INTRODUCTION

INTRODUCTION Manual Accounts mantaining involves lot of labour and time and even after, the result may not be up to expectations. Working in Tally, which is an Accounting Software, provides a coplete solution to the problems of our manual book-keeping and makes the job faster, perfect and elaborative. Moreover, it gives a vast and advanced information about our company. It is a fully secured and reliable Accounting Program. Tally is one of the Top most Accounting Programs which was developed by Tally Solutions Pvt Ltd., Bangalore. Tally is a User-friendly package having various versions viz. Tally 4.5, Tally 5.4, Tally 6.3, Tally 7.2, Tally 8.1 and the latest Tally 9. Tally 5.4, Tally 6.3, Tally 7.2, Tally 8.1, Tally 9 and Tally ERP9 are working under Windows environment. HOW TO START From Desktop, click ‘START’, point to ‘PROGRAMS’ and from the Sub-menu, click Tally.ERP 9. Alternatively, double-click Tally.ERP 9 shortcut from Desktop. Tally 9 logo will be shown on the screen and we have to wait till the program loaded. The first display we get is ‘Company Info’, which contains the options, ‘Select Company,Create Company, Backup, Restore, Quit, etc’. THREE STEPS After opening Tally, we follow three steps: 1. Company creation. 2. Ledger (Master) Creation. 3. Voucher Posting. 5 Tally ERP9 COMPANY CREATION From ‘Company Info’, activate ‘Create company’ option by either double-clicking the specified option or by pressing highlighted letter which is ‘C’ or bring the cursor and press .. STEPS TO CREATE A COMPANY 1. Enter into ‘COMPANY INFO’. 2. Move the cursor to create and enter. Alternatively, press C for CREATE. 3. Fill particulars called for. 4. Accept by pressing ‘Y’. Under ‘Company Creation’, give the company’s particulars as needed like Name, Address, IT, Sales Tax Numbers, etc. Give Rs. (or any other currency symbol) against ‘Currency Symbol’, Select type of company as Accounts Only or Accounts with Inventory under ‘Maintain’. Financial year always starts from April 1st and ends on 31st March. Even if we start our company in the middle of the year give 1st April with year under ‘Financial year from’. Next, under ‘Books Beginning from’ type the first transaction date. CURRENCY SYMBOL We mention the Base Currency Information here, in which our Account would be maintained. The Base Currency in our case is Rs. which will be used in our Reports. FINANCIAL YEAR FROM Among three forms of years, Calendar year commences from January first and spreads up to December 31st. Academic year is from first June to May 31st and financial year starts on First April and ends on 31st March. Give First April with year as given in the Exercise. TALLY VAULT Tally Vault is an advanced security system which converts normally accessible Tally information into unrecognisable information thereby safeguarding our data from others. SECURITY CONTROL It is the regular security feature which avoids the unauthorised access by others without your knowledge. The Administrator can create many user IDs and Passwords. Give the Name of Administrator as ‘National’ andthe password twice as ‘abc’ for an example. 6 Tally ERP9 User IDs may be of two types; viz. Owner and Data Entry. Owner ID will have full access to all reports whereas Data Entry ID will have limited access as fixed by the owner ID. Use Gateway of Tally --> Click Create Company (F3) -- ’Users and Passwords’ and ‘Types> Security Control of Security’. USE TALLY AUDIT FEATURE? Type ‘Yes’ to activate this which enables the Auditor to track changes that are more than 30 days old. This feature is discussed again in the coming pages. FORMAL NAME Formal Name is the full name of the currency symbol specified above. Type Indian Rupees for Rs. SELECT COMPANY After completing all the particulars, ‘Accept’ it. Our company will automatically be loaded. Next time, when we like to open the company, use the ‘Select Company’ option to work with the company. ALTER A COMPANY To alter the Company Information, follow the steps given below: 1. Gateway of Tally 2. Click CMP INFO (F3) 3. Alter GATEWAY OF TALLY The first display we get after entering into our Company is Gateway of Tally. As its name suggests it is the main display to the Company. Gateway of Tally shows two parts. The left side shows the ‘Current Period’ and ‘Current Date’. It also shows the ‘Name of the Company’ currently working. Right side shows the ‘Masters’, ‘Transactions/Vouchers’, Reports’, etc. and further right with Various Button having various commands 7 Tally ERP9 MASTER CREATION We have to create Masters (Ledgers) before entering the voucher entries. SINGLE LEDGER CREATION Ledger creations can be made either by ‘Single Ledger’ mode or ‘Multiple Ledger’ mode. Under Single Ledger, Ledgers are created one by one by giving all the particulars and importantly the Group under which we are going to place the Ledger. Type the opening balance of the Ledger and specify whether it is Dr or Cr balance. Finally accept to save the Ledger creation. If Opening Balances are entered, ensure that the Total of Opening Balances as shown in the Right Top Corner are tallied. STEPS TO CREATE LEDGER ACCOUNTS The following steps to be followed to create Ledger in Single Ledger Mode: 1. Select your Company 2. Enter ACCOUNTS INFO 3. LEDGER A/Cs 4. Select CREATE. 