Accounting Only in Tally Prime

Excise Sum: 1

The following would be recorded in journal using double entry system. Do the posting process from journal and prepare the Trial balance and trading account and profit &loss account and balance sheet in the books of M/S Siva Park for the following financial year of 1.4.2010 to 31.3.2011.

Particulars	RS	Particulars	RS
Cash	50000	Capital	300000
Furniture	30000	Reserves	20000
Building	60000	Bills payable	10000
Free hold property	50000	Bank O/d	5000
SBI bank	80000	Prepaid expenses	12000
Machinery	50000	Typewriter	7000
Sundry Debtors Nandhu & Co was Rs.1000 Bill no. RM45
Sundry Creditors SMR & Co was Rs.5000 Bill no.GH34

Transaction During the Period:

Apr 01 Bought goods from M/S VINE & CO was Rs.50000 Bill No.TN54
Apr 15 Paid Telephone charges Rs.500
Apr 17 Issue debit note against to M/S SMR & CO was Rs.5000
Apr 19 Credit note received from M/S Nandhu&CO was Rs.1000
Apr 21 Goods sold to M/S Maran& CO was Rs.110000
Apr 23 Cash withdraw from bank Rs.50000
Apr 28 Amount withdraw from personal use Rs.1000
May 02 Received interest Rs. 20000
May 05 Bank loan received Rs.1000
June 01 Bank O/D settled Rs.300
June 08 Stolen of typewriter Rs.1000
Aug 28 Discount received Rs.10000
Sep 01 Paid stationery 500
Sep 05 Cash deposit in to bank Rs.2000
Sep 08 Salary due Rs1000
Sep 20 Withdraw from bank Rs 500
Sep 25 Paid wages by cheque Rs.500
Oct 01 Divided received Rs.1000
Oct 05 Paid water charges Rs.100
Oct 20 Paid electrical charges RS.200

Answer

Opening Balance	340000
Gross Profit	63500
NetProfit	91200
Balance Sheet	476900

Create a New Company

Go to the Gateway of Tally.
Select "Create Company" or "Company Info" (exact wording may vary based on your version).

Enter Company Details:

Fill in the details for M/S Siva Park.

Company Name: M/S Siva Park
Address: [Enter the company's address]
Financial Year: April 1, 2010, to March 31, 2011
Books Beginning from: April 1, 2022
Country: [Select the country]

Go to Gateway of Tally:

Navigate to the Gateway of Tally by pressing G or clicking on the Gateway of Tally icon.

Create Ledgers:

From the Gateway of Tally, go to "Create".
Select "Ledgers" under "Accounts Info."

Create Cash Ledger:

Create a ledger for Cash with the opening balance of Rs. 50,000.

Create Capital Ledger:

Create a ledger for Capital with the opening balance of Rs. 300,000.

Create Furniture Ledger:

Create a ledger for Furniture with the opening balance of Rs. 30,000.

Create Reserves Ledger:

Create a ledger for Reserves with the opening balance of Rs. 20,000.

Create Building Ledger:

Create a ledger for Building with the opening balance of Rs. 60,000.

Create Bills Payable Ledger:

Create a ledger for Bills Payable with the opening balance of Rs. 10,000.

Create Freehold Property Ledger:

Create a ledger for Freehold Property with the opening balance of Rs. 50,000.

Create Bank O/D Ledger:

Create a ledger for Bank O/D with the opening balance of Rs. 5,000.

Create SBI Bank Ledger:

Create a ledger for SBI Bank with the opening balance of Rs. 80,000.

Create Prepaid Expenses Ledger:

Create a ledger for Prepaid Expenses with the opening balance of Rs. 12,000.

Create Machinery Ledger:

Create a ledger for Machinery with the opening balance of Rs. 50,000.

Create Typewriter Ledger:

Create a ledger for Typewriter with the opening balance of Rs. 7,000.

Create Sundry Debtors Ledger (Nandhu & Co):

Create a ledger for Sundry Debtors - Nandhu & Co with the opening balance of Rs. 1,000.

Create Sundry Creditors Ledger (SMR & Co):

Create a ledger for Sundry Creditors - SMR & Co with the opening balance of Rs. 5,000.

Save and Exit:

Save the ledger entries.
To use the default ledger, press page up button.

Select Chart of Accounts:

Under the "Display" menu, choose "Account Books" and then select "Ledgers" or "Group Summaries."

Select Trial Balance:

Under the "Display" menu, choose "Trial Balance." You can do this by pressing T or by navigating to "Display" -> "Trial Balance."

Apr 01 Bought goods from M/S VINE & CO was Rs.50000 Bill No.TN54.

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Voucher Type:

Choose the appropriate voucher type. Since you want an accounting-only entry, select "F9: Purchase" as the As Voucher type.

Enter Purchase Entry Details:

In the Purchase Voucher screen:

Date: Set the date to April 01.
Party A/c Name: Select or create the ledger for M/S VINE & CO.
Under: Choose the appropriate group for the party (like Sundry Creditors).
Amount: Enter Rs. 50,000.
Bill No.: Enter TN54 in the Bill No. field.
Narration: Enter a brief description, such as "Goods purchased from M/S VINE & CO, Bill No. TN54."

Debit and Credit Accounts:

Debit the account representing the goods purchased (e.g., "Purchase Account" under "Goods Purchases") with Rs. 50,000.
Credit the account representing the party (e.g., "M/S VINE & CO" under "/b>Sundry Creditors") with Rs. 50,000.

Save the Voucher:

Press Ctrl + A to save the Purchase Voucher.

Apr 15 Paid Telephone charges Rs.500

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Payment Type:

Choose "F5: Payment" to create a Payment Voucher.

