 | Arulappan | 200 | |
To Partners’ capital A/c (profit) | Nallasamy | 300 | ||
Arulappan (4/5) | 13,600 | 17,000 | ||
Nallasamy (1/5) | 3,400 | 18,500 | 18,500 |
Particulars | Rs. | Rs. | Particulars | Rs. |
---|---|---|---|---|
To Interest on capital A/c | By Profit and loss A/c | 3,00,000 | ||
Richard (3,00,000 x 6%) | 18,000 | |||
Rizwan (2,00,000 x 6%) | 12,000 | 30,000 | ||
To Salary to Rizwan | 50,000 | |||
To Commission to Richard | 20,000 | |||
To Partners’ capital A/c (profit) | ||||
Richard (3/5) | 1,20,000 | |||
Rizwan (2/5) | 80,000 | 2,00,000 | ||
3,00,000 | 3,00,000 |
Calculation of commission:
Profit before commission = 3,00,000 – (50,000 + 30,000) = Rs. 2,20,000
Commission = Net profit before commission \(\times\) \(\frac { Rate\quad of\quad commission }{ (100+Rate\quad of\quad commission) } \)
Commission = 2,20,000 \(\times\) \(\frac { 10 }{ 110 } \) = Rs. 20,000
Goodwill = Super profit \(\times\) Number of years of purchase
Super profit = Average profit - Normal profit
Normal profit = Capital employed \(\times\) Normal rate of return
Capital employed = Fixed asset + Current assets - Current liabilities
5,00,000 - 2,00,000 = Rs. 3,00,000
Normal profit = 3,00,000 x 12.5%
= Rs. 37,500
Super profit = 60,000 - 37,500 = Rs. 22,500
Goodwill = 22,500 \(\times\) 2
= Rs. 45,000
Super profit = Average profit - Normal profit
= 14,000 - 4,000 = Rs. 10,000
Goodwill = Super profit \(\times\) Value of annuity
= 14,000 \(\times\) 3.352
Goodwill = Rs. 33,520
Particulars | Rs. | Rs. | Particulars | Rs. |
---|---|---|---|---|
To Stock A/c | 2,000 | By Furniture A/c | 15,000 | |
To Debtors A/c | 2,500 | |||
To Outstanding wages A/c | 4,500 | |||
To Profit on revaluation transferred to capital A/c |
||||
Vetri (3/5) | 3,600 | |||
Ranjit (2/5) | 2,400 | 6,000 | ||
15,000 | 15,000 |
Particulars | Vetri Rs. |
Ranjit Rs. |
Suriya Rs. |
Particulars | Vetri Rs. |
Ranjit Rs. |
Suriya Rs. |
---|---|---|---|---|---|---|---|
To Profit and loss A/c | 6,000 | 4,000 | - | By Balance b/d | 30,000 | 20,000 | - |
To Balance c/d | 30,600 | 20,400 | 10,000 | By Reserve fund A/c | 3,000 | 2,000 | - |
By Revaluation A/c | 3,600 | 2,400 | - | ||||
By Cash A/c | - | - | 10,000 | ||||
36,600 | 24,400 | 10,000 | 36,600 | 24,400 | 10,000 | ||
By Balance b/d | 30,600 | 20,400 | 10,000 |
Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
---|---|---|---|---|---|
Capital accounts: | Furniture | 25,000 | |||
Vetri | 30,600 | Add: Appreciation | 15,000 | 40,000 | |
Ranjit | 20,400 | Stock | 20,000 | ||
Suriya | 10,000 | 61,000 | Less: Depreciation | 2,000 | 18,000 |
Sundry creditors | 45,000 | Debtors | 10,000 | ||
Outstanding wages | 4,500 | Less: Decrease | 2,500 | 7,500 | |
Cash in hand | 35,000 | ||||
Add: Suriya's capital | 10,000 | 45,000 | |||
1,10,500 | 1,10,500 |
Particulars | Rs. | Rs. | Particulars | Rs. |
---|---|---|---|---|
To Furniture A/c | 2,000 | By Stock A/c | 4,000 | |
To Profit on revaluation transferred to | By Machinery A/c | 20,000 | ||
Ameer’s capital A/c (3/5) | 13,200 | |||
Raja’s capital A/c (2/5) | 8,800 | 22,000 | ||
24,000 | 24,000 |
Particulars | Ameer Rs. |
Raja Rs. |
Rohit Rs. |
Particulars | Ameer Rs. |
Raja Rs. |
Rohit Rs. |
---|---|---|---|---|---|---|---|
To Balance c/d | 1,08,200 | 88,800 | 30,000 | By Balance b/d | 80,000 | 70,000 | - |
By Bank A/c | - | - | 30,000 | ||||
By Reserve fund A/c | 9,000 | 6,000 | - | ||||
By Revaluation A/c | 13,200 | 8,800 | - | ||||
By Bank A/c* (share of goodwill |
6,000 | 4,000 | - | ||||
1,08,200 | 88,800 | 30,000 | 1,08,200 | 88,800 | 30,000 | ||
By Balance b/d | 1,08,200 | 88,800 | 30,000 |
Since the sacrificing ratio is not given and the new partner’s share is given, it is assumed that the old profit sharing ratio (3:2) is the sacrificing ratio and the new partner’s share of goodwill is distributed to the old partners accordingly.