5. Fill particulars called for. 6. Place the Ledger a/c under proper GROUP. 7. Accept. MULTIPLE LEDGER CREATION All Ledgers are created in a Single Display by giving all the particulars called for. Select ‘All Items’ under ‘Under Group’. Enter the ‘Name of the Ledger’, ‘Under’, ‘opening Balance’, ‘Dr/Cr’, etc. and at last ‘Accept’ them. 8 Tally ERP9 Multiple Ledgers or Groups can be created using ‘Multiple’ option in single display (Gateway of Tally --> Accounts Info --> Ledgers/Groups --> Multiple) DEFAULT LEDGER Tally allows you to create all Ledgers except two Ledgers viz. Cash and Profit and Loss accounts, as they are automatically created by Tally. CREATE LEDGER WHILE POSTING VOUCHER Quick Ledgers may be created while posting a voucher by following the steps as below: 1. Press Alt+C while the cursor is on the line. 2. Create a new Ledger. 3. Accept. CREATE GROUP WHILE LEDGER CREATION Similarly, quick Groups may be created during voucher posting by following the steps given below: 1. Press Alt+C while the cursor is on the Group line. 2. Create a new Group. 3. Accept. 9 Tally ERP9 ALTER LEDGER ACCOUNTS After creation of Ledgers (Masters), they can be altered by following the steps given below: 1. Enter GATEWAY OF TALLY 2. Select ACCOUNTS INFO 3. Select LEDGER A/cs 4. Select ALTER 5. Alter as you wish 6. Accept. VOUCHER POSTING After creation of necessary Ledgers, we can start our day today Voucher entry postings by following the steps: 1. Select ACCOUNTING VOUCHERS from GATEWAY OF TALLY 2. Press F2 to change date 3. Select the Voucher Type 4. Post the voucher with narration 5. Accept. LEDGER ACCOUNTS AND THEIR GROUPS LEDGER GROUP Capital Capital Account Bank Bank Account Purchases & Purchase Returns Purchase Account Sales & Sales Returns Sales Account Wages Expenses (Direct) Carriage Inwards “ Power “ Freight “ Coal, Gas and Water “ Manufacturing Expenses “ Factory Rent “ Packing Charges “ Salaries Expenses (Indirect) Rent “ Advertisement “ Insurance Premium “ Taxes “ Printing and Stationery “ Carriage Outwards “ Office expenses “ Conveyance “ Cartage “ Discount Paid “ 10 Tally ERP9 Commission Paid “ Bad Debts “ Discount Received Incomes (Indirect) Commission Received “ Plant and Machinery Fixed Asset Furniture and Fittings “ Vehicles “ Land and Buildings “ Generator “ Fixtures and Fittings “ Bills Receivable Current Asset Stock “ Outstanding Income “ Prepaid Expenses “ Bills Payable Current Liabilities Outstanding Expenses “ Income received in advance “ Debtors Sundry Debtors Creditors Sundry Creditors Loans Received Loans (Liability) Loans paid Loans and Advances VOUCHER TYPES Vouchers are posted by selecting the appropriate Voucher types. There are 18 different Voucher Types are available under Accounts and Inventory, out of which 10 are Accounts Voucher Types and the remaining 8 are Inventory Voucher Types. Accounts Voucher Types 1. Receipt 2. Payment 3. Journal 4. Contra 5. Sales 6. Purchases 7. Debit Note 8. Credit Note 9. Memorandum 10. Reversing Journal Receipt All receipts to the Company either by cash or cheque are entered by clicking ‘Receipt’ button or by pressing F6. Payment All payment vouchers are entered by selecting ‘Payment’ voucher type. Payments made by company by cash or cheque are payment transactions. F5 can be used to select ‘payment’. 11 Tally ERP9 Journal Transactions where cash or Bank is not involved are entered by selecting ‘Journal Voucher’ type. Contra Depositing company’s cash into Bank and withdrawing cash for office expenses from Bank are entered through ‘contra’ voucher type. Sales All credit sales transactions are posted by selecting ‘Sales’ voucher type where as cash sales are entered through Receipt. Purchase Similarly, all credit purchases are posted through ‘purchase’ voucher type whereas cash purchases are posted by ‘payment’ voucher type. Debit Note Debit Note is useful when we return the damaged goods to the Supplier or in case of undercharging a customer.This can be prepared by pressing F7: Journal Button. Three options will be shown as Journal, Debit Note and Credit Note. Select Debit Note and enter the details called for. Credit Note Credit Note is prepared when the customers return the damaged goods to us or