tally notes dp

8/13/2019 Tally Notes Dp

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DATAPOINT COMPUTER EDUCATION, KURLA (EAST) 69568672

TALLY NOTES

ASSET:-Properties of every description owned by a person will be called AssetE.g. Land & Building, Plant & Machinery, Cash balance, Bank balance.

LIBILITIES:-Liabilities represents the total amount payable to creditor debts arise because goods may be

purchase out but payment may be made at the time o purchasing goods.

DEBTOR:-Debtor is a person who owes something he is the person who has to pay to the other person.

E.g. A bought goods from B for Rs. 700/- In this case A will be called a debtor as the owed Rs.700/- to B Dr is an abbreviation of the word Debtor

CREDITORS: -A creditor is a person to whom we owes some thing. He is person to whom we have to pay.

E.g. if you purchase goods of Rs. 1000/- from Mr. A he will be called a Creditor, because we have topay Rs. 1000/- to Mr. A

EXPENCES: -It is the amount spend on manufacturing and selling of goods and services.

DRAWING: -Drawing is the total amount withdrawn by trader from his business for his personal use.

Classification of account and rules of debit & creditThe accounts maintained in the general Ledger may be broadly classification into:

PERSONAL ACCOUNT Account related to any person or firm e.g.Accounts for customer, Suppliers.

REAL ACCOUNT Accounts of fixed and current such as cash,Building, plant & machinery, vehicles etc.

NOMINAL ACCOUNT Account relating to expenses and incomeSuch as sales, purchase, discount allowed,Discount received, salaries, interest etc.

Rules: -

PERSONAL ACCOUNT Debit: The receiver (Debtor)Credit: The Giver (Credit)

REAL ACCOUNT Debit: What Comes in

Credit: What goes out

NOMINAL ACCOUNT Debit: All expenses and lossesCredit: All income & gain


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TALLY NOTES

Different Versions Of Tally.

1. Version 4.5: It is a DOS based program which has a facility of handling only accounts and notinventory.

2. Version 5.4: It is a Windows based program which has a facility of handling both accountsand inventory.

3. Version 6.3: It is a Windows based program that has a facility of handling both accounts andinventory. It also has an Internet facility through which you can transfer your accounts fromone destination to another and an online help.

Introduction:The term accountancy relates of the formulation of the principles or rules to be followed in therecording of business transactions. It means accountancy is a science. Accountancy includes themaking of adjustments, and rectification, preparation of Trial Balance and Final Accounts.

1. Cash Transactions:A Business transaction in which cash is paid or received immediately isa cash transaction.

2. Credit Transactions:A credit transaction is one in which cash is not paid or receivedimmediately at the time of a transaction, but it is paid or received at a later date.

3. Goods:The term goods refers to merchandise, commodities, articles or things in which atrader trades.

4. Purchase & Sales: These terms are used to indicate purchase and sale of trading goods.

5. Purchase Returns or Returns Outwards:This term indicates goods returned to suppliersout of goods purchased from them.

6. Sales Returns or Returns Inwards:This term indicates goods retuned by the customers of

the business out of goods sold to them.

7. Debtor:A person who owns money to the business becomes a debtor of the business.

8. Creditor:A person to whom a business owes money becomes a creditor of the business.

9. Debt:The money due from debtor.

10. Assets:Total possessions of and debts due to the business.

11. Fixed Assets:Assets purchased by the business for its own use and not for resale.

12. Liabilities:Accounts payable by the business to its proprietors and others.

13. Capital:Total amount of cash, goods or any other assets invested by the proprietor into thebusiness from time to time is called capital.

14. Drawings:Total amount of goods cash or any other assets withdrawn by the proprietor fromthe business for his self use are called drawings.

15. Discount:Discount means an allowance given by the seller to the purchaser. There are twotypes of discount (i) Trade Discount and (ii) Cash Discount.

Trade discount does not appear in the books of accounts separately. Cash discount appearsin the books of accounts.

16. Entry: Recording a transaction in the Journal or Ledger. Thus, the term entry may meanjournal entry or ledger entry.

17. Voucher:any documentary in support of a business transaction is called a voucher.

Different Groups In Tally

1. Capital account:The primary group Capital account has also a subgroup Reserves andSurplus. This subgroup can accommodate Ledgers for Reserves generated such as


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Investment allowance and Surplus from Earning after disbursement of dividends etc. Theamount, which is used to start a business.

2. Current assets:This is a primary group and covers all the assets which are grouped undersix Subgroups.

i. Bank accounts:This subgroup covers all the Bank accounts. Current and Servings,etc. in all the Banks being maintained by the Company.

ii. Cash in hand:The second subgroup is used for the ledger on cash held. Currentlyhaving cash on hand.

iii. Deposits (Asset): this subgroup is for deposits made by company. For examples,Fixed deposits, Security deposits etc.

iv. Loan and Advance Assets:This Subgroup is for the ledgers on all types of loansand advances for purchases.

v. Stock in hand: This subgroup is to keep record of opening and closing stock foraccounting purposes. This data is for internal accounting and no transaction takes

place.

vi. Sundry Debtors: This subgroup is for keeping the accounts of companies andparties that supply goods on credit to the company. The people to whom you areselling a product and in return you are receiving a particular amount. This transactionis in sales.

3. Current Liabilities:This is a primary group in which the liabilities of the company includingStatutory liabilities are maintained.

i. Duties and taxes:All the duties and taxes like Excise duty, Sales Tax-both centraland state are maintained under this head.

ii. Provision:This subgroup is for keeping track of various statutory and non-statutoryprovision like Income tax, Provident fund, etc.

iii. Sundry Creditors: This subgroup is for keeping the accounts of creditors of thecompany to whom credit has been provided. The person from whom you arepurchasing the product and in return you are paying him a particular amount. Thistransaction is in purchase.