Date | Particulars | Rs. | Date | Particulars | Rs. |
---|---|---|---|---|---|
To Balance b/d | 20,000 | By Balance | 60,000 | ||
To Rohit’s capital A/c | 30,000 | ||||
To Ameer’s capital A/c | 6,000 | ||||
To Raja’s capital A/c | 4,000 | ||||
60,000 | 60,000 |
Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
---|---|---|---|---|---|
Capital accounts: | Machinery | 60,000 | |||
Ameer | 1,08,200 | Add: Appreciation | 20,000 | 80,000 | |
Raja | 88,800 | Furniture | 40,000 | ||
Rohit | 30,000 | 2,27,000 | Less: Depreciation | 2,000 | 38,000 |
35,000 | Debtors | 30,000 | |||
Stock | 10,000 | ||||
Add: Appreciation | 4,000 | 14,000 | |||
Prepaid insurance | 40,000 | ||||
Cash at bank | 60,000 | ||||
2,62,000 | 2,62,000 |
Date | Particulars | L.F | Debit Rs. |
Credit Rs. |
|
---|---|---|---|---|---|
2017 April 1 |
Building A/c | Dr. | 12,000 | ||
To Revaluation A/c | 12,000 | ||||
(Increase in the value of building accounted) | |||||
" | Revaluation A/c | Dr. | 15,000 | ||
To Furniture A/c | 8,500 | ||||
To Outstanding salary A/c | 6,500 | ||||
(Reduction in the value of furniture and outstanding salary accounted) | |||||
" | Prabu’s capital A/c | Dr. | 1,500 | ||
Ragu’s capital A/c | Dr. | 1,000 | |||
Siva’s capital A/c | Dr. | 500 | |||
To Revaluation A/c | 3,000 | ||||
(Loss on revaluation transferred to capital accounts) |
Particulars | Rs. | Particulars | Rs. | Rs. |
---|---|---|---|---|
To Furniture A/c | 8,500 | By Building A/c | 12,000 | |
To Outstanding salary A/c | 6,500 | By Loss on revaluation transferred to | ||
Prabu’s capital A/c (3/6) | 1,500 | |||
Ragu’s capital A/c (2/6) | 1,000 | |||
Siva’s capital A/c (1/6) | 500 | 3,000 | ||
15,000 | 15,000 |
Date | Particulars | L.F | Debit Rs. |
Credit Rs. |
|
---|---|---|---|---|---|
2019 March 31 |
Revaluation A/c | Dr. | 13,000 | ||
To Machinery A/c | 10,000 | ||||
To Office equipment A/c | 2,000 | ||||
To Provision for doubtful debts A/c | 1,000 | ||||
(Depreciation on machinery and furniture andprovision made for doubtful debts adjusted) | |||||
" | Investments A/c | Dr. | 25,000 | ||
To Revaluation A/c | 25,000 | ||||
(Unrecorded investments brought into accounts) | |||||
" | Revaluation A/c | Dr. | 12,500 | ||
To John’s capital A/c | 4,000 | ||||
To James’s capital A/c | 4,000 | ||||
To Raja’s capital A/c | 4,000 | ||||
(Profit on revaluation transferred to capital accounts) |
Particulars | Rs. | Rs. | Particulars | Rs. |
---|---|---|---|---|
To Machinery A/c | 10,000 | By Investments A/c | 25,000 | |
To Office equipment A/c | 2,000 | |||
To Provision for doubtful debts | 1,000 | |||
To Profit on revaluation transferred to | ||||
John’s Capital A/c (1/3) | 4,000 | |||
James Capital A/c (1/3) | 4,000 | |||
Raja’s Capital A/c (1/3) | 4,000 | 12,000 | ||
25,000 | 25,000 |
Particulars | Rs. | Rs. | Particulars | Rs. |
---|---|---|---|---|
To Machinery A/c | 7,000 | By Buildings A/c | 12,000 | |
To Provision for bad debts A/c | 1,000 | By Stock A/c | 2,000 | |
To Profit on revaluation transferred to |
||||
