Opening Balance Calculation in Tally Prime


Opening Balance

Prepare Trial Balance for Mr. Ravi Pvt Ltd (Salem Branch) as on 1st April 2022 from the following ledgers.

Particular Rs Particular Rs
Capital 180000 Wages 800
Creditors 30000 Discount 10000
Debtors 77500 Interest 1500
Purchase 20000 Bills Payable 350
Bad Debts recovered 5000 Bills Receivable 1900
Purchase return 2300 Bank O/D 4600
Sales 10000 Salaries 32000
Sales Return 400 Stock 4600
Plant & Machinery 45000 Cash 50000
Carriage outward 10850 Bank Charges 800
Provision 55000 Carriage inward 10100
Telephone charges 1800 Type writer 20000

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 Mr. Ravi Pvt Ltd (Salem Branch).

  • Company Name: Mr. Ravi Pvt Ltd (Salem Branch)
  • Address: [Enter the company's address]
  • Financial Year: April 1, 2022, to March 31, 2023
  • Books Beginning from: April 1, 2022
  • Country: [Select the country]
Company Create

Ledger Creation


Capital Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the capital ledger.

  • Name: Enter a name for the ledger (e.g., "Capital").
  • Under: Choose the appropriate group under "Capital Account".
  • Opening Balance: Enter the Amount Rs.180000.

Save the Ledgers:

  • Press Enter to save the ledger details.
capital

Creditors Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the creditor’s ledger.

  • Name: Enter a name for the ledger (e.g., "Creditors").
  • Under: Choose the appropriate group under "Sundry Creditors".
  • Opening Balance: Enter the Amount Rs.30,000.

Save the Ledgers:

  • Press Enter to save the ledger details.
creditors

Debtors Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Debtors’s ledger.

  • Name: Enter a name for the ledger (e.g., "Debtors").
  • Under: Choose the appropriate group under "Sundry Debtors".
  • Opening Balance: Enter the Amount Rs.77,500.

Save the Ledgers:

  • Press Enter to save the ledger details.
Debtors

Purchase Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Purchase ledger.

  • Name: Enter a name for the ledger (e.g., "Purchase").
  • Under: Choose the appropriate group under "Purchase Accounts".
  • Opening Balance: Enter the Amount Rs.20,000.

Save the Ledgers:

  • Press Enter to save the ledger details.
purchase

Follow the above steps for below Ledger.

Particulars Amount
Purchase Return ₹.2300

Bad Debts Recovered Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bad Debts Recovered ledger.

  • Name: Enter a name for the ledger (e.g., "Bad Debts Recovered ").
  • Under: Choose the appropriate group under "Indirect Income".
  • Opening Balance: Enter the Amount Rs.5,000.

Save the Ledgers:

  • Press Enter to save the ledger details.
Bad Debts Recovered

Sales Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Sales ledger.

  • Name: Enter a name for the ledger (e.g., "Sales").
  • Under: Choose the appropriate group under "Sales Accounts".
  • Opening Balance: Enter the Amount Rs.10,000.

Save the Ledgers:

  • Press Enter to save the ledger details.
Sales

Follow the above steps for below Ledger.

Particulars Amount
Sales Return ₹.400

Plant & Machinery Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Plant & Machinery ledger.

  • Name: Enter a name for the ledger (e.g., "Plant & Machinery ").
  • Under: Choose the appropriate group under "Fixed Assets".
  • Opening Balance: Enter the Amount Rs.45,000.

Save the Ledgers:

  • Press Enter to save the ledger details.
Plant_Machinery

Follow the above steps for below Ledger.

Particulars Amount
Type Writer₹.20,000

Carriage Outward Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Carriage Outward ledger.

  • Name: Enter a name for the ledger (e.g., "Carriage Outward").
  • Under: Choose the appropriate group under "Indirect Expenses".
  • Opening Balance: Enter the Amount Rs.10,850.

Save the Ledgers:

  • Press Enter to save the ledger details.
carriage_outward

Follow the above steps for below Ledger.

Particulars Amount
Telephone Charges ₹.1,800
Discount ₹.10,000
Interest ₹.1500
Salaries ₹. 32,000
Bank Charges ₹. 800

Provision Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Provision ledger.

  • Name: Enter a name for the ledger (e.g., "Provision").
  • Under: Choose the appropriate group under "Provision".
  • Opening Balance: Enter the Amount Rs.55,000.

Save the Ledgers:

  • Press Enter to save the ledger details.
Provision

Wages Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Wages ledger.

  • Name: Enter a name for the ledger (e.g., "Wages").
  • Under: Choose the appropriate group under "Direct Expenses".
  • Opening Balance: Enter the Amount Rs.800.

Save the Ledgers:

  • Press Enter to save the ledger details.
Wages

Follow the above steps for below Ledger.

Particulars Amount
Carriage inward ₹.10100

Bill Payable Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bill Payable ledger.

  • Name: Enter a name for the ledger (e.g., "Bill Payable").
  • Under: Choose the appropriate group under "Current Liabilities".
  • Opening Balance: Enter the Amount Rs.350.

Save the Ledgers:

  • Press Enter to save the ledger details.
Bill Payable

Bill Receivable Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bill Receivable ledger.

  • Name: Enter a name for the ledger (e.g., "Bill Receivable").
  • Under: Choose the appropriate group under "Current Assets".
  • Opening Balance: Enter the Amount Rs.1900.

Save the Ledgers:

  • Press Enter to save the ledger details.
Bill Receivable

Follow the above steps for below Ledger.

Particulars Amount
Stock₹.4600

Bank O/D Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bank O/D ledger.

  • Name: Enter a name for the ledger (e.g., "Bank O/D").
  • Under: Choose the appropriate group under "Bank O/D Account".
  • Opening Balance: Enter the Amount Rs.4600.

Save the Ledgers:

  • Press Enter to save the ledger details.
Bank O/D

Cash Ledger

Access Accounts Information:

  • Gate way of Tally -> Masters -> Create by selecting it from the main menu.
  • Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

  • Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Cash ledger.

  • Name: Enter a name for the ledger (e.g., "Cash ").
  • Under: Choose the appropriate group under "Cash in Hand".
  • Opening Balance: Enter the Amount Rs.50000.

Save the Ledgers:

  • Press Enter to save the ledger details.
Cash

To use the default ledger, press page up button.

Cash

Select Chart of Accounts:

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

Select Trial Balance:

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

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