4. Fixed assets:This is a primary group to keep track of all the fixed assets of the company;such as Value of Machinery, etc.

5. Investments: Again a primary group where information on all investment such as shares,bonds and other company in bought. Ledgers on all these can be maintained in this group.

6. Loans (Liabilities): This is a primary group and as the name suggests it is meant to keepledgers on all loans taken by the company and has three subgroup as below:

i. Bank OD (Over Draft) account: This is also useful for loans. In this there arevarious formalities

A) Mortgage required i.e. security deposit.B) Valid for only six months.C) Maximum limit to loans in six lakhs.

ii. Bank OCC (Over Draft Cash Credit:This is useful for loans. In this there are variousformalities.

A) To give stock statement.B) To give outstanding statement.

C) Every year renewal of rate of interestD) No mortgage i.e. security deposit.E) No limit to loans.


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ii. Secured loans: This subgroup is ment to keep track of the loans taken by thecompany securities against the fixed assets, either from financial institution or banks.

iii. Unsecured loans: This subgroup is meant to keep unsecured loans taken by thecompany from any party, including directors and partners or a bank.

7. Suspense account: This is a primary group to keep suspense accounts and is meant tokeep track of money paid or received by the company for which the details of transaction areyet to be finalized. Most advance fall into this category, like advances given for miscellaneouspurchases or travel advances for which the details will be available after the purchase bill orTA bill is submitted.

8. Miscellancous expenses (Asset):This primary group is meant to keep preliminary and pre-operative or any other similar expenses which have been capitalized and only the portion thathas not been writtenoff.

9. Sales account:It is meant to keep all sales accounts of the company.

10. Purchase account:It is meant to keep all the purchase transaction of the company.

11. Direct Income (Income Direct): In this primary group, ledger accounts for all the direct

income of the company that is income arising out of sales of goods produced by the companyare maintained.

12. Indirect Income (Income Indirect):Under this primary group ledger for indirect income, thatis income from sources other than produced goods, like interest or rent received, ismaintained.

13. Direct Expenses (Expenses Direct): This primary group is meant to keep the ledger ondirect expenses like cost of labour, transportation of goods, utilities like fuel, electricity, etc.

14. Indirect Expenses (Expenses Indirect): This primary group is for the ledger on indirectexpenses such as advertising, maintainance and administrative expenses.

15. Branches / Divisions: In this primary group, all the names of branches, divisions andsubsidiaries of the company are maintained.

Voucher Types

1. Contra:Transaction related to bank i.e. cash deposit and cash withdraw and bank to bank

transactions.

2. Credit Note:If you have sold a product and if there is a defect in that product then we

have to pass the credit note i.e. in Sales.

3. Debit Note:If you have purchased a product and if there is a defect in that product then we

have to pass the debit note i.e. in purchase.

4. Delivery Note:The note that is given at the time of acceptance of goods.5. Journal:Transaction using more than one ledger account or adjustment entries.

6. Memorandum:Temporary voucher that saves the voucher in the memory.

7. Payment:To make payments to the creditors.

8. Physical Stock:Current stock of the company.

9. Purchase:To purchase goods from the creditors.

10. Purchase order:Written confirmation of the order placed given to the debtor before

purchasing the product.

11. Receipt:To receive payments from the debtors.

12. Receipt Note:The confirmation given to the debtor after receiving a particular amount.


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13. Rejection In: The product that we have sold which has defect and returned back by the

debtor.

14. Rejection Out:The product that we have purchased that has defect and returned back by the

creditor.

15. Sales:To sell goods to the debtors.

16. Sales Order:Written confirmation of the order placed received from the debtor before selling

the product.

17. Stock Journal:Goods transferred from one go-down to another.

Important keys: -1. F2 - For changing the Date2. F4 - Contra3. F5 - Payment4. F6 - Receipt5. F7 - Journal (Debit note, Credit note, Journal)6. F8 - Sales

7. F9 - Purchase8. F10 - Memo

F4 - CONTRAContra Entry are passed when cash is deposited into the Bank or Withdrawn from Bank or

transferred from one Bank to another bank. Thus, contra entries are passed for internal fundtransferred.

I When Cash is deposited into BankBank A/c Dr.

To Cash A/cFor e.g.: Deposited Rs. 5000/- into National Bank.Entry - National Bank A/c Dr. 5000

To Cash A/c 5000

II When cash is withdrawn from BankCash A/c Dr.

To Bank A/cFor e.g.: Withdrawn Rs. 8000/- from SBIEntry - Cash A/c Dr. 8000

To SBI 8000

III When cash is Transferred from one Bank to another Bank.For e.g.: Transferred Rs. 10000/- from Canara bank to Dena bank

Entry - Dena Bank A/c Dr. 10000To Canara Bank 10000

F5 - PAYMENTPayment is one of the important aspect of business payment can be made by cheque or in

cash. Payment is made for expenses of business or to the party.I Payment of Expenses

Expenses A/c Dr.To Cash/Bank A/c

For e.g.: Salaries paid Rs. 5000/-Entry - Salary A/c Dr. 5000

To Cash A/c 5000

II Payment to partyParty A/c Dr.

To Cash/Bank

III Payment to party & Discount Received.


