‘Accounting Package - Tally Basic concept of accounting Accounting : It is an art of recording, classifying and summarizing in significant manner and in terms of ‘monay, iransactions and events which are of financial chatacter and interpreting the results thereat. Business Transaction : A business transaction is “The movement of money and money's worth form ene person to another’. Or exchange of values between two panies is also known as “Business ‘Transaction’. Purchase : A purchase means goods purchased by a businessman from suppliers. Sales : Sales is goods sold by.a businassman to his customers. Purchase Return or Rejection in or Outward Invoice : Purchase return means the return of the full or a part of goods purchased by the businessman to his suppliers. Sales Return or Rejection out or Inward Invoice : Sales retumn means the return of the full or a part of ‘the goods sold by the customer to the businessman. Assets : Assets are the things and properties possessed by a businessman not for resale but for the use in the business. Liabilities : All the amounts payable by a business cancem to outsiders are called liabilities, Capital : Capital is the amount invested for starting a business by a person. Debtors : Debtor is the person who owes amounts to the businessman, Creditor : Creditor is the person to whom amounts are owed by the businessman. Debit : The receiving aspect of a transaction is called debit or Dr. Credit : The giving aspect of a transaction is called credit or Cr. Drawings : Drawings are the amounts withdrawn (taken back) by the businessman from his business for his personal, private and domestic purpose. Drawings may be made in the form cash, goods and assets of the business. Receipts : It is a document issued by the receiver of cash to the giver of cash acknowledging the cash received voucher. Account : Account is a summarized record of all the transactions relating to every person, every thing or property and every type of service. Ledger : The book of final entry where accounts lio. Journal entries : A daily record of transaction. ‘Trail Balance : It is @ statement of all the ledger account balances preparad at the end of particular pperiod to verify the accuracy of the entries made in books of aecounts. Profit : Excess of credit side over dabit side, Profit and loss account : It is prepared to ascertain actual profit or loss of the business. Balance Sheet : To ascertain the financial position of the business. It i6 a statement of assets and liabilities. Page 1 of 90‘Accounting Package - Tally ‘Types of accounts Personal account: Personal accounts are the accounts of persons, firms, cancerns. and institutions Which the businessmen deal. Principles: Debit the receiver Cradit the giver Real Account: These are the accounts of things, materials, assets & properties. It has physical existence which can be seen & touch. Ex. Cash, Sale, Purchase, Furniture, Investment etc. Principles: Debit what comes in Credit what goes out Nominal account: Nominal account is the accaunt of services received (expenses and Losses) and services given (income and gain) Ex. Salary, Rent, Wages, Stationery etc. Principles: Debit all expense/losses: (Credit ail income/ gains ‘Tally is a complete business solution tor any kind of Business Enterprise. It is a full ledgad accounting software. Procedure for creating company in Tally Double click on Tally icon on desktop. Alt#F3 Company info-Create company. Accounts Only : To maintain only the financial accounts of the company. Inventory (stock) management is notinvatved in it. ‘Account with Inventory : This is the default option, which allows maintaining both the financial account of the company a8 well a5 the inventory of the eampany. ‘Select Company : We can choose the company which is already created. Shortcut key -F1. ‘Shut Company = it is used to close the company which is opened. Shortcut key - AlteF 1. Alter : It is used to make alterations in the company creation like name, date, maintain etc. Quit : Exits from Tally. 1. Click on quit button. 