Enter Voucher Details:

In the Payment Voucher screen:

Date: Set the date to April 15.
Party A/c Name: Select or create the ledger for Telephone Charges.
Under: Choose the appropriate group for the party (e.g., "Indirect Expenses").
Amount: Enter Rs. 500.
Payment Mode: Select "Cash" if you are paying in cash.

Debit and Credit Accounts:

Debit the account representing the expense (e.g., "Telephone Charges") with Rs. 500..
Credit the account representing the payment (e.g., "Cash" or your cash ledger) with Rs. 500.

Save the Voucher:

Press Ctrl + A to save the Payment Voucher.

follow the above steps for the transaction below.

Apr 28 Amountwithdraw from personal use Rs.1000
Sep 01 Paid stationery Rs.500
Sep 25 Paid Wages by Cheque Rs.500
Oct 05 Paid Water Charges Rs. 100
Oct 20 Paid Electrical charges Rs. 200

Apr 17 Issue debit note against to M/S SMR & CO was Rs.5000

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Debit Note Voucher:

Choose "Alt + F5: Debit Note" to create a Debit Note Voucher

Enter Voucher Details:

In the Debit Note Voucher screen:

Date: Set the date to April 17.
Party A/c Name: Select or create the ledger for "M/s SMR & Co.".
Under: Choose the appropriate group for the party (like "Sundry Creditors").
Amount: Enter Rs. 5000.
Narration: Enter a brief description, such as "Debit Note against M/s SMR & Co."

Debit and Credit Accounts:

Debit the account representing the party (e.g., "M/s SMR & Co.") with Rs. 5000.
Credit the account representing the return (e.g., "Purchase Return") with Rs. 5000.

Save the Voucher:

Press Ctrl + A to save the Debit Note Voucher.

Apr 19 Credit note received from M/S Nandhu&CO was Rs.1000

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Debit Note Voucher:

Choose "Alt + F6: Credit Note" to create a Credit Note Voucher.

Enter Voucher Details:

In the Debit Note Voucher screen:

Date: Set the date to April 19.
Party A/c Name: Select or create the ledger for "M/s Nandhu & Co."
Under: Choose the appropriate group for the party (like "Sundry Debtors").
Amount: Enter Rs. 1000.
Narration: Enter a brief description, such as "Credit Note received from M/s Nandhu & Co."

Debit and Credit Accounts:

Debit the account representing the party (e.g., "M/s Nandhu & Co.") with Rs. 5000.
Credit the account representing the return (e.g., "Sales Return") with Rs. 5000.

Save the Voucher:

Press Ctrl + A to save the Debit Note Voucher.

Apr 21 Goods sold to M/S Maran& CO was Rs.110000

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Debit Note Voucher:

Choose "F8: Sales" to create a Sales Voucher

Enter Voucher Details:

In the Debit Note Voucher screen:

Date: Set the date to April 21.
Party A/c Name: Select or create the ledger for "M/S Maran & Co."
Under: Choose the appropriate group for the party (like "Sundry Debtors").
Amount: Enter Rs. 110,000.
Narration: Enter a brief description, such as "Goods sold to M/S Maran & Co."

Debit and Credit Accounts:

Debit the account representing the party (e.g., "M/S Maran & Co.") with Rs. 5000.
Credit the account representing the return (e.g., "Sales") with Rs. 5000.

Save the Voucher:

Press Ctrl + A to save the Debit Note Voucher.

Apr 23 Cash withdraw from bank Rs.50000

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Debit Note Voucher:

Choose "F4: Contra" to create a Contra Voucher.

Enter Voucher Details:

In the Debit Note Voucher screen:

Date: Set the date to April 23.
Debit Account: Select the account to be debited (e.g., "Cash").
Amount: Enter Rs. 50,000.
Credit Account: Select the account to be credited (e.g., "SBI Bank").
Narration: Enter a brief description, such as "Cash withdrawal from SBI Bank."

Save the Voucher:

Press Ctrl + A to save the Debit Note Voucher.

follow the above steps for the transaction below.

June 01 Bank O/D settled Rs.300
Sep 05 Cash deposit in to bank Rs.2000
Sep 20 Withdraw from bank Rs.500

May 02 Received interest Rs. 20000

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Debit Note Voucher:

Choose "F6: Receipt" to create a Receipt Voucher.

Enter Voucher Details:

In the Debit Note Voucher screen:

Date: Set the date to May 02.
Received From: Enter the name of the party from whom you received the interest.
Under: Choose the appropriate group for the party (e.g., "Sundry Creditors").
Amount: Enter Rs. 20,000.
Credit Account: Select the ledger for "Received Interest."
Narration: Enter a brief description, such as "Received interest for May."

Save the Voucher:

Press Ctrl + A to save the Debit Note Voucher.

follow the above steps for the transaction below.

May 05 Bank Loan Received Rs.1000
Aug 28 Discount Received Rs.10000
Oct 01 Divided received Rs.1000

June 08 Stolen of typewriter Rs.1000

Go to Gateway of Tally:

You'll start at the Gateway of Tally, which is the main screen.

Access Accounts Information:

From the Gateway of Tally, go to "Transaction" or press V to directly access Vouchers.

Select Debit Note Voucher:

Choose "F7: Journal" to create a Journal Voucher.

Enter Voucher Details:

In the Debit Note Voucher screen:

Date: Set the date to June 08.
Debit Account: Select the account representing the loss or expense (e.g., "Stolen Expense" or "Loss on Theft").
Amount: Enter Rs. 1000.
Credit Account: Select the account representing the typewriter (e.g., "Typewriter").
Narration: Enter a brief description, such as "Stolen of typewriter worth Rs. 1000."