in case of over charging customer. When preparing Debit Note/Credit Note activate them under F11: Features ‘Debit Note and Credit 12 Tally ERP9 Note’. Select Debit Note and enter the details called for. Memorandum This acts as areminder service during voucher posting. For Example, if we have to pay the Insurance premium on a later date, post the voucher by selecting “Memorandum voucher type” and date. On the respective date, it will remind you of the transaction. Reversing Journal This Voucher Type is used as another type of memo voucher. Basic Accounting Basic concept of accounting Accounting: It is an art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events which are of financial character and interpreting the results thereof. Business transaction: A business transaction is “The movement of money and money’s worth form one person to another”. Or exchange of values between two parties is also known as “Business Transaction”. Purchase:        A purchase means goods purchased by a businessman from suppliers. Sales:               Sales is goods sold by a businessman 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 return 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 concern 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 lie. Journal entries:          A daily record of transaction. Trail Balance: It is a statement of all the ledger account balances prepared at the end of particular period to verify the accuracy of the entries made in books of accounts. Profit: Excess of credit side over debit 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 is a statement of assets and liabilities. Types of accounts Personal account:       Personal accounts are the accounts of persons, firms, concerns and institutions which the businessmen deal. Principles:                                           Debit the receiver                                                             Credit 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 account of services received (expenses and Losses) and services given (income and gain) Ex. Salary, Rent, Wages, Stationery etc. Principles:                                           Debit all expense/losses                                                             Credit all income/ gains Tally 7.2 Tally is a complete business solution for any kind of Business Enterprise. It is a full fledged 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 not involved in it. Account with Inventory:      This is the default option, which allows maintaining both the financial account of the company as well as the inventory of the company. 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 - Alt+F1. 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. Esc, Esc, Esc and enter.                                                       3. Ctrl+Q Short cut keys Alt+F3                        Company information menu Enter                           To accept information typed into a field.                                     To accept a voucher or master.                                     To get a report with further details of an item in a report. Esc                              To remove what has been typed into a field.                                     To exit a screen.                                     To indicate you do not want to accept a voucher or master. Ctrl+A                         To accept a form wherever you use the key combination the screen or report will be accepted as it is on this screen. Ctrl+Q                         It quits the screen without making any changed to it. Alt+C                          To create a master at a voucher screen. When working within an amount field presses Alt+C to act as a calculator. Alt+D                          To delete a voucher.                                     To delete a master. Ctrl+Enter                   To alter a master while making an entry or viewing report. F2                                Date Alt+F2                        Change period Alt+F1                        To see detail F11                              Features company F12                              Configuration options are applicable to all the companies in a data directory. Ctrl+N             Calculator screen. Ctrl+V             Voucher mode (Cr. Dr)                                     Invoice mode (name of item, rate, quantity, and amount) Gateway of tally-Accounts info-Group Bank account                                                                    Bank  Account Bank Od account                                                              Branch/division Capital account                                                                 Cash in hand Current asset                                                                     