2. Ese, Ese, Ese and enter. a Cra Page 2 of 90‘Accounting Package - Tally Short cut keys AlHES, Company information menu Enter ‘To. accept information typedinto a field. Te.accept a voucher or master Tegot a report with further details of an itern in.a report. Ese To remove what has been typed into-a field, Toexita screen, Ta indicate you do not want to accept a voucher or master. Ctrlea ‘To accept a form wherever you use the key combination the screen or report will be accepted as it ison this screen. Crea It quits the screen without making any changed to it Alte To.create a master at a voucher screen. When working within an amount field presses AlteC to act as a calculator. Alte Taddolete a voucher. Todolete a master. CtrleEnter To alter a master while making an entry or viewing report. F2 Date AlteE2 Change period Alert Ta see detail Fit Features company Fiz Configuration options are applicable to all the companies in a data directory. Ctnteny Calculator sereen. Ctriey Voucher mode (Cr. Dr) Invoice mode (name of item, rate, quantity, and amount) Gateway of tally-Accounts info-Group Bank account Directincome Bank Od account Indirect expense Branchidivision Indirect income Capital account Duties and tax Cash in hand Fixed asset Current asset Investment ‘Current liability Loans and advance: Deposit ‘Loan (bitty) Direct expenses. ‘Miscellaneous expenses Page 3 of 90Provisions ‘Stock in hand Retained earning ‘Sundry debtor's Reserves and surplus ‘Sundry creditors Purchase account ‘Suspense Sales account Unsecured account ‘Secured loan cash with in a year. Ex. Bills receivable Direct expenses : These are the expenses which are directly related to manufacturing of goods. Ex. Wages, factory rent, heating, lighting etc Indirect expense : Theseare the expenses which are indirectly related to manufacturing af goods. Ex. Salary, rent, stationery, advertisement, printing Depreciation : Decrease the value of the asset. ‘Sundry debtors : The person who is the receiver or customer ‘Sundry creditors: The person who gives or supplier. Expenses Outstanding or Unpaid expenses or Expenses due : Expenditure incurred during current year but the arnount on which is not yet paid. (Added to the expenditure on the debit side and entered on the liability side.) Income received in advance or Income received but not earned Income received during the current year but not earned or a part of which relates to the next year. (Deducted form the concerned incame on the credit side and entered on the liability side) Prepaid advance or Expenses or Prepaid expenses Expenditure paid during current year but not incurred ar a part of which relates to the next year is called expenditure prepaid. (Deducted form the concerned expenditure on the debit side and entered on the assets side) Income outstanding or income earned but not received or Income accrued Income outstanding means income eamed during the currant year but the amount on which is nat yet received (added to the concerned income on the credit side and entered on the asset side) Gateway of Tally-Accounts info-ledger-create Ledger Group Fright charges. Direct Opaning stock ‘Stock in hand ; Direct Purchase Carriage inwards or Purchases i Purchase Porches one Direet Purchase Cartage and cootie nse Purchase return: account Octrai erponses Page 4 of 90‘Accounting Package - Tally Direct Manufacturing wages Sundry expenses Discount allowed Coal, gas, water Direct - Carriage outwards or sales | Inditect expenses il and fut Direct expenses Indirect Traveling expenses Factory ron, insurance, Diroct pense lecticty, lighting and heating | expanses 5 Advertisement Indact Sales Sales account expe 5 Indirect Indirect Bad debts salay expenses Indirect indict Repair renewats Postage and telegrams Pat expenses Indiract Indirect Motor expenses Telephone charges expenses sal Indirect Indireet Depreciation on assets Ront paid expences ana Indiroct Interest on investment received | incect Rates and taxes eos income indract Indirect Interest on deposit received Insurance income , Indirect Indirect Interest on loans received Audit feos income 5 Indirect Indirect Commission received Interest on bank loan income . Indiract : Indirect Discount received : Interest on loans paid income , Indirect Indireet Rent received