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Party A/c Dr.To Cash/Bank A/cTo Discount Received

For e.g.: Paid Rs. 14000/- by cheque to Sam Ltd. In full settlement ofRs.16000/-

Entry Sam ltd. A/c Dr. 16000To Bank A/c 14000To Discount Received 2000

F6 - RECEIPTSPayment may be received either in cash or by cheque. There are two ways of receipts i.e.,

from party or income received.I Income Received.

Cash/ Bank A/c Dr.To Income A/c

For e.g.: Commission Received Ts. 4000/-Entry - Cash A/c Dr. 4000

To Commission Received A/c 4000II Receipt from Party.

Cash/Bank A/c Dr.

To PartyIII Receipt from party & Discount allowed.

Cash/Bank A/c Dr.Discount allowed Dr.

To party A/c

OUTSTANDING EXPENSES: -For adjustment of outstanding expenses we required to create outstanding expenses account

under the group current liabilities and entry under Journal Voucher

Entry: - Expenses A/c Dr.To Outstanding Expenses A/c

Ex.: - Salary Outstanding Rs. 5000Salary A/c Dr. 5000

To Outstanding Salary 5000

PREPAID EXPENSES (Paid in Advance)For adjustment of prepaid expenses you required to create expenses account under the

group current assets and entry under Journal Voucher.

Entry: - Prepaid Expenses A/c Dr.To Expenses A/c

Ex. :- Insurance paid Rs. 5000 includes Rs. 500 prepaidPrepaid Insurance A/c Dr. 500

To Insurance 500

For e.g.: Received Rs. 17000/- from Lakhan Ltd. In full settlement of Rs.20000/-

Entry Cash A/c Dr. 17000Discount allowed A/c Dr. 3000

To Lakhan Ltd A/c 20000

F7 - JOURNALI Debit Note:

Debit note is prepared when goods are returned to party due to someReason. It is also known as purchase return or return outward.

Party A/c Dr.To Purchase return A/c

II Credit Note:


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Credit note is prepared when party return goods due to some reason. It is alsoknown as sales return or Return Inward.

Return Inward/ sales return A/c Dr.To Party A/c

III Journal:All adjustment entries & transfer entries are passed through Journal

Voucher.For e.g.: Depreciation on fixed assets.

Deprecation A/c Dr.To Assets A/c

F8 - SALESThere are two types of sales i.e. Credit sales & cash salesI Credit Sales:

In case of Credit Sales we required to passed only one entry.Party A/c Dr.

To Sales A/cII Cash Sales:

In case of Cash Sales we required to passed two entries to give effect in sales

Register as well as Cash Register.a) Create Cash Sales A/c under the group Sundry Debtor & Passed

Entry under sales VoucherCash Sales A/c Dr.

To Sales A/cb) Pass entry under Receipt Voucher

Cash/ Bank A/c DrTo Cash Sales A/c

F9 - PURCHASEI Credit Purchase: -

In case of credit Purchase we have to passed only one entryPurchase A/c Dr.

To Party A/cII Cash Purchase:-

In case of cash purchase we have to passed two entries to give effect inPurchase Register as well as Cash Book.a) Create Cash purchase A/c under the group Sundry Creditor &

Passed entry under Purchase Voucher.Purchase A/c Dr.

To Cash Purchase A/cb) Pass entry under payment Voucher

Cash Purchase A/c Dr.To Cash/Bank A/c


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TALLY ASSIGNMENT

LEDGERS UNDERGROUPS OPENING BALANCEDena Bank Bank Accounts

Union Bank Bank Accounts

Ravindra Capital Accounts

Mustafa Capital AccountsSantosh Capital Accounts

Wages Direct Expenses

Factory Rent Direct Expenses

Electricity Bill Indirect Expenses

Telephone Bill Indirect ExpensesStaff Salary Indirect Expenses

Discount Given Indirect ExpensesPrinting and Stationary Indirect Expenses

Conveyance Indirect ExpensesNotary Charges Indirect Expenses

Bank Interest Direct Incomes

Discount Received Indirect IncomesCommission Received Indirect Incomes

Purchase Purchase AccountsSales Return Purchase Accounts

Sales Sales AccountsPurchase Return Sales Accounts

Videocon International Sundry Debtors

Bpl Ltd Sundry DebtorsSamsung Elecronics Sundry Debtors

Chetak Elecronics Sundry DebtorsNec Ltd Sundry Creditors

Samtron Elecronics Sundry CreditorsCapital Capital Accounts Rs. 150000

Machinery Fixed Assets Rs. 150000Goodwill Fixed Assets Rs. 75000

Patents and Copyrights Fixed Assets Rs. 25000Land and Building Fixed Assets Rs. 50000

Loan From IDBI Secured Loan Rs. 600000Bank of India Bank Accounts Rs. 75000Cash in hand Cash In hand Rs. 50000