Raghu’s capital A/c (2/6) | 2,000 | |||
Ravi’s capital A/c (3/6) | 3,000 | |||
Ramesh capital A/c (1/6) | 1,000 | 6,000 | ||
14,000 | 14,000 |
Particulars | Raghu Rs. |
Ravi Rs. |
Ramesh Rs. |
Particulars | Raghu Rs. |
Ravi Rs. |
Ramesh Rs. |
---|---|---|---|---|---|---|---|
To Ramesh’s capital A/c | 1,600 | 2,400 | - | By Balance b/d | 30,000 | 40,000 | 20,000 |
To Ramesh’s loan A/c | 31,000 | By Reserve fund A/c | 12,000 | 18,000 | 6,000 | ||
To Balance c/d | 42,400 | 58,600 | - | By Revaluation A/c | 2,000 | 3,000 | 1,000 |
By Raghu's capital A/c | - | - | 1,600 | ||||
By Ravi's capital A/c |
- | - | 2,400 | ||||
44,000 | 61,000 | 31,000 | 44,000 | 61,000 | 31,000 | ||
By Balance b/d | 42,400 | 58,600 |
Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
---|---|---|---|---|---|
Capital accounts: | Buildings | 60,000 | |||
Raghu | 42,400 | Add: Appreciation | 12,000 | 72,000 | |
Ravi | 58,600 | 1,01,000 | Machinery | 70,000 | |
Ramesh’s loan | 31,000 | Less: Depreciation | 7,000 | 63,000 | |
Sundry creditors | 50,000 | Stock | 20,000 | ||
Add: Appreciation | 2,000 | 22,000 | |||
Debtors | 18,000 | ||||
Less: Provision for bad debts |
2,000 | 16,000 | |||
Cash at bank | 9,000 | ||||
1,82,000 | 1,82,000 |
Date | Particulars | L.F. | Debit Rs. |
Credit Rs. |
|
---|---|---|---|---|---|
Bank A/c (65,000 × 4) | Dr. | 2,60,000 | |||
To Equity share application A/c | 2,60,000 | ||||
(Application money received) | |||||
Equity share application A/c (50,000 × 4) | Dr. | 2,00,000 | |||
To Equity share capital A/c | 2,00,000 | ||||
(Transfer of share application money to share capital) | |||||
Equity share application A/c (15,000 × 4) | Dr. | 60,000 | |||
To Equity share allotment A/c | 60,000 | ||||
(Excess share application money utilised for allotment) | |||||
Equity share allotment A/c | Dr. | 2,00,000 | |||
To Equity share capital A/c | 2,00,000 | ||||
(Share allotment money due) | |||||
Bank A/c (2,00,000 – 60,000) | Dr. | 1,40,000 | |||
To Equity share allotment A/c | 1,40,000 | ||||
(Allotment money received) | |||||
Equity share first and final call A/c (50,000 × 2) | Dr. | 1,00,000 | |||
To Equity share capital A/c | 1,00,000 | ||||
(Share first and final call money due) | |||||
Bank A/c | Dr. | 1,00,000 | |||
To Equity share first and final call A/c | 1,00,000 | ||||
(Share first and final call money received) |
Date | Particulars | L.F. | Debit Rs. |
Credit Rs. |
|
---|---|---|---|---|---|
Bank A/c (1,40,000 × 3) | Dr. | 4,20,000 | |||
To Equity share application A/c | 4,20,000 | ||||
(Application money received) | |||||
Equity share application A/c (1,00,000 × 3) | Dr. | 3,00,000 | |||
To Equity share capital A/c | 3,00,000 | ||||
(Transfer of share application money to share capital) | |||||
Equity share application A/c (5,000 × 3) | Dr. | 15,000 | |||
To Bank A/c | 15,000 | ||||
(Excess application money refunded) | |||||
Equity share application A/c (35,000 × 3) | Dr. | 1,05,000 | |||
To Share allotment A/c | 1,05,000 | ||||
(Excess share application money utilised for allotment) | |||||