Current liability Deposit                                                                              Direct expenses Direct income                                                                    Indirect expense Indirect income                                                                 Duties and tax Fixed asset                                                                                    Investment Loans and advance                                                           Loan (liability) Miscellaneous expenses                                                    Provisions Retained earning                                                               Reserves and surplus Purchase account                                                              Sales account Secured loan                                                                     Stock in hand  Sundry debtor’s                                                                Sundry creditors Suspense                                                                           Unsecured account Meaning: Current asset:            It is converted into 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:       These are the expenses which are indirectly related to manufacturing of 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 amount 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 income 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 or 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 earned during the current year but the amount on which is not 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 Opening stock Stock in hand Purchase Purchase account Purchase return Purchase account Fright charges Direct expenses Carriage inwards or Purchases Direct expenses Cartage and coolie Direct expenses Octroi Direct expenses Manufacturing wages Direct expenses Coal, gas, water Direct expenses Oil and fuel D irect expenses Factory rent, insurance, electricity, lighting and heating Direct expenses Sales Sales account Salary Indirect expenses Postage and telegrams Indirect expenses Telephone charges Indirect expenses Rent paid Indirect expenses Rates and taxes Indirect expenses Insurance Indirect expenses Audit fees Indirect expenses Interest on bank loan Indirect expenses Interest on loans paid Indirect expenses Bank charges Indirect expenses Legal charges Indirect expenses Printing and stationery Indirect expenses General expenses Indirect expenses Sundry expenses Indirect expenses Discount allowed Indirect expenses Carriage outwards or sales Indirect expenses Traveling expenses Indirect expenses Advertisement Indirect expenses Bad debts Indirect expenses Repair renewals Indirect expenses Motor expenses Indirect expenses Depreciation on assets Indirect expenses Interest on investment received Indirect income Interest on deposit received Indirect income Interest on loans received Indirect income Commission received Indirect income Discount received Indirect income Rent received Indirect income Dividend received Indirect income Bad debts recovered Indirect income Profit by sale of assets Indirect income Sundry income Indirect income Loan from others Loan Liabilities Bank loan Loan  Liabilities Bank overdraft Bank OD Bills payable Current Liabilities Sundry creditors Sundry creditors Mortgage loans Secured loans Expense outstanding Current Liabilities Income received in advance Current Liabilities Other liabilities Current  Liabilities Capital Capital account Drawings Capital account Cash in hand Cash in hand Cash at bank Bank account Fixed deposit at bank Deposit Investments Investments Bills receivable Current asset Sundry debtors Sundry debtors Closing stock Stock in hand Stock of stationery Current asset Loose tools Fixed asset Fixtures and fittings Fixed asset Furniture Fixed asset Motor vehicles Fixed asset Plant and machinery Fixed asset Land and building Fixed asset Leasehold property Fixed asset Patents Fixed asset Goodwill Fixed asset Prepaid expenses Current asset Income outstanding Current assset Trading account: Buying and selling of goods. Dr.                     