MAKE INVENTORY

SYMBOL FORMAL NAME NO OF DECIMALDZN Dozen 2KG Kilogram 3

LTR Liter 3MTR Meter 2

PC Pieces 0

STOCK GROUP UNDER GROUP

A Primary

B Primary

C Primary

D Primary


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STOCK ITEM

STOCK ITEM UNDER GROUP UNIT OPENING

Cabinet A PC 10CDROM A PC 10

Floppy Drive A PC 10Keyboard A PC 10

Mouse A PC 10

Speaker A PC 10Aeroplane B PC 10

Aprone Cloth B MTR 6Aarey Ghee B KG 100

Bats B PC 10Banana B DZN 10

Lock C PC 10

Caps C PC 10Cups C DZN 10

Television D PC 1000VCR D PC 1000Picture Tubes D PC 1000

Circuits D PC 1000

PURCHASE & PAYMENT ENTRY

APRIL

DATE VOUCHER4

th 1000 Picture Tubes @ Rs.5000/- Each From Nec Ltd. Bill No. Nec101

18th

2000 Circuits @ Rs.1000/- Each From Samtron Bill No.Sam101

JUNEDATE VOUCHER

12th

500 Tubes @ Rs.5000/- Each From Nec Bill No. Nec 1023

rd 1000 Circuits @ Rs.900/- Each From Samtron Bill No. Sam 102

AUGUST

DATE VOUCHER15

th 1000 Tubes @ Rs.5500/- Each From Nec Bill No. Nec 103

26th

2000 Circuits @ Rs.900/- Each From Samtron Bill No. Sam 103

SEPTEMBER

DATE VOUCHER2

nd 1500 Tubes @ Rs.5500/- Each From Nec Bill No. Nec 104

15th 3000 Circuits @ Rs.1000/- Each From Samtron Bill No. Sam 104

DECEMBER5

th 500 Tubes @ Rs.5500/- Each From Nec Bill No. Nec 105

8th

1000 Circuits @ Rs.900/- From Samtron Bill No. Sam 105

SALES & RECEIPT ENTRY

MAY15

th 900 TV Sets @Rs.10000/Each To Videocon Bill No. 1

18th

1000 Vcr @ Rs.5000/- Each To Bpl Ltd. Bill No. 2

JUNE


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10th

500 TV Sets @ Rs.10000/- Each To Videocon Bill No. 101

28th

900 Vcr @Rs.4500/Each To Bpl Bill No. 102

JULY10

th 500 Vcr @ Rs.5000/- Each To Chetak Electronics Bill No. 201

18th

150 TV @ Rs.10500/- Each To Samsung Electronics Bill No. 202

AUGUST

10th

200 TV Sets @ Rs.10000/- Each To Videocon Bill No. 30128

th 900 Vcr @ Rs.5500/- Each To Bpl Bill No. 302

DECEMBER19

th 300 Vcr @Rs.5000/- Each To Chetak Electronics Bill No.401

28th

150 TV @Rs.9500/- Each To Samsung Electronics Bill No. 402

DIRECT EXPENSES

(Below Rupees 3000/- Cash & Above Rs.3000/- Bank)Factory : 80%

Stores : 10%

Packaging : 10%

DATEPARTICULARS AMOUNT

7th

April Wages To Workers Rs.1,00,000/-20

thApril Factory Rent Rs.25,000/-

25th

April Electricity Rs.20,000/-26

thApril Machinery Servicing Charges Rs.2,000/-

7th

May Wages To Workers Rs.1,00,000/-

20th

May Factory Rent Rs.25,000/-25thMay Electricity Rs.18,000/-26

thMay Machinery Servicing Charges Rs.2,000/-

7th

June Wages To Workers Rs.1,00,000/-

15th

June Factory Rent Rs.25,000/-20

thJune Electricity Rs.20,000/-

26th

June Machinery Servicing Charges Rs.2,000/-

INDIRECT EXPENSES

(Below Rs. 5000/- Cash & Above Rs.5000/- Bank)Rent : 45%Rate : 35%

Taxes : 20%

DATE PARTICULARS AMOUNT26

thApril Conveyance Rs.25,000/-

27th

April Traveling Rs.35,000/-28

thApril Postage Rs.2,000/-

29th

April Hotel Rs.15,000/-30

thApril Printing Rs.1,000/-

3rd

May Conveyance Rs.20,000/-7

thMay Traveling Rs.15,000/-

8th

May Postage Rs.8,000/-20

thMay Hotel Rs.3,000/-

25

th

May Printing Rs.5,000/-

14th

June Conveyance Rs.2,000/-


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18th

June Traveling Rs.10,000/-

19th

June Postage Rs.5,000/-25

thJune Hotel Rs.15,000/-

28th

June Printing Rs.10,000/-

JOURNALISE THE FOLLOWING TRANSACTIONS

DATE TRANSACTION

1stJune

Mr.Prabhu started business with the following Machinery Rs.1,25,000/-,Furniture Rs.50,000/-, Cash Rs.25,000/-, Bank a/c Rs.25,000/-

2nd

June Goods Purchased On Credit 45000/-

3rd

June Conveyance Paid Rs.350/-4

thJune Cash Purchase Rs.5000/-

5thJune Postage And Stationary Expenses Rs.250/-

6thJune Xeroxing Charges PaidRs.300/-

7thJune Sold Goods To XYZ Enterprises On Credit Rs.60000/-

8thJune Received Part Payment By Cheque From XYZ Enterprises Against Sale Rs.35000/-

9thJune Insurance Premium Paid Rs.4715/-10

thJune Cash Sale Rs.8000/-

11thJune Cash Deposited In Bank Rs.5000/-

12thJune Purchased Goods On Credit From Mathur & Co. Rs.26000/-

13thJune Gurudas Started Business Cash Rs.10000/-

14thJune Opened Bank A/C In State Bank By Deposing Rs.2000/-

15thJune Bought goods (subject 5% trade discount.) Rs.2000/-

16thJune Sold Good Worth Rs.500/-

17thJune Gurudas Withdrawn Cash Worth Rs.100/- For Private Use.

18thJune Received Rs.475/- From Kiran In Full Settlement Of his Ac Of Rs.485.

19thJune Paid Sundry Expense Rs.50/-

20

th

June Paid To Ramakant The Amount Rs.1000/- In Full Settlement Of Rs.1020/-21stJune Paid Insurance Premium Of Rs.175/- On The Property Of Business.