Equity share allotment A/c (1,00,000 × 4) | Dr. | 4,00,000 | |||
To Equity share capital A/c | 4,00,000 | ||||
(Share allotment money due) | |||||
Bank A/c | Dr. | 2,95,000 | |||
To Equity share allotment A/c | 2,95,000 | ||||
(Allotment money received) |
Date | Particulars | L.F. | Debit Rs. |
Credit Rs. |
|
---|---|---|---|---|---|
Bank A/c (10,000 × 3) | Dr. | 30,000 | |||
To Equity share application A/c | 30,000 | ||||
(Application money received) | |||||
Equity share application A/c | Dr. | 30,000 | |||
To Equity share capital A/c | 30,000 | ||||
(Application money transferred to share capital A/c) | |||||
Equity share allotment A/c (10,000 × 3) | Dr. | 30,000 | |||
To Equity share capital A/c | 30,000 | ||||
(Allotment money due) | |||||
Bank A/c (10,000 × 3) | Dr. | 30,000 | |||
To Equity share allotment A/c | 30,000 | ||||
(Allotment money received) | |||||
Equity share first call A/c (10,000 × 2) | Dr. | 20,000 | |||
To Equity share capital A/c | 20,000 | ||||
(First call money due) | |||||
Bank A/c (10,000 × 2) | Dr. | 20,000 | |||
To Equity share first call A/c | 20,000 | ||||
(First call money received) | |||||
Equity share second and final call A/c (10,000 × 2) | Dr | 20,000 | |||
To Equity share capital A/c | 20,000 | ||||
(Second and final call money due) | |||||
Bank A/c (9,900 × 2) | Dr. | 19,800 | |||
To Equity share second and final call A/c | 19,800 | ||||
(Second and final call money received) | |||||
Equity share capital A/c (100 × 10) | Dr. | 1,000 | |||
To Equity share second and final call A/c | 200 | ||||
To Forfeited shares A/c | 800 | ||||
(100 shares forfeited) | |||||
Bank A/c (100 × 7) | Dr. | 700 | |||
Forfeited shares A/c | 300 | ||||
To Equity share capital A/c (100 × 10) | 1,000 | ||||
(Shares forfeited reissued) | |||||
Forfeited shares A/c (800-300) | Dr. | 500 | |||
To Capital reserve A/c | 500 | ||||
(Gain on reissue of forfeited shares transferred to capital reserve account) |
Particulars | 2015-16 | 2016-17 | Absolute amount of increase ( +) or decrease (–) |
Percentage increase (+) or decrease (–) |
---|---|---|---|---|
Rs. | Rs. | |||
I EQUITY AND LIABILITIES | ||||
1. Shareholders’ Fund | ||||
a) Share capital | 2,00,000 | 2,50,000 | +50,000 | +25 |
b) Reserves and surplus | 50,000 | 50,000 | ||
2. Non-current liabilities | ||||
Long-term borrowings | 30,000 | 60,000 | +30,000 | +100 |
3. Current liabilities | ||||
Trade payables | 20,000 | 60,000 | +40,000 | +200 |
Total | 3,00,000 | 4,20,000 | +1,20,000 | +40 |
II ASSETS | ||||
1. Non-current assets | ||||
a) Fixed assets | 1,00,000 | 1,50,000 | +50,000 | +50 |
b) Non-current investments | 50,000 | 75,000 | +25,000 | +50 |
2. Current assets | ||||
Inventories | 75,000 | 1,50,000 | +75,000 | +100 |
Cash and cash equivalents | 75,000 | 45,000 | –30,000 | –40 |
Total | 3,00,000 | 4,20,000 | +1,20,000 | +40 |
Particulars | Rs.in lakhs | Trend percentages | ||||
---|---|---|---|---|---|---|
2015-16 | 2016-17 | 2017-18 | 2015-16 | 2016-17 | 2017-18 | |