Bank charges income 5 . Indirect Indiroct Dividend received ees income Indiract Indirect Bad debts recovered Heian income Indirect vee Profit by sale of assets Gonoral oxponsos ie : expenses Indirect Sundry ineome‘Accounting Package - Tally trom Lon Land and building Leasehold property Loan Bank loan ue Palonis Bank overdraft Bank OD Goodwitt eis Curent Prepaid expenses ‘sbiiies income outstanding ‘Sundry Sundry creditors. any Morigage loans ‘Secured loans Current Expanse outstanding tabaties wedi Current Income receivedin advance | Curent Current Other liabiltios ate Capital Capital pasa i Capital Drawings account Gash in hand Gash in hand Gash at bank Bank account Fined deposit at bank Deposit Investments Investments Bilis receivable Current asset un Sundry Sundry debtors lasing stock ‘Stock in hand Stack of stationary Current asset Loose toate Fixed ascot Fixtures and fittings Fixed asset Furniture Fixed asset Motor vehicles Fixed asst Plant and machinery Fixed asset Page 6 of 90‘Accounting Package - Tally Trading account : Buying and selling of goods. Receiving aspect Direct expenses Amount | Direct Income Ta | Opening stock x By | Sates 00 Ta | Purchases: x By | (-)Sales return 00 To | (-Jpurchase retum 0 By | Closing stock vo Ta | Freight charges 0 Ta | Cartage and coolie 0 Ta | Lorry hire 0 To | Manufacturing expenses 0 To | Wages 0 Ta | Factory rent, fuel power 0 Ta | Gross profit (transfer to profit] | and loss account) To Profit and loss account : Actual profit and loss of the business Indirect expenses or payments | Amount Indirect income or receipts | Amount To | Salary ve By | Gross profit 200 To | Postage and Telegram — | xxx By | Intarest on investment received | 20% To | Telephone charges ax By | Intarest on deposit received — | 20x To | Rent paid ve By | Intarest on loans reosived 200 To | Rate and taxes ve By | Discount received: 200 To | Insurance paid ve By | Discount received 200 To | Interest on bank loan vo By | Rent received 20K To | Bank charges 0 By | Bad debis received 20K To | Printing and stationary 001 By | Netloss 20K To | Discount allowed 10a To | Advertisement Page 7 of 90‘Accounting Package - Tally To | Carriage outward (sales) To | Depreciation on assets To | General expenses To | Traveling To | Bad dets To | Net profit Balance sheet: Actual financial position Liabilities ‘Amount | Assets ‘Amnount Bank loan xxx | Cashin hand soe Bank overdraft wx | Cashat bank eek Bias payable xx | Fixed deposit at bank eek Sundry creditors xox | Investments eek Expenses outstanding 00K Bills receivable coed Capital xox | Sundry debtors exe (drawings xox | Closing stock mx Net profit xx | Stock of stationery veo Furniture wat Plant machinery exe Land and building exe Motor vehicles exe Prepaid expenses exe Income outstanding Page 8 of 90‘Accounting Package - Tally Fa Contra: Records funds transfer between cash and bank accounts. ‘Deposit into bank or Opened bank account Cr. Cash Dr. Bank Withdraw form bank Cr. Bank Dr. Cash F5 Payment: Record all bank and cash payrnents. Paid or Give Dr. Cr. Cashibank (in case chequ Fe Receipt: Records all receipts into bank or Gash accounts. Received or Borrower Take — Cr. Dr. Cashvbank (in case cheque) FT Journat Records adjustments between ledger accounts. FB Sales: Records all sales. Dr. Cash/patty (incase of eradit-party) Cr. Sales FO Purchase: Records all purchase. Cr. Cashipanty (incase of eredit-party) Dr. Purchase Page 9 of 90‘Accounting Package - Tally Class Room Assignment No.1:- Create a company Milan Trade for the year 2009-10, and pass necessary Journal Entries Journalize the following transactions 1. Commenced business with cash Rs.10, 000. 