22nd

June Cash Sales Rs.1000/-23

rdJune Received Rs.14000/- From Mr.Anil In Full Settlement Of His Account.

24thJune Withdraw Rs.10000/- For Office Use And Rs.5000/- For Personal Use.

25thJune Ch 1321 Received From Raju International Of Rs.35000/-

26thJune Ch 1254 Given To Datapoint Of Rs.10000/-

27thJune Cash Withdraw Of Rs.25000/-

28thJune Ch 1231 Received From Rahul International Of Rs.40000/-

29thJune Interest Received Rs.7000/-

30thJune Interest Given Rs.7000/-

1stJuly Cash Withdraw Of Rs.5000/-

2nd

July Fixed Deposit In Bank Of Rajesh Of Rs.25000/- and Mahesh Of Rs.25000/-

3rd

July Salary Due But Not Paid Rs.20004

thJuly Goods Of Rs.3000 Returned By Good Luck Ltd.

5thJuly Goods Of Rs.1000/- Destroyed By Fire.

6thJuly L.I.C. Premium Of Proprietor Paid By Cheque Rs.5000/-

7thJuly Rent Due But Not Paid Rs.2500/-

8thJuly Purchase Motor Car Of Rs.50000/- In Exchange Of Furniture Of Rs.45000/-

9thJuly Goods Of Rs.1000/- As Well As Cheque Of Rs.10000/- Received From Anjali.

10thJuly Goods Of Rs.3000/- Returned to Softech

11thJuly Paid Interest On Loan Rs.5000/-

Q1. Mr. Jay Started Business with cash of Rs. 100000 on 1.7.2000 the name of Jay Co02.07.2000 Open Bank A/c in National Bank by depositing Rs. 85000

05.07.2000 Sold Goods in Raman Ltd. Of Rs. 29000.07.07.2000 Purchase Goods from Ajay Ltd. Of Rs. 31000.


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08.07.2000 Commission received Rs. 3000

10.07.2000 Purchase goods from Sonal Ltd. Of Rs. 2350012.07.2000 Received Cheque of Rs. 11000 from Raman Ltd.15.07.2000 Rent paid Rs.750

16.07.2000 Sold goods to Saurav Ltd. Of Rs. 4300018.07.2000 Paid Rs.3500 to Sonal Ltd.

20.07.2000 Salary Rs. 5000 & Wages of Rs. 7500 paid by Cheque21.07.2000 Purchase goods from Nikit Ltd. Of Rs. 14000

23.07.2000 Advertisement Exp. Paid Rs. 200024.07.2000 Received Rs. 13000 by cheque from Saurav Ltd.25.07.2000 Sold goods to Jayesh Ltd. Of Rs. 19000

27.07.2000 Received Rs. 5000 from Raman Ltd.29.07.2000 Paid Rs. 10000 by cheque to Sonal Ltd.

30.07.2000 Paid Rs. 13000 by cheque to Ajay Ltd.31.07.2000 Paid Rs. 4000 by Cheque to Nikit Ltd.

Q2. Mr. NAYAN started business with a cash of Rs. 75000, motor car of Rs. 5000 & furniture of Rs.25000 in 01.01.99 in the name of M/S. NAYAN ENTERPRISES.

03.01.99 Purchase goods from Sanjay of Rs. 25000

05.01.99 Open Bank A/c in Bank of India by depositing Rs. 6000010.01.99 Printing & stationery charges paid Rs. 90013.01.99 Cash Purchases of Rs. 5000

16.01.99 Sold Goods to Anil Ltd. Of Rs. 3900021.01.99 Paid Rs. 5000 Cash & Cheque of Rs. 10000 to Sanjay Enterprises.

25.01.99 Insurance paid by cheque Rs. 200031.01.99 Received cheque of Rs. 19000 from Anil Ltd.03.02.99 Purchases Furniture of Rs. 15000 & paid by cheque.

08.02.99 Cash Sales of Rs. 1100010.02.99 Withdrawn from Bank Rs. 10000

10.02.99 Salary of Rs. 6500 & Wages of Rs. 3500 paid12.02.99 Purchase goods from Sagar Ltd. Of Rs. 12000

15.02.99 Telephone charges paid Rs. 12000

18.02.99 Sold goods of Rs. 19000 to Anil Ltd.21.02.99 Withdrawn from Bank for Personal use Rs. 2000

23.02.99 Anil Ltd. Returned some goods of Rs. 1000 and paid of Rs. 500025.02.99 Paid Rs. 7000 by cheque to Sagar Ltd.

28.02.99 Commission received Rs. 3000 and Interest Rs. 1000

Q3. Miss ANKITA & NIKITA started business by contributing Rs 70000 and Rs. 80000 respectively in15

thDecember 1998 in the name of M/S. NAINA Ltd.

17.12.98 They open Bank A/c with Abhyudaya Bank by depositing Rs. 130000

19.12.98 Purchase Goods of Rs. 35000 from Raj Ltd.23.12.98 Some Defective goods returned to Raj Ltd. Of Rs.2500

26.12.98 Sold goods of Rs. 50000 to Dinraj Ltd.28.12.98 Dinraj Ltd. Returned some goods of Rs. 2000

30.12.98 Traveling Expenses paid Rs. 250005.01.99 Cash Purchase of Rs.1200008.01.99 Paid Rs. 30000 by cheque of Raj ltd. In full settlement his A/c

10.01.99 Received a cheque of Rs. 15000 from Dinraj ltd13.01.99 Cash Sales Rs. 15000

15.01.99 Withdrawn from Bank Rs. 500016.01.99 Rent paid RS. 3500

18.01.99 Received Cash of Rs. 5000 and cheque of Rs. 10000 from Dinraj Ltd.22.01.99 Purchase goods of Rs. 45750 from Super Fine Ltd.25.01.99 Sold goods to Good Luck & co of Rs. 59850