Receiving aspect                                                                    Giving aspect    Cr. Direct expenses Amount Direct Income Amount To Opening stock xxx By Sales xxx To Purchases xxx By (-)Sales return xxx To (-)purchase return xxx By Closing stock xxx To Freight charges xxx To Cartage and coolie xxx To Lorry hire xxx To Manufacturing expenses xxx To Wages xxx To Factory rent, fuel power xxx To Gross profit (transfer to profit and loss account) xxx To Profit and loss account: Actual profit and loss of the business Indirect expenses or payments Amount Indirect income or receipts Amount To Salary xxx By Gross profit xxx To Postage and Telegram xxx By Interest on investment received xxx To Telephone charges xxx By Interest on deposit received xxx To Rent paid xxx By Interest on loans received xxx To Rate and taxes xxx By Discount received xxx To Insurance paid xxx By Discount received xxx To Interest on bank loan xxx By Rent received xxx To Bank charges xxx By Bad debts received xxx To Printing and stationery xxx By Net loss xxx To Discount allowed xxx To Advertisement To Carriage outward (sales) To Depreciation on assets To General expenses To Traveling To Bad debts To Net profit Balance sheet: Actual financial position Liabilities Amount Assets Amount Bank loan xxx Cash in hand xxx Bank overdraft xxx Cash at bank xxx Bills payable xxx Fixed deposit at bank xxx Sundry creditors xxx Investments xxx Expenses outstanding xxx Bills receivable xxx Capital xxx Sundry debtors xxx (-)drawings xxx Closing stock xxx Net profit xxx Stock of stationery xxx Furniture xxx Plant machinery xxx Land and building xxx Motor vehicles xxx Prepaid expenses xxx Income outstanding xxx Alt+F3 Company Creation Gateway of tally-Accounting voucher F4        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 payments.                                     Paid or Give                            Dr.                                                                                                 Cr. Cash/bank (in case cheque) F6        Receipt:           Records all receipts into bank or cash accounts.                                     Received or Borrow or Take   Cr.                                                                                                 Dr. Cash/bank (in case cheque) F7        Journal:            Records adjustments between ledger accounts. F8        Sales:               Records all sales.                                                                                                 Dr. Cash/party (incase of credit-party)                                                                                                 Cr. Sales F9        Purchase:         Records all purchase.                                                                                                 Cr. Cash/party (incase of credit-party)                                                                                                          Dr. Purchase 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 Mr Y on credit Rs.3,000 7.      Received cash form Mr. Y on account Rs.2,000 8.      Paid cash to Mr X Rs. 1,000 9.      Received commission Rs. 50 10.  Received interest on bank deposit Rs. 100 11.  Paid into bank Rs. 1,000 12.  Paid for advertisement Rs.500 13.  Purchased goods for cash Rs. 800 14.  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.No Key Voucher Ledger Group Type of account Principles Amount 1 F6 Receipt Cr. Capital Capital account Personal Giver 10,000 Dr. Cash Cash in hand Real Comes in 10,000 2 F4 Contra Cr. Cash Cash in hand Real Goes out 15,000 Dr. Bank Bank account Real Comes in 15,000 3 F5 Payment Dr. Office furniture Fixed asset Real Comes in 3,000 Cr. Cash Cash in hand Real Goes out 3,000 4 F8 Sales Dr. Cash Cash in hand Real Comes in 2,500 Cr. Sales Sales account Real Goes out 2,500 5 F9 Purchase Cr. X Sundry creditor Personal Giver 2,000 Dr. purchase Purchase account Real Comes in 2,000 6 F8 Sales Dr. Y Sundry debtors Personal Receiver 3,000 Cr. Sales Sales account Real Goes out 3,000 7 F6 Receipt Cr. Y Giver 2,000 Dr. cash Cash in hand Real Comes in 2,000 8 F5 Payment Dr. X Receiver 1,000 Cr. Cash Cash in hand Real Goes out 1,000 9 F6 Receipt Cr. commission Indirect income Nominal Credit all income 50 Dr. cash Cash in hand Real Comes in 50 10 F6 Receipt Cr. Interest on bank deposit Indirect income Nominal Credit all income 100 Dr. Bank Bank account Real Comes in 100 11 F4 Contra Cr. Cash Cash in hand Real Goes out 1,000 Dr. Bank Bank account Real Comes in 1,000 12 F5 Payment Dr. Advertisement Indirect expenses Nominal Debit all expenses 500 Cr. Cash Cash in hand      Real Goes out 500 13 F9 Purchase Cr. Cash Cash in hand Real Goes out 800 Dr. purchase Cr cash Purchase account Real Comes in 800 14 F8 Sales Dr. cash Cash in hand Real Comes in 1,500 Cr. Sales Sales account Real Goes out 1,500 15 F5 Payment Dr. salary Indirect expense Nominal Debit all expenses 500 Cr. Cash Cash in hand Real Goes out 500 To view-         Gateway of tally-Accounts info-Ledger-Multiple ledger Alter-All items      (for ledger)                         Gateway of tally-Display-Day book-Alt+F1 (to see detail)               (Accounting Voucher) Inventory information Alt+F3 Company creation-Maintain-Accounts with inventory Gateway of Tally-Inventory information-Unit of measure Gateway of tally –Inventory information-Godown