2. Deposit into bank Rs. 15,000 3. Bought office furniture Rs.3,000 4. Soled goods for cash Rs.2,500 5. Purchased goods form Mr X on credit Rs.2,000 6. Soled goods to MY on credit Rs.3,000 7. Received eash form Mr.'Y on account Rs.2,000 8. Paid cash to MrX Rs.1 8. Received commission Rs. 50 10. Received interest on bank deposit Rs. 100 11. Paid into bank Rs. 1,000 12, Paid for advertiserent Rs.500 13, Purchased goods for cash Rs. 800 414, Sold goods for cash Rs. 1,500 15. Paid salary Rs. 500 Gateway of tally-Account info-Ledger-Create Gateway of tally ~ Accounting voucher SL Type of No | Key | Voucher | Ledger Group account | Principles | Amount Gr. Capital ‘Capital account_| Personal_| Giver 10,000 1_|F6 | Receipt [Dr Cash Cashinhand | Real Com 10,000 Cr. Cash Cash inhand | Real Goes out | 15,000 2 | e4 | conta [br gank Bank account| Real Comes in| 15,000 Dr. Office fumiture Fixed asset Real Comes in| 3,000 35 | Payment [Gr Gash Gash inhand | Real Goes out | 3.000 Dr. Cash Cash inhand | Real Comes in| 2.500 4 |e |saes [Cr Sates Sales account| Real Goes out | 2,500 1X Sundry creditor | Personal_| Giver 2,000 Purchase 5_|Fo | Purchase |Or purchase | account Reat 2,000 DY Sundry debtors _| Personal 3000 6 |e | sales [Cr Sales Sales account| Real 3.000) cy 2,000) 7 | Fe | Receipt [Dr cash Cashinhand | Real 2,000 rx 7,000 8 [Fs | Payment [Gr Cash Cash inhand | Real 7.000 Page 10 of 90‘Accounting Package - Tally Cr. Commission | indirect income 8_|F6 | Receipt [Breast ‘Gash in hand Gr. intereston bank deposit | indirect income | Nominat_| income | 100 10 | F6 | Receipt [Or Bank Bank account | Real 100 ‘Gr. Cash ‘Cash inhand | Real 1,000 11 | F4 | Contra [Dr Bank Bank account | Real 7.000 Or. inainect Advertisement | expanses Nominal | expenses | 500 12 |F5_| Payment [Cr Cash ‘Cash inhand | Real 500 ‘Cr. Cash Cashinhand | Real 200 Dr. purchase | Purchase 13 |F9 | Purchase | Crcash account Reat 800 Dr cash Gash inhand | Real 1.500 14 [Fa | Sales [Cr Sales Sales account| Real 7,500 (Dr. salary Indirect expense | Nominal | expenses | 500 15_|Fs_| Payment _[Cr.Cash Cash inhand [Real Goes out | 500 Lab Assignment No.1.1:: Create a company ‘infoSoft Pvt. Lid.’ On 1-4-2006. Pass the Journal Entry for the following transactions Commenced business with Rs. 15000, goods of Rs. 9000 & Building Rs. 12000. Purchase goods for Rs. 1000. ‘Sold goods to Pallavi for Rs. 16000. Sold goods for Rs. 2000. Paid office rent Rs. 200. Paid cash to Dhanashi Rs. 500. Received Commission Rs. 100. Returned goods by Pallavi of Rs. 150. Withdrawn fs. 2000 for personal use. Purchase Furniture for Rs. 1 Borrowed from Bank Rs. 8000. Paid carriage on behalf of Sudesh Rs. 20. Sold Building of RS. 8000 for RS. 7500. Depreciation charged on all the assets @ 5% p.a. Repaid loan to bank Rs. 3400. Goods purchase fram Kanji worth Rs. 1500. Purchase Motor Car worth Rs. 8000 in exchange of Furniture worth Rs. 10000. Sold half of the goods purchase from Kanji to Kalidas, gotting profit of Rs. 15.an each Rs. 100. Page 11 of 90‘Accounting Package - Tally Class Room Assignment No.2:- Create a company ‘MIS Albert & Brothers! far the year 01.04.2006 and books beginning from 01.05.2006 and pass the transactions considering the following 2006 May 1 May 1 May 2 May 34 May 31 June 1 June 1 June 2 July 4 July 4 July 2 July 31 July 31 Aug Aug 1 ‘Aug 2 Aug 2 Aug 31 Aug 31 Albert starts business with Rs. 60,000. He opens a bank account and deposits Rs. 20,000. Bought furniture for Rs. 6,000, machinery for Rs. 10,000. Purchased goods for Rs. 14,000. Sold goods for Rs. 8,000. Purchased goods from Malhotra & Co. Rs. 11,000. Paid telephone rent for the year by cheque Rs. S00. Bought ane typewriter for Rs. 2,100 from ‘Universal Typewriter Co.’ on credit. Sold goods to Kashav Ram for Rs. 12,000. Sold goods to Rajesh Kumar for Ris. 2,000 cash. “Amount withdrawn from bank for personal use Rs. 1 500. Received cash fromm Keshav Ram Rs. 11,900 and discount allowed Rs. 100. Paid into bank Rs. 5,800. Bought 50 shares in X Y-& Co. Lid. At Rs. 60 per share, brokerage paid Rs. 20. Goods worth Rs. 1,000 found defective were returned to Malhotra & Co. and balance of ‘the amount due to them settled by issuing a cheque in their favour. Sold 20 shares of X Y & Co. Lid. at Rs. 65 per share, brokerage paid Rs. 20. Bought goods worth Rs. 2,100 from Ramash and supplied them to Suresh at Rs. 3,000. ‘Suresh returned goods worth Rs. 100, which in turn were sent to Ramesh. Issued a cheque for RS. 1,000 in favour af landlord for rent . Paid salaries to staff Rs. 1,500 & received from travelling salesman RS. 2,000 far goods sold by him, travelling expenses R's. 100. Lab Assignment