Revenue from operations | 150 | 135 | 90 | 100 | 90 | 60 |
Add: Other income | 25 | 5 | 15 | 100 | 20 | 60 |
Total revenue | 175 | 140 | 105 | 100 | 80 | 60 |
Less: Expenses | 125 | 75 | 50 | 100 | 60 | 40 |
Profit before tax | 50 | 65 | 55 | 100 | 130 | 110 |
Less: Income tax (40%) | 20 | 26 | 22 | 100 | 130 | 110 |
Profit after tax | 30 | 39 | 33 | 100 | 130 | 110 |
Case 1: Operating profit ratio = \(\frac { Operating\ profit }{ Revenue\ from\ operations } \) \(\times\) 100
=\(\frac { 2,00,000 }{ 8,00,000 } \) \(\times\) 100 = 25%
Case 2: Operating profit ratio = \(\frac { Operating\ profit }{ Revenue\ from\ operations } \) \(\times\) 100
Operating profit = Revenue from operations - Operating Cost
= Rs.20,00,000 - 14,00,000 = Rs.6,00,000
∴ Operating profit ratio = \(\frac { 6,00,000 }{ 20,00,000 } \) \(\times\) 100 = 30%
Case 3: Operating profit ratio = \(\frac { Operating\ profit }{ Revenue\ from\ operations } \) \(\times\) 100
Operating profit = Gross profit - Operating expenses
Gross profit = 25% of 10,00,000 = Rs.2,50,000
Operating profit = 2,50,000 - 1,00,000 = Rs.1,50,000
∴ Operating profit ratio = \(\frac { 1,50,000 }{ 10,00,000 } \) \(\times\) 100 = 15%
Gross profit ratio = \(\frac { Gross\ profit }{ Revenue\ from\ operations } \) x 100
Gross profit = Revenue from operations - Cost of revenue from operations
Cost of revenue from operations = Purchases of stock-in-trade + Change in inventories
= 18,80,000 + (-80,000)
= Rs.18,00,000
Gross profit = 24,00,000 - 18,00,000 = Rs.6,00,000
∴ Gross profit ratio = \(\frac { 6,00,000 }{ 24,00,000 } \) x 100 = 25%
(ii) Net profit ratio = \(\frac { Net\ profit\ after\ tax }{ Revenue\ from\ operations } \) x 100
= \(\frac { 2,40,000 }{ 24,00,000 } \) x 100 = 10%
This type of a voucher basically analyses a business transaction from the accounting stand point and is used for recording purposes
These are commonly prepared by accountants on the basis of supporting vouchers and approved by a different individual. They are further subdivided into two, Cash and Non-cash vouchers.
Examples of cash type :
1. Credit Vouchers
2. payment Vouchers
3. Contra Vouchers
4. Purchase Vouchers
5. Sales Vouchers
6. journal vouchers
Examples of the Non-cash type :
1. Debit note
2. Credit note
3. Invoice
The applications of CAS are as follows:
(i) Maintaining accounting records:
In CAS, accounting records can be maintained easily and efficiently for long time period. It facilitates fast and accurate retrieval of data and information.
(ii) Inventory management:
CAS facilitates efficient management of inventory. Updated information about availability of inventory, level of inventory, etc., can be obtained instantly.
(iii) Report generation:
CAS helps to generate various routine and special purpose reports.
(iv) Data import/export:
Accounting data and information can be imported from or exported to other users within the organisation as well as outside the organisation.
(v) Taxation:
CAS helps to compute various taxes and to deduct these and deposit the same to the Government account.