28.01099 Sundry Expenses Rs. 1500, Insurance Rs. 2500 & Salary Rs. 4000 paidBy Cheque.

30.01.99 Paid Rs. 15750 to Super Fine Ltd. By Cheque.31.01.99 Received a Cash of Rs. 9850 and Cheque of Rs. 15000 from GoodLuck & Co


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Q4. Mr. Raj Started Business with Cash of Rs. 50000 on 01.01.2001 the name of Raj & co.02.01.2001 Open bank account in Bank of India Rs. 2500004.01.2001 Purchase goods for cash Rs. 2000

06.01.2001 Sold goods for cash Rs. 500008.01.2001 Paid office cleaning charges Rs. 250

10.01.2001 Received commission Rs. 100015.01.2001 Purchase goods from LG Ltd. RS. 15000

17.01.2001 Sold goods to Manish Ltd Rs. 1000018.01.2001 Paid to Neha Rs. 100020.01.2001 Received cash from Manish ltd. 5000

25.01.2001 Paid Salary Rs. 1000 & Wages of Rs. 50027.01.2001 Paid Rs. 1000 to Yash Ltd

28.01.2001 Bought furniture for Rs. 1000031.01.2001 Received cash from Manish Ltd. RS. 2000

03.02.2001 Sold goods to jay ltd Rs. 500005.02.2001 Goods return from Jay Ltd. Rs. 150006.02.2001 Withdrawn from bank for personal use Rs. 1000

09.02.2001 Deposited into bank Rs. 5000

10.02.2001 Paid for advertisement Rs.100013.02.2001 Received cash from Jay Ltd Rs. 2000

BudgetsProvides an extensive financial and cost budget you can set annual and monthly budgets

which are flexible to be modified according to change situation and get various budget.Every business has its objectives and goals. To reach its goals it must have an efficient

mechanism to set its targets and appraisal of achievement in respect of an target to achieve theimportant managerial controls, its provides flexible system of budget

Q4. Mr.Nikhil started business with a cash of Rs.150000 and equipment of Rs.75000, motor carRs.25000 and furniture of Rs.25000 on 1.10.1998 in the name of NIKHIL INTERNATIONAL.

08.10.1998 Opened bank account in Maratha Mandir co.op. Bank by depositing Rs. 12500015.10.1998 Cash Purchase Rs. 10000 Bill No. 86.

20.10.1998 Purchase goods from Sahil Ltd. Rs 37000 as per Bill No. 281.23.10.1998 Advertisement Exp. Paid Rs. 2500 (Budget to be created giving single payment limit Rs. 2250

and budget for the year Rs. 36000)30.10.1998 Sold Goods to Anil Ltd. Of Rs. 51000 as per Bill No. 01

05.11.1998 Cash Sales Rs. 21000 Bill No. 02.10.11.1998 Paid Rs. 17000 by Cheque to Sahil Ltd.

15.11.1998 Purchased goods of Rs. 41000 from Robin & co. as per Bill No. 14518.11.1998 Goods returned to Robin & Co. of Rs. 1000

23.11.1998 Received Rs. 11000 cash and Cheque of RS. 15000 from Anil Ltd.30.11.1998 Investment purchased of Rs, 25000 by cheque.

05.12.1998 Delivery van exp paid Rs. 1000 (Budget to be created giving single payment limit Rs. 1500)

10.12.1998 Sold goods to Agarkar Ltd. Of Rs. 38000 as per bill no. 0315.12.1998 : Printing & stationery charges paid Rs. 2000

19.12.1998 Agarkar Ltd. Returned defective goods of Rs. 3000.23.12.1998 Received Rs. 5000 fro, Anil Ltd.

27.12.1998 Paid Rs. 18000 to Sahil Ltd. In full settlement of his account.31.12.1998 Received Cheque of Rs. 15000 from Agarkar Ltd.

07.01.1999 Paid Rs. 10000 by cheque to Robin & co.14.01.1999 Purchased goods from Nayan Ltd. Of Rs.15000 as per Bill No. 13828.01.1999 Dividend received Rs. 1000

08.02.1999 Sold goods to Karan Ltd. Of Rs. 27000 bill no. 0418.02.1999 Insurance paid Rs. 2000

27.02.1999 Withdrawn from bank for personal use Rs. 5000.05.03.1999 Rent paid by cheque Rs.5000


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Q5. Mr. Vijay Started business with a cash of Ts. 60000, Machinery for Rs. 40000 and Furniture ofRs. 15000 on 01.04.1999 in the name of Vijay & Co.

12.04.1999 Purchase goods from Sanjay & Co. of Rs. 9500 as per bill no. 153 Credit allowed by the Co. 25days.

15.04.1999 Some defective goods were returned to Sanjay & Co. of Rs. 500

17.04.1999 Sold goods to Ajay & co of Rs. 14000 s per bill no. 001 allowing credit period of 30 days.

20.04.1999 Paid for advertisement Rs. 2000.21.04.1999 Deposited Rs. 50000 into Maharashtra Bank.23.04.1999 Purchase goods from Sachin & co. of Rs. 18000 as per bill no. 105 Credit allowed by Co. 28

days.25.04.1999 Paid for printing & stationery Rs. 1000.