No. 2.1:- Create a Company by name "Khanna Sons” for the year 2007-08, prepare following ledgers and pass necessary entries 1. Commenced business. with cash Rs.10, 000, a5 on 1/4/2007, 2. Deposit into bank Rs. 15,000 on 2/4/2007 3. Bought office furniture Rs.3,000 on 2/4/2007 4. Sold goods for cash R's.2.500 on 1/5/2007 Page 12 of 90‘Accounting Package - Tally 5. Purchased goods form Mr X on eredit Rs.2.000 on 2/5/2007 6. Sold goods to Mr'Y on credit Rs.3,000 on 31/5/2007 7. Received cash form Mr. Y on aocount Rs.2,000 on 1/6207 8 Paid cash to Mr X Rs. 1,000 on 2/6/2007 9. Received commission Rs. 50 on 2/6/2007 10. Received interest on bank deposit Rs. 100 on 1/7/2007 11. Paid into bank Rs. 1,000 on 2/7/2007 12. Paid for advertiserment 8.500 on 31/7/2007 13. Purchased goods for cash R's. 800 on 1/8/2007 114, Sold goods for cash Rs, 1,500 on 2/e/2007 15, Paid salary RS. 500 on 31/8/2007 Lab Assignment No.2.2:- Create 2 company in the name of Raj Traders far the year ended 01.04.1998 and books beginning from 01.07.1998 and pass the transactions considering the following: Ledgers ta be createc:- 1) Purchase Account 2) Sales Account 3} Bark Account & Respective parties ‘Accounts, pass the entry in Voucher mode. (2) On 01.07.1998 purchased goods worth R's. 1,00,000/- from Mafatial Industries Ltd. (b) On 02.07.1998 sold goods worth Rs. 40,000/- to Rakesh Mills. (c) On 31.07.1998 received R's. 25,000/-from Rakesh Mills. (d) Sold goods worth Rs. 50,000. to Anil Textiles on 02.08.1998. (e) Received Rs. 40,000/- from Anil Textiles on 31.08.1998. (f, On 01.09.1996 paid Rs. 50,000/- to Mafatial Industries Lid (g) Purchased goods worth Rs. £0,000/- each from Arvind Mills and Vimal on 02.08.1998, (h) On the same day sold goods worth Rs. 40,000/- each ta Vikas Sales Agency and Rakesh Mills. (i) Received R's. 30,000/- each from Rakesh Mills and Vikas Sales Agency. () On 31.08.1998 paid Rs. 25,000/- each to Arvind Mis and Viral Class Room Assignment No. 3:- Accounts with Inventory Create a company in the name of Asian Car Arcade for the year ending 2001. Prepare the required ledgers, stock graup, category, items, godown and pass the transactions taking the following into consideration, entry to be done in invoice made. F11 Features to be activated:- Under Maruti Maruti 800, Zen, Esteem, Baleno. Under Hyundai Ascent, Hyundai Deluxe, Hyundai Regular. Under Premiere Fiat, Uno, Siena. Under Tata Indica, Sumo, Estate, Sierra. Page 13 of 90‘Accounting Package - Tally Under Hindustan Ambassador, Contessa. Transaction * Purchased the following on 01.06-2000, discount 2% Quantity Name Rate Godown a Zen 409000 Mumbai 2 Ascent Mumbai 2 uno 375000 Pune 4 Siena 575000 Pune 2 ‘Sumo ‘500000 Mumbai 5 Indica, Mumbai © 0n02.06.2000 soid following cars to Patel Motors, discount 2% Quantity Name Rate 1 Zen 475000 1 Siena 610000 1 Indica, 450000 © 0n01.07.2000 soi following cars to Dhruv Motors, discount 29% Quantity Name Rate 1 Ascent 580000 1 Indica, 430000 © 07.02.07.2000 sod following cars to Gupta Car Arcade, discount 2% Quanity = Name Rate 1 Zen 460000 1 Siona 600000 + 0n31.07.2000 sold following cars to Continental Motors, discount 256 Quantity Name 1 ‘sumo 1 Zen 1 Siona + Received on 01.08.2000 RS. 1125000/- from continental Motors after daducting discount on total bill amount. + Paid $0% bill amount from which 7.5% discount on bill amount has been paid for Hyundai motors ‘on 02.08.2000. © 0n 31.08.2000 received 75% bill amount after deducting 11.25% on net bill from Dhruv Motors. ‘+ Paid full amount after deducting 15% discount ta Premeiere 01.09.2000. © Sold indica @ Fs. 450000 to Ramesh Motors (add 4% sales tax) on 02.08.2000, + Sold 1 Siena @ Rs, 600000 and 1 Uno @ Rs. 400000 to Trilok Motors (add 4.8% sales tax} on 31.09.2000. Page 14 of 90‘Accounting Package - Tally Lab Assignment No. 3.1:- Greate a Company Raman Shop, a5 on 2006-07 On 144-06 Raman commenced business with cash of Fs. 25,00,000. He further introduced Land and Building casting Rs. 30,000. Plant and Machinery costing Rs. 25,000 and furniture and fixture costing Rs. 36,000. 2. On 2-4.06 Purchased Vehicle and Patents Rs. 20,000 and Rs. 15,000. 