Gateway of tally-Inventory information-Stock group Gateway of tally – Inventory information-Stock item To View Gateway of tally-Display-Day book-Alt+F2 (change period) Alt+F1 (to see detail)                        or Gateway of tally-Stock summary 1. On 1-4-06 Raman commenced business with cash of Rs. 25,00,000. He further introduced Land and    Building costing 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. On 5-4-06 He deposited Rs. 1, 00,000 into Canara Bank. 4. On 6-4-06 Purchased from Cadbury Company             500      5 Stars @  Rs. 5                      1000    Cadbury @ Rs. 5                    100      Kit kat @ Rs. 4                       200      Dairy milk @ Rs. 7 5. On 10-4-06 Purchased from Paras 500            Moov @ Rs. 20 500            D’Clod @ Rs. 12  6. On 13-4-06 Sold to Pankaj 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 powder @ Rs.14 7. On 15-4-06 Sold to Akbar 500            Cadbury @ Rs. 6 200            5 Star @ Rs.5.25 50                Kit Kat @ Rs. 6 8. On 16-4-06 Paid to Cadbury company Rs. 9. On 18-4-06 Received from Pankaj 10. On 20-4-06 Paid to Paras Rs. 11. On 25-4-06 Received from Akbar Rs. 12. On 26-4-06 Purchase from Well Cloth             T-Shirts           Lee-25Pc-Rs.200                                            Nike-30Pc-Rs.300                               Formal Shirts   Pan America-35Pc-400                                     Peter England-30Pc-450             Jeans Pants      Tiger-20Pc-500                                     Ruff and Tuff-30Pc-350             Cotton Pants   Arrow-40Pc-200                                     Ex-Calibar-20Pc-250 13. Paid Postage Rs. 500 by cheque 14. Received commission Rs. 15,000 15. Paid wages Rs. 2,500 Procedure for Inventory Problem Gateway of Tally-Inventory Info-Unit of Measure-Create- Symbol-           Nos.     Pcs Formal Name-Number            Pieces Gateway of Tally-Inventory Info-Stock Group-Create Chocolate, Medicines, Cotton Pants, Jeans Pants, Formal Shirts, T-Shirts Gateway of Tally-Inventory Info-Stock Item-Create 5 Stars Kitkat                                                  Chocolate Cadbury Dairy milk                                                 Moov D’Clod Adhensive tape rolls                           Medicines Band Aid box Boric Acid powder   Lee                                                      T-Shirts                                               Nike   Pan America                                        Formal Shirts   Peter England   Tiger                                                    Jeans Pants      Ruff and Tuff Arrow Ex-Calibar                                           Cotton Pants Journalize the following Transactions using the debit and credit given     by the American accounts 1.  Commenced business with cash                                                    10,000 2.  Deposited into bank                                                                        5,000 3.   Purchased goods for cash                                                               3,000 4.   Sold goods for cash                                                                        2,500 5.   Purchased goods from A on credit                                                 4,000 6.   Sold goods to B on credit                                                                            4,500 7.   Withdraw from bank                                                                      3,000 8.   Paid A on account                                                                                      2,000 9.    Received from B on account                                                          2,500 10. Took loan from C                                                                              5,000           11. Gave loan to D                                                                                  4,000 12. Paid salary                                                                                         1,000 13. Cash withdraw from the business for personal use                             200 14. Rent paid to E                                                                                    1,000 Ledger Group Capital Capital Account Cash Cash in hand Bank Bank account Purchase Purchase account Sales Sales account A Sundry creditor B Sundry debtor C Sundry creditor D Sundry debtor Salary Indirect expenses Drawings Capital account Rent Indirect expenses Rakesh  and company 1.         Started business with cash Rs. 2,000, Bank Rs. 20,000. 2.           Issued cheque for goods purchased Rs. 1,000. 3.            Bought goods for cash  Rs.8,000. 4.           Bought furniture from Anil for cash Rs.100. 5.            Bought goods from harish Rs. 1,500. 6.            