30.04.1999 Purchase goods of Rs. 11000 from Sanjay & co. as per bill no. 169 Credit allowed by Co. 20days.

02.05.1999 Paid Rs. 5000 by cheque to Sanjay & co. against bill no. 153.

05.05.1999 Sold Goods of Rs. 31000 to Martin and Co. as per bill no. 002 allowing credit period of 20 days.07.05.1999 Salary paid Rs. 5000 by cheque.

09.05.1999 Paid Rs. 8000 by cheque to Sachin and Co. again bill no. 105.13.05.1999 Sold Goods if Rs. 20000 to Ajay and Co. again bill no. 003 allowing credit period of 35 days.14.05.1999 Received Rs. 10000 by cheque from Ajay & co. against bill no. 001.

18.05.1999 Withdrawn from Bank Rs. 5000.20.05.1999 Wages paid Rs. 4000.

22.05.1999 Purchase furniture of Rs. 10000 and paid by cheque.25.05.1999 Purchase Goods on cash of Rs. 5000 s per bill no. 083.

27.05.1999 Cash sales if Rs. 7500 as per bill no. 004.30.05.1999 Paid Rs. 4000 by cheque against bill no. 153 to Sanjay and Co.31.05.1999 Received Cash of Rs.4000 from Ajay & Co. against bill no. 001.

Q6. Balance as on 01.04.1999 in the book of Hindustan Ltd. are as follows.Share capital 500000 Land & Building 300000

Share premium 50000 Motor Car 12500013% Bank Loan 200000 Patents 65000Loan From Ratanlal 100000 Investment 50000

Lakhan Ltd. (Cr.) 50000 Cash 25000Krishna Ltd. (Cr.) 125000 Dena Bank 85000

Dharma Ltd. (Cr.) 40000 Parsik Janta Bank 75000Sahil Ltd. (Cr.) 55000 Dipali Enterprises (Dr.) 90000

O/s rent 5000 Swagat Ltd (Dr.) 28000O/s Salary 10000 Sanjog & Sanjog (Dr.) 30000Plant & Machinery 125000 Akshar Ltd.(Dr.) 62000

Furniture 75000

04.04.1999 Purchase Goods from Dharma Ltd. Of Rs. 75000.10.04.1999 Goods Returned to Dharma Ltd. Of Rs. 15000.

18.04.1999 Cash sales of Rs. 30000.20.04.1999 Sold goods to Swagat Ltd. Of Rs. 85000.30.04.1999 O/s Rent Rs. 5000 and O/s Salary Rs. 10000 paid by Cheque (DB).

10.05.1999 Salary of Rs. 10000 and Wages of Rs. 25000 paid by cheque (DB).20.05.1999 Rent paid in advance Rs. 2000.

25.05.1999 Received cheque of Rs. 50000 from Deepali Enterprises (DB).10.06.1999 Paid Rs. 75000 to Krishna Ltd. By cheque (DB) .

18.06.1999 Cash Purchase of Rs. 15000.30.06.1999 Paid to Dharma Rs. 35000 by cheque in full settlement of Rs. 40000 (DB).

10.07.1999 Cash deposited in Punjab National Bank Rs. 5000.20.07.1999 Purchased goods from Lakhan Ltd. Rs. 25000.27.07.1999 Issued cheque of Rs. 20000 to Lakhan Ltd. (Parsik Janta Bank).

09.08.1999 Paid for Teleophone charges of Rs. 1500.19.08.1999 Sold Goods to Sanjog & Sanjog of Rs. 65000.

30.08.1999 Commission Received of Rs. 15000.14.09.1999 Cheque Received from Akshar Ltd. Of Rs. 60000 in full settlement of his A/c (PNB).

18.09.1999 Insurance paid Rs. 8000 by vheque (Parsik Janta Bank).


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29.09.1999 Goods returned by Sanjog & Sanjog of Rs. 5000.

05.10.1999 Withdrawn from Punjab National Bank Rs. 15000.25.10.1999 Paid Rs. 25000 by cheque to Sahil Ltd. (Punjab National Bank).31.10.1999 Depreciation to provided on Plant & Machinery @ 10%, Furniture @ 5%, Motor Car @ 10%,

Land & Building @ 7.5%.

31.10.1999 Provide for O/s rent Rs. 7500 and O/s Salary Rs. 5000.

Q7. Mr. Yogi started business with cash of Rs. 150000 and Furniture of Rs. 50000 on01.01.2000

03.01.2000 Open Bank Account in Corporation Bank by depositing Rs. 125000.05.01.2000 Purchase 10 TV Sets @ Rs. 12000 each from Akai Ltd.07.01.2000 Purchased 15 Audio System from Soni Ltd. @ Rs. 8000 each.

09.01.2000 Paid Rs. 10000 for Advertisement.11.01.2000 Sold 6 TV Sets to Raj Electronic @ Rs. 15000 each.

13.01.2000 Paid Rs. 25000 by cheque to Akai Ltd.15.01.2000 Received cheque of Rs. 25000 and Cash of Rs. 15000 from Raj Electronics.

18.01.2000 Purchase 20 Tape Recorders from Videocon Ltd. @ Rs. 10000 each.20.01.2000 Sold 12 Audio Systems to Maharashtra Electronics @ Rs. 10000 each.21.01.2000 Paid Rs. 30000 by cheque to Sony Ltd.

23.01.2000 Purchase 25 Video CD @ Rs. 200 each from Yash Enterprises.25.01.2000 Sold 15 Tape recorders to Jay Enterprises @ Rs. 3000 each.

27.01.2000 Received cheque of Rs. 50000 from Maharashtra Electronics.28.01.2000 Paid for Tent Ts. 5000 and Printing Rs. 2000.