3. On1-5-06 He deposited Rs. 1,00,000 into Canara Bank. 4. On 2.5.06 Furchased from Cadbury Company, discount 1% 500 5 Stars @ Rs.5 1000 Munch @ Rs. 5 100 Kitkat @ Rs 4 200 Dairy mik @ Rs.7 5. On 31-5-06 Purchased from Paras, discount 2% 500 Moov @ Rs. 20 500 D'Clod @ Rs. 12 6. On 1-6-06 Purchased from Amber, discount 2% 450 Achensive tape roll @ Rs. 14.50 200 Band Aid box @ Rs. 240 200 Boric Acid powder @ Rs. 13 7. On 16-06 Sold to Pankaj, discount 2% 200 Moov @ Rs. 20.50 100 D'Clod @ Rs. 12.25 200 Adhensive tape roll @ Rs. 15.25 100 Band Aid box @ Rs. 252 200 Boric Acid ponder @ Rs.14 8. On 2-6-06 Sold to Akbar, discount 2% 500 Munch @ Rs. 6 200 5 Star @ 8.5.25 50 KitKat @ Rs.6 8. On 1-7-06 Paid to Cadbury company Rs. 7500/- in cash. 10. On 2-7-06 Received from Pankaj Rs. 30000/- by cheque 11. On 31-7-08 Paid to Paras Rs. 12000/- by cheque 12. On 2-8-06 Reoeived from Akbar R's. 3500/- in cash 13. On 2-8-06 Purchase from Well Cloth Shirts Lee 25Pc.@ Rs.200 Nike 20Pe@ Rs.300 Formal Shirts Pan America 35Pe @ Rs. 400 Peter England 30Pc @ Rs. 450 Page 15 of 90‘Accounting Package - Tally deans Pants Tiger 20Pe @ Rs. 500 Ruff and Tuff 30Pe @ Rs. 350 Cotten Pants Arrow 40Pe @ Rs. 200 ExCalbar — 20Pc @ Rs. 250 13. Paid Postage Rs. 500 by cheque 14, Received commission Rs. 15,000 15. Paid wages Rs. 2,500 Procedure for Inventary Problem Gateway of Tally-Inventory Info-Unit of Measure-Create- ‘Symbol- Nos. Pes Formal Name- Number Pieces Gateway of Tally-Inventory Info-Stock Group-Create_ Chocolate, Medicines, Cotton Pants, Jeans Pants, Formal Shirts, T-Shins Gateway of Tally-Inventory Info-Stock Item-Create 5 Stars itket Chocolate Munch Dairy milk. Moov DCled Adhensive tape rolls Medicines Band Aid box Boric Acid powder Lee T-Shirts Nike Pan America Formal Shirts Peter England Tiger Jeans Panis Rutt and Tutt Arrow Ex-Calibar Cotton Pants Page 16 of 90‘Accounting Package - Tally Class Room Assignment No. 4:- Given below is the trial balance of Ms. Sameer and Reena on 31" Dec. 1988. They divide profits and losses as 3:2 respectively. From the following trial balance you are required to prepare Trading and Profit and loss account for the year ended 31 December 1988 and the Balanca Sheet as on that date. Create Groups for Ledgers, F'11 features Interest Calculation, Currency (€ Euro (use Alt 0128 to insert symbel):~ Trial balance as on 31" December 1988 Particulars Debit | Particulars Credit Rs. Rs. Stock (141-88) 60,000 | Sales 401,250 Purchases 1,20,000 | Purchases Reiumns 4,000 Sales Returns 1,500 | Capital account Sameer 80,000 Drawings Sameer 8,000 | Capital account Reena 60,000 Drawings Reena 7,000 | Current Alc. Reena 2,000 Current A/c. Sameer 3,000 | Bank Overdraft 4% pa 47,000 ‘Sundry Expenses 1,750 | Discount Received 600 Wages Dividend Received 2,400 Salaries ‘Sundry Creditors 10,000 Traveling Expenses 1,600 | Bills Payable 25,000 ‘Advertisement 6,000 | Outstanding wages 2,000 Ront, Rates and Taxes 12,500 | Loan trom Dena bank @ 12% | 5,50000 Bad Debts 13,000 Discount 1,400 Commission 1,500 Buildings 1,80,000 Machinery 1,20,000 Furniture 75,000 Sundry Debtors 30,000 Page 17 of 90‘Accounting Package - Tally Cash in Hand 25,000 Cash at Bank 2.5% interest p.m — | 1,22,000 Bills Receivable 27,000 Prepaid insurance 2800 851,250 851,250 Additional Information at the end of the year. © Closing Stock as on 31-12-1988 Rs. 57600/- © Outstanding Rent Rs. 400/- Salaries Rs. 600 Provide depreciation on Building 10% Machinery 20% and Furniture 15%. Provide 10% interest on partner's capital. Sameer is entitled to get Rs. 1,500/- as salary per month for his exira work for 3 Months. Partnership firm charges 5% interest on drawings. Shara profivless in the ratio given Display Balance sheet, Profit & Loss, Trial Balance in the the currency create (€ euro) Transfer the company data to new blank campany using ImponExport option. Merge both the company and create a Group company, showing individual balance sheet, profit / lass account, and also group wise details fer the same, Lab Assignment No. 4.1 :- Ramesh and Mahesh are partners sharing profits and losses 2:1. Following is the trial balance as on B1/201985. Particulars Debits. | Credit Rs. Land and Buildings 55,000 Machinery 40,000 Salary and Wages 21,000 Gash at bank 40,000 Gash in hand 1,100 Motor Vans 20,000 Ofice Expenses. 