Bought goods from chandan on credit Rs. 5,800. 7.            Returned damaged goods to Chandan Rs.800. 8.            Bought goods from Naveen and paid by cheque immediately Rs.400. 9.            Sold goods to Guptha Rs. 1,000. 10.                       Received a cheque from Guptha Rs.1,000 for goods sold. 11.                       Paid commission Rs.2,000. 12.                       Paid wages by cheque Rs.4,000. 13.                       Draw cheque for personal use Rs.4,000. 14.                       Draw cash for personal use from bank Rs.3,000. 15.                       Receive a cheque from Manju Rs.2,800. 16.                       Borrow loan from Anands Rs.1,000. 17.                       Paid Anands Loan with interest Rs.1,000. Ledger Group Capital Capital account Bank Bank account Purchase Purchase account Anil Sundry Creditor Chandan Sundry Creditor Harish Sundry Creditor Purchase return Purchase account Naveen Sundry Creditor Sales Sales account Guptha Sundry debetor Commission Indirect expenses Wages Direct expenses Drawings Capital account Manju Sundry Creditor Anand Sundry Creditor Haridas and company 1.Started business with cash Rs.10,000,furniture Rs.4,000 and machinery Rs.5,000. 2.Bought goods from Anil on credit Rs. 4,000 and for cash Rs.5,000. 3.Sold goods to Rajesh on credit Rs.5,000 and for cash Rs.3,000. 4. Bought goods from Arun Subject to trade discount of 2% of Rs.2,000. 5. Sold goods to Ramesh subject to trade discount of 5% of Rs.4,000. 6. Paid salary Rs.1,000, printing Rs.150 and wages rs.100. 7.Received rent Rs.500, commission Rs.400. 8. Received a cheque from Ganesh Rs.1,000. Ledger Group Capital Capital account Furniture Fixed asset Machinery Fixed asset Purchase Purchase account Anil Sundry Creditor Sales Sales account Rajesh Sundry debtor Arun Sundry creditor Ramesh Sundry debtor Salary Indirect expenses Printing Indirect expenses Wages Direct expenses Rent Indirect expenses Commission Indirect expenses Ganesh Sundry creditor Trade discount Indirect expenses Memorandum book Particulars 1.    Commenced business with cash Rs. 10,000. 2.    Purchased goods for cash Rs.3,000. 3.    Opened a bank  account with Rs.2,000. 4.    Purchased stationary Rs.1,00. 5.    Purchased furniture Rs.1,000. 6.    Sold goods to A Rs.2,000. 7.    Purchased goods from B Rs.2,000. 8.    Sold goods for cash Rs.1,000. 9.    Paid for postage Rs.20. 10.           Took loan from C Rs.1,500. 11.           Paid rent Rs.300. 12.           Withdraw from bank Rs.800. 13.           Received from A on account Rs.500. 14.           Paid commission by cheque Rs.200. Ledger Group Capital Capital account Purchase Purchase account Bank Bank account Purchase Purchase account Stationary Indirect expenses Furniture Fixed asset Sales Sales account A Sundry debtor B Sundry Creditor Potage Indirect expenses C Sundry Creditor Rent Indirect expenses Commission Indirect expenses Roa and company Particulars                                                                    Rs. 1. Bought goods for cash                                            2,500 2. Bought office furniture for cash                               500 3. Paid for postage                                                            10 4. Purchased goods from Rajkamal                           2,000 5. Sold goods for cash                                                    150 6. Bought goods from Rahim                                        400 7. Sold goods to Suresh                                                 400 8. Sold goods to Nayak                                                  250 9. Purchased goods for cash                                          400 10. Recevied cash from Nayak                                      200 11. Paid cash to Rahim                                                     50 12.  Returned goods to Ralkamal                                  200 13. Suresh returned goods                                               50 14. Paid salary                                                                150 15. Sold goods for cash                                                 500 16. Rao withdraw for his personel use                         800 17. Paid for stationery                                                    100 18. Paid rent                                                                      50 19. Received commission                                              225 Ledger Group Capital Capital account Purchase Purchase account Postage Indirect expenses Rajkamal Sundry Creditor Sales Sales account Rahim Sundry Creditor Suresh Sundry Debtor Nayak Sundry Debtor Purchase returns Purchase account Salary Indirect expenses Drawings Capital account Stationary Indirect expenses Rent Indirect expenses Commission Indirect income