29.01.2000 Salary paid by cheque Rs. 10000.30.01.2000 Sold 15 Video CD to Nitin & Co. @ Rs. 300 each.

Q8. Mr. Anish started business with cash of Rs. 175000 and Furniture of Rs. 30000 on01.07.2000.

03.07.2000 Open Bank Account in Bank Of India by depositing Rs. 125000.05.07.2000 Purchase 30 Keyboard @ Rs. 600 each from Samsung Ltd. And 6 PC Sets @ Rs. 32000 each.

07.07.2000 Purchase 15 floppy drive from Sony Ltd. @ Rs. 777 each and 15 Printer @ Rs. 5250.09.07.2000 Paid Rs. 10000 for Advertisement.

11.07.2000 Sold 6 PC Sets to Raj Computer @ Rs. 35580 each.13.07.2000 Paid Rs. 12000 by cheque to Samsung Ltd.15.07.2000 Received cheque of Rs. 45000 and Cash of Rs. 20000 from Raj Computer.

18.07.2000 Purchase 250 Monitors from Intel Ltd. @ Rs. 7550 each.20.07.2000 Sold 20 Pinter to Maharashtra Electronics Ltd. @ Rs. 5400 each.

21.07.2000 Paid Rs. 5000 by cheque to Sony Ltd.23.07.2000 Purchase 25 CD @ Rs. 200 each from Yash Enterprises.25.07.2000 Sold 15 Monitors to Cyber Enterprises @ 8500 each.

27.07.2000 Received cheque of Rs. 510000 from Maharashtra Electronics.28.07.2000 Paid for Rent Rs. 5000 and Printing Rs. 6550.

29.07.2000 Salary Paid by cheque Rs. 10000.30.07.2000 Sold 15 CD to Nitin & co. @ Rs. 300 each.

Cost centersTally provides allocation of all expenses and income into cost centers and organizes them

into different (Primary & Secondary) level.Cost center is any unit in an organization to which costs can be allocated. Cost centers may

be various branches, departments, projects, products and so on.For example you may analyze the salary expenses according to branches and departments.


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Q9. M/s Jay Enterprises having three departments i.e. Dept T, Dept R, & Dept.A show the following balance as on 1.04.2000.

Equity share capital 100000 Plant & Machinery 50000Preference Share Capital 50000 Office equipment 50000General Reserve 10000 Motor Car 750005% Debentures 20000 Furniture 10000Deep Enterprises (Cr.) 20000 Cash 10000Yash Enterprises (Cr.) 25000 Bank of India 15000Rahul Enterprises (Cr.) 25000Nitin & Co. (Dr.) 18000Dinesh & Co. (Dr.) 22000

03.04.2000 Purchase Goods for Dept. T from Deep Enterprises of Rs. 85000.05.04.2000 Purchase Goods from Yash Enterprises for Dept. R of Rs. 70000.

07.04.2000 Paid for Advt. In the ration of 2:1:1 Rs. 10000 by cheque.09.04.2000 Received Rs. 20000 by cheque from Dinesh & Co.

11.04.2000 Received Cash of Rs. 5000 & cheque of Rs. 10000 from Nitin & Co.15.04.2000 Sold Goods of Rs. 105000 to Raj & co. for Depts. T.

20.04.2000 Purchase Goods from Saurav & Co. of Rs. 20000 for Dept. A.21.04.2000 Paid Rs. 20000 to Deep Enterprises by cheque.25.04.2000 Withdrawn from bank Rs. 10000.

28.04.2000 Traveling expenses paid Rs. 5000 in the ratio of 2:2:1.29.04.2000 Received Rs. 25000 by cheque from Raj & Co.

02.05.2000 Sold Goods to Nitin & Co. Rs. 35000 from Department A.05.05.2000 Commission Received Rs. 15000 in the ration of 1:1:1.

10.05.2000 Furniture purchase Rs. 5000 & paid by Cheque.15.05.2000 Sold Goods of Rs. 95000 to Dinesh & Co. from Department R.

Q10. Mr. Mangesh started business on 1.10.1998 with cash of Rs. 65000 and Machinery of Rs.

35000. The Co. Deals in 3 types of Product i.e. Product A, Product B, & Product C.

03.10.1999 Deposited Rs. 50000 in State Bank of India.05.10.1999 Purchase Goods of Product B from Bhavesh Ent. Of Rs. 13000.07.10.1999 Purchase of Product B from Ajay Ltd. Of Rs. 18000.

08.10.1998 Traveling expenses paid Rs. 5000 in the ratio of 2:1:1.10.10.1998 Goods sold of Product A to Sachin Ltd. Of Rs. 27000.

12.10.1998 Goods purchase of Product C from Chandan Ltd. Of Rs. 9000.14.10.1998 Goods sold of Product B to Pravin Ltd. Of Rs. 21000.

15.10.1998 Rent paid Rs. 3000 in the ratio of 1:1:1.17.10.1998 Paid Rs. 8000 by cheque to Ajay Ltd.18.10.1998 Received Rs.12000 from Sachin Ltd.

20.10.1998 Paid Rs. 5000 by cheque to Bhavesh Enterprises.

21.10.1998 Sold goods of product C to Yash Ltd. Of Rs. 15000.23.10.1998 Commission Received Rs. 3000 in the Ratio of 1:1:1.24.10.1998 Paid Rs. 4000 by cheque to Chandan Ltd.

27.10.1998 Received Cash Rs. 2500 & Cheque of Rs. 5000 from Yash Ltd.30.10.1998 Received Cheque of Rs. 5000 from Sachin Ltd.

tally notes dp

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