1,000 Ramesh Capital 1,16,000 Page 18 of 90‘Accounting Package - Tally Mahesh Capital Carriage 5,000 Purchase and Sales 2,20,000 2,20,000 Retums 2,000 5,500 Bad Debts 1,000 Debiors and Creditors: 32,800 20,000, Rent 1,100 Bills Payable 35,000 Printing and Stationary 1,500 ‘Travelling Expenses 5.500 ‘Stock (1/1/1985) 30,000 Insurance 1,500 Discount 8,000 Advertisement 12,000 Furniture 20,000 5,18,500 5,18,500 Adjustments: © Goods worth Rs. §,000 taken aver by Ramesh for personal use were not entered in the books of accounts. + For goods worth Rs. 5,000 were destroyed by fire and Insurance Company agreed to pay Rs. 4,000 in full settlement of the claim. © Outstanding expences, Rent Rs. 100/: and Salary Rs. 500/- + Provide depreciation at 10% on machinery and 5% on furniture Lab Assignment No. 4.2:- Following is the trail balance of Sri Arora company for the year ended 31-301 Particulars Debit Credit Capital account : 10,000 Drawings account 2,000 - Page 19 of 90‘Accounting Package - Tally Purchases "20,800 : Opening stock 6.200 ~ Sales - 277.500 Creditors - 8,100 Rent 1,000 - Discount Received - 270 Furiture & Fixture 00 - Machinery 5,000 : Traveling expences 050 - Bad debis 720 7.500 - 700 : ‘580 400 : 325 ‘00 : a0 700 900 : Bank Loan . ‘3000 Gash in hand 575 - Total 49,450 49,450 Additional information: 1. Closing stock was values at Rs. 8900. Insurance prepaid Rs.250. Interest on bank loan outstanding Rs.150. Depreciate machinery and furniture at 10%. Provide for doubtful debis at 5% on dabiors. O/S rant Rs 200 O/S salary Rs 100 Page 20 of 90‘Accounting Package - Tally Class Room Assignment No. 5 (VAT 4%):- M/S SAI TECHNOLOGIES BALANCE SHEET AS ON 31-3-1998 Liabilities Amount | Total | Assets Amount | Total Capital Account 150000 | Fixed Assets 72000 Kapil ‘75000 Office equipment 32000 Mayur ‘75000 Furniture & Fisture 49000 Loan Liabilities: 100000 | Investment 28000 City Bank 50000 ‘Shares in ICICL 14000 (Term joan) ‘Shares in HDF 14000 Mohan Bansi ‘50000 Current Liabilities: 13310 | Current Assets 262310 Sundry Creditors =A | 101340 Stock 134424 Unpaid Expenses = B | 11974 Sundry Debtors CG | 88850 Cash in Hand 8528 Bank Accounts 0 | 31512 Total | sea Total | 363314 Schedule A: Sundry Creditors, Bill No. Date Amount Total Sachin Trader 1398 ain2e7 2070 1421 an198 3073 1434 2198 41020 1636 12198 3079 1842 113/98 14014 33253 Navjot Enterprises 4120 12198 8092 Page 21 of 90‘Accounting Package - Tally 4121 a8 4293 Ganguly Tech 3268 2108 6028 4198 a8 9011 15039 Azhar Softech 12941 vai98 4219 12983, 20/98 3024 13492 317398, 5360 13780 317398, 28080 40863 Schedule B: Unpaid Expenses Telephone Expenses Payable 8370 Electricity Expenses Payable 3604 Total 1974 Schedule C: Sundry Debtors ‘Amitabh Corporation 31621 1020097-08 1298 3430 1029/97-08 1298 6018 1019/97-08 2298 7024 1068/97-08 11398 4120 1076/97-08 2898 6148 1092/97-08 31308 3981 Dev Enterprises, 20601 1024/97-98 1298 13210 1071/97-98 18i98 7301 Khanna Brothers. 36628 1048/97-98 1298 14216 Page 22 of 90‘Accounting Package - Tally 1084/97-08 1398 1096/97-98 31308, 13483 ‘Schedule D: Bank Accounts: ‘State Bank of India Afe 34292 9828 Mandavi Ae 21767 21684 an512 Enter the opening stock in M/s SAI Technologies: Particulars Brand Name & Item ‘Qty. Rate Per Nos. | Amount Total Nes. Floppy Disk 15123 ‘Sony 1.44 MB 15 210 a1s0 12MB a 185 1490 Maxell 1.44 MB 4 212 2968 12MB 6 191 1146 Verbatin 1.44 MB 18 215 3870 12MB 13 193 2509 Compact Dise CD's 3640 Sony Writable 6 75 1050 HP Writable 4 185 2590 Mouse 14950 Logitech 20 590 41800 Genious 15 210 3150 Monitor 54082 Microtech 4 9025, 36100 Page 23 of 90‘Accounting Package - Tally ‘Samtron 1 8981 Ls 1 9000 Keyboard 9630 Chiconi 15 642 9620 Central Processing Unit a7o00 Pentium Il 2 18500 37000 Enter the following Purchase Transactions into M/s SAI Technologies: 4% Vat Applicable Date Particulars t-Apr-88 | Purchased 20 Boxes of 1.44 MB Sony Floppies @ Rs. 215 each fram M/S. Naviot Enterprises Vide Bil No. 4304 amounting to Rs. 4300/- 1-Apr-98 | Purchased 3 Pentium @ 