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 Peral 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 > Accounts Info> Ledgers> Single Ledger> Create
Creation of | Name | Under | Opening balance | Accept |
---|---|---|---|---|
Bright’s Capital A/c | Bright’s Capital A/c | Capital Account | 2,26,000 | Yes |
Ramesh A/c (Sundry creditors) | Ramesh A/c | Sundry Creditors | 24,000 | Yes |
Machinery A/c | Machinery A/c | Fixed Assets | 1,00,000 | Yes |
Furnitures A/c | Furnitures A/c | Fixed Assets | 10,000 | Yes |
Opening stock | Opening stock | Stock-in -Hand | 20,000 | Yes |
Shankar A/c (Sundry debtors) | Shankar A/c | Sundry Debtors | 50,000 | Yes |
Cash in hand | Cash | Cash-in-Hand | 15,000 | Yes |
Cast at bank | Bank | Bank Accounts | 55,000 | Yes |
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 Bright is shown as in the following figure:
4. To create ledger accounts for transactions
Creation of | Name | Under | Accept |
Wages A/c | Wages A/c | Direct Expenses | Yes |
Salaries A/c | Rent A/c | Indirect Expenses | Yes |
Purchases A/c | Purchases A/c | Purchases Account | Yes |
Senthamarai A/c | Senthamarai A/c | Sundry Creditors A/c | Yes |
Sales A/c | Sales A/c | Sales Account | Yes |
Pushparaj A/c | Pushparaj 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. 2,000 paid by Cash
F5: Payment Voucher
Account: Cash
Particulars: Wages A/c
Amount: Rs. 2,000
Narration: Wages paid by cash
Accept: Yes
In the similar way, record the other transactions. Use Payment Voucher for Salaries paid and payment to Senthamarai.
Use Purchase Voucher for credit purchases from Senthamarai and cash purchases.
Use Sales Voucher for credit sales to Pushparaj and cash sales.
Use Receipt Voucher for cash received from Shankar.
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 closing stock has to be recorded by altering the stock account and while entering the data 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
6. 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 > Report > 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)
Sharmila Ltd | Sangeetha Ltd | |||
Particulars | Absolute amount |
Percentage of total assets |
Absolute amount |
Percentage of total assets |
Rs. | Rs. | Rs. | ||
I EQUITY AND LIABILITIES | ||||
Shareholders’ funds | 5,00,000 | 50 | 11,00,000 | 55 |
Non-current liabilities | 4,00,000 | 40 | 7,00,000 | 35 |
Current liabilities | 1,00,000 | 10 | 2,00,000 | 10 |
Total | 10,00,000 | 100 | 20,00,000 | 100 |
II ASSETS | ||||
Non-current assets | 6,50,000 | 65 | 18,00,000 | 90 |
Current assets | 3,50,000 | 35 | 2,00,000 | 10 |
Total | 10,00,000 | 100 | 20,00,000 | 100 |
Year | Decrease/Increase (in%) (Base ear 2005) |
2005 | - |
2006 | +7 |
2007 | +12 |
2008 | +15 |
2009 | +27 |
2010 | -12.5 |
The above type of analysis cannot be regarded as good in the sense that it contains plus and minus signs. A better way will be to express the figures for each year a percentage to the value of base year.
b) Trend Rations
Year | Decrease/Increase (In % ) (Base year 2005) |
2005 | 100 |
2006 | 107 |
2007 | 112 |
2008 | 115 |
2009 | +27 |
2010 | -12.5 |
The above type of analysis cannot be regarded as good in the sense that it contains plus and minus signs. A better way will be to express the figures for each year a percentage to the value of base year.
b) Trend Rations
Year | Decrease/Increase (In % ) (Base year 2005) |
2005 | 100 |
2006 | 107 |
2007 | 112 |
2008 | 115 |
2009 | 127 |
2010 | 87.5 |
Calculation:
\(\frac{\text { Current Amount }}{\text { Base Amount }} \times 100\)
Particular | Rs.in lakhs | Trend percentages | ||||
---|---|---|---|---|---|---|
2015 -16 | 2016-17 | 2017 -18 | 2015-16 | 2016-17 | 2017..:. 18 | |
Revenue from operation | 100 | 120 | 160 | 100 | 120 | 160 |
Add: Other Income | 20 | 24 | 20 | 100 | 120 | 100 |
Total Revenue | 120 | 144 | 180 | 100 | 120 | 150 |
Less: Expnses | 20 | 14 | 40 | 100 | 70 | 200 |
Profit before tax | 100 | 130 | 140 | 100 | 130 | 140 |
Less: lncoine tax (30%) | 30 | 39 | 42 | 100 | 130 | 140 |
Profit after tax | 70 | 91 | 98 | 100 | 130 | 140 |