18000/- each fram M/s. Jadeja @ Co. vide Bill No. 24920 ‘amounting to Rs. $4000/- 2-Apr-98 | 50 CD's of HP purchased from M/s. Nayab Trade Links @ Rs. 175 per C.O. as per Bill No. 18719 amounting to Rs. 8750/- 2-Apr-98 | Purchased from M/s. Azhar Softechs Pvi. Ltd. As per Bill No. 12628 amounting to Rs. 5340). The items included ware 15 Boxes of Maxell 1.44 MB floppies @ 212/- Boxes Verbatim 1.44 MB Floppies Rs. 216/- per Box. 10 Enter the following Sales. Transactions into Mis. $l Technologies: 4% Vat Applicable Date Bill No. | Party & ltems Details: aty | Rate | Amount | Total tMay-08 | 1101 Khanna Brothers 9750 Logitech Mouse 15 | 650 9750 t-May-08 | 1102 | Kapoor Techno Pvt. Led. e275 Sony 1.44 MB Floppies 10 | 240 2400 ‘Sony 1.2 MB Floppies 5 210 1050 Verbatim 1.44 MB Floppies 15 | 250 3750 Verbatim 1.2 MB Floppies 5 215 1075 2May-98 [1103 | Dev Enterprises 21600 Microtech Monitors 2 10800 | 21600 2May-s8 | 1104 | Shahrukh Impex 30000 Pentium | CPU 2 15000 | 30000 Page 24 of 90‘Accounting Package - Tally Enter the following receipt Transactions into M/s. SAI Technologies: Date Particulars 31-May-98 | Received Cash Rs. 12210/- from M/s. Dev Enterprises against Bill No. 1103/97-98 31-May-88 | Received a Cheque of Rs 14468/- from M/S. Amitabh Corporation against Bill No. 1020, 1029, & 1088, the same was deposited into Mandvi Bank. ‘tJune-98 | Deposited into State Bank of India a Cheque of Rs. 20000/- received from Khanna Brothers on account. ‘toJune-98 | Recsived Cash from Kapoor Techno Pvt Lid Rs. 3000/- against Bill No, 1102 of 1/5/98, Enter the following payment transaction into Mis SAI Technologies: Date Particulars 2aJune-98 | Issued Cheque No. 2412218 af Rs. 19242/- fram Mandavi bank in favour of Ms ‘Sachin traders against Bill No. 1398, 1421, 1434 & 1636. 2-June-98 | Paid Cash 257/- to Suresh Tea & Snacks for Staff. ‘-July-88 | Paid Rs. 15000/- in cash to Ganguly Technologies in settlement of their account. ‘tJuly-88 | Issued Cheque No. 2412219 af Rs. 20000/- fram Mandavi bank in favour of MMS Kumble Traders advanced for the 10 Monitors. Enter the following transaction into M/s. SAI Technalogies: Dato Particulars 2eJuly.98 | Deposited Cash Rs. 5000/- into State Bank of Inc 2eJuly.98 | Withdrawn Gash Rs. 1000): from Mandavi Bank through Cheque no. 241220 3taJuly-98 | Transferred a sum of Rs. 30000/- trom State Bank of India to Mandavi Bank vie (Choque no. 382101 Enter the following Transaction into M/s. SAI Technologies: Dato Particulars 17-Aug-28 | Credit note no. er/001 amounting to Rs. 490/- issued for 2 sony 1.44 MB floppy boxes retuned by Kapoor Technologies Pvt. Lid. Sold to Rs. 240/- each vide sales bill no. “1102/9899 1-Aug-98 | Debit note na. drv01/98-99 amounting to Rs. 430/- issued for return of boxes of 1.44 MB sony floppy boxes to Navjot enterprises which was purchase @ Rs. 215i per bax as per their bill no. 4304 on." April $8. 2-Aug88 | Commission nate no. 108 did 30-4-98 issued by Mis Karan enterprises for Rs. 1250+ accepted by us payable after 30 days. Page 25 of 90‘Accounting Package - Tally Adjustment Entries for VAT 1. At the end of the month just Adjust your Output VAT Against the Input VAT & gat the Vat Payable/Retundable adjusted to the corresponding accounts. 2. Take the Print of the VAT forms, Lab Assignment No. 5.1 (VAT 4%):- Rupali & Dipali are partners sharing profits equally in M/S Delux Stationary, Nashik. From the following Traial Balance and the Additional information prepare Trading and Profit and Loss Account for the year ending 31" March, 1999 and balance sheet an the date. Trail Balance (31 March 1999) Particulars Debit | Particulars Credit Amount Amount Rupali Drawings. 2000 _| Rupali Capital Account gs000 Dipali Drawings 3500 _| Dipali Capital Account 28000 Fined Assets (4) |] 64500 | Sates. 92500 Salaries and Wages 3700 | Return Oubwards 1300 Trade Expenses: 1900 | General Reserve 3800 Carriage Inward 400 Creditors (e) | +5000 Royalties 1800 | Commission 4500 Purchase 45300 | Bank loan taken on 1.1.1999 8000 Retum Inwards 2500 Debiors (8) | 24600 Discount 1000 Insurance 1200 ‘Stack (0) | 23800 Advariicoment 3000 ICIet Bank 2